Fitch Ratings has affirmed Sense Bank’s long-term ratings at ‘CCC’ (foreign currency) and ‘CCC+’ (local currency) and maintained its viability rating at ‘ccc’, highlighting the gradual improvement in asset quality but also the continuing risks associated with the operating environment.
Sense Bank’s sovereign exposure remains high relative to its assets, with sovereign bonds (13%), NBU deposit certificates (23%), and loans to state-owned companies accounting for the bulk of its assets. Net loans accounted for 35% of assets, of which 43% were in foreign currency. After two years of decline, gross loans grew by 7% in the first half of 2025.
The bank’s third-degree (impaired) loan ratio improved to 35% at the end of the first half of 2025 (from 37% in 2024), with loan loss provisions covering 89% of impaired loans. Stage 2 loans decreased to 9% from 23% in 2022.
Sense Bank remains almost entirely funded by deposits, with retail deposits accounting for 42% of total deposits, which are fully covered by a government guarantee during the war and for three months after its end. Foreign currency deposits accounted for 34% and are mainly backed by high-quality liquid assets. The loan-to-deposit ratio was moderate at 59%, but is expected to increase as lending recovers.
“Despite the constraints associated with the war, Sense Bank has managed to stabilize its performance and improve its asset quality. However, the bank’s vulnerability to the operating environment remains high,” Fitch noted.
Sense Bank, formerly Alfa-Bank Ukraine, changed its name in 2023 after restructuring its ownership and bringing it into compliance with EU and US sanctions. As of September 2025, it ranked ninth among Ukrainian banks in terms of assets, with UAH 154.1 billion (3.9% of the sector’s total). The bank specializes in lending to individuals and small and medium-sized businesses and is regulated by the National Bank of Ukraine.
