Fitch Ratings has upgraded Ukreximbank’s viability rating (VR) from ‘f’ to ‘CCC-’, citing improved capitalization, higher profitability, and sufficient liquidity. The bank’s long-term IDRs remain at ‘CCC’ (foreign currency) and ‘CCC+’ (local currency).
Fitch noted that the rating upgrade reflects the restoration of compliance with minimum capital requirements and expectations of stable adequate capitalization, supported by internal capital generation and a reduction in risks from unprovisioned impaired loans.
Ukreximbank’s operating profit to risk-weighted assets rose to 9.6% in the first half of 2025 (from 6.4% in 2024) thanks to cost control and partial reversal of impairment charges. Yields were a key factor in recapitalization, although they remain sensitive to future tax levels.
Sovereign exposure remains high at 59% of total assets, including Ukrainian government securities (24%), loans to state-owned enterprises (15%), NBU certificates of deposit (14%), and current accounts with the NBU (6%). Non-performing loans accounted for 30% of gross loans, and total provisions covered 58%, highlighting the dependence on collateral.
Deposits are Ukreximbank’s main source of funding (90%), while loans from international financial institutions account for 8% of total funding. Fitch expects the bank to continue servicing its external obligations as loan growth gradually outpaces deposit growth.
“The bank’s recapitalization through retained earnings has restored its viability. Continued prudence in risk management will be critical to sustaining this progress,” Fitch commented.
Ukreximbank (Export-Import Bank of Ukraine) was founded in 1992 as a wholly state-owned financial institution specializing in trade and export-import financing. As of September 2025, it ranked third in Ukraine in terms of total assets, with UAH 298 billion (7.6% of the sector’s total). The bank plays a strategic role in supporting Ukrainian exports and major state projects.
