Fitch upgrades Ukreximbank’s viability rating to ‘CCC-’, affirms IDRs at ‘CCC’
Банки 04.11.2025 17:54
Fitch Ratings has upgraded the viability rating (VR) of Ukreximbank from ‘f’ to ‘CCC-’, citing improved capitalisation, stronger profitability, and adequate liquidity. The bank’s long-term IDRs remain at ‘CCC’ (foreign currency) and ‘CCC+’ (local currency).
Fitch said the upgrade reflects restored compliance with minimum capital requirements and expectations of sustained adequate capitalisation, supported by internal capital generation and lower risks from unreserved impaired loans.
Ukreximbank’s operating profit to risk-weighted assets rose to 9.6% in 1H25 (from 6.4% in 2024), boosted by cost control and partial reversals of impairment charges. Profitability has been the key driver of recapitalisation, though it remains sensitive to future taxation levels.
Sovereign exposure remains high, accounting for 59% of total assets, including Ukrainian government securities (24%), loans to state-owned enterprises (15%), NBU deposit certificates (14%), and current accounts at the NBU (6%). Impaired loans stood at 30% of gross loans, with total provisions covering 58%, underscoring reliance on collateral.
Deposits are Ukreximbank’s main funding source (90%), while loans from international financial institutions make up 8% of total funding. Fitch expects the bank to continue servicing external obligations as loan expansion gradually outpaces deposit growth.
“The bank’s recapitalisation through retained profits has restored its viability. Continued prudence in risk management will be essential to preserve this progress,” Fitch commented.
Ukreximbank (Export-Import Bank of Ukraine) was established in 1992 as a fully state-owned financial institution specialising in trade and export-import financing. As of September 2025, it ranked third in Ukraine by total assets — UAH 298 billion (7.6% of sector total). The bank plays a strategic role in supporting Ukrainian exports and large state projects.
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