Fitch affirms Sense Bank’s ratings at ‘CCC’; asset quality still weak but improving

Банки 04.11.2025    18:30

Fitch Ratings has affirmed Sense Bank’s long-term IDRs at ‘CCC’ (foreign currency) and ‘CCC+’ (local currency) and maintained its viability rating at ‘ccc’, highlighting gradual improvement in asset quality but continued risks linked to the operating environment.

Sense Bank’s sovereign exposure remains high relative to assets, with sovereign bonds (13%), NBU deposit certificates (23%), and loans to state-owned companies forming the bulk of holdings. Net loans accounted for 35% of assets, with 43% in foreign currency. After two years of contraction, gross loans grew 7% in 1H25.

The bank’s Stage 3 (impaired) loans ratio improved to 35% at end-1H25 (from 37% in 2024), with loan-loss reserves covering 89% of impaired loans. Stage 2 loans fell to 9%, down from 23% in 2022.

Sense Bank remains almost fully deposit-funded, with retail deposits comprising 42% of total deposits, all covered by a full government guarantee during wartime and for three months thereafter. Foreign-currency deposits made up 34%, largely backed by high-quality liquid assets. The loans-to-deposits ratio was a moderate 59%, expected to rise as lending recovers.

“Despite the war’s constraints, Sense Bank has managed to stabilise performance and improve asset quality indicators. Nevertheless, the bank’s vulnerability to the operating environment remains elevated,” Fitch said.

Sense Bank, formerly Alfa-Bank Ukraine, rebranded in 2023 after ownership restructuring and compliance with EU and U.S. sanctions requirements. As of September 2025, it was ninth among Ukrainian banks by assets — UAH 154.1 billion (3.9% of sector total). The bank focuses on retail and SME lending and is regulated by the National Bank of Ukraine.

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