In 2023, Credit Agricole Bank increased its net profit to UAH 2.8 billion from UAH 0.3 billion in 2022, the press service of the financial institution reported on Friday.
“This result is largely due to high liquidity in the market and a wide spread between interest rates, which is more likely to be temporary. In 2024, there will be a gradual transition to a more normal functioning of the banking market, although military risks remain relevant,” the NBU said in a statement.
It is noted that Credit Agricole’s net banking income last year amounted to UAH 8.8 billion, which is 37% higher than the result of 2022 (UAH 6.4 billion). According to the press service of the financial institution, this figure was achieved due to high net interest income generated by a strong liquidity position, while operating expenses of the bank increased by 21% from UAH 1.9 billion to UAH 2.4 billion.
In particular, personnel costs increased by 20% by 2022, while other expenses increased by 25% due to investments in IT infrastructure to ensure uninterrupted operation within the Power Banking project, development of mobile applications for individuals and IT Professionals clients, as well as improvement of the Internet banking solution for legal entities (CORPEX).
It is indicated that the bank’s deposit portfolio exceeded UAH 90 billion, having increased by 41%, or UAH 26 billion, which, according to the bank, is a manifestation of customer confidence.
According to the information, in 2023, the bank added about UAH 1 billion in reserves (in 2022 – UAH 6.3 billion) and maintained its loan coverage ratio at 25.8%.
“Asset quality is stabilizing, and the NPL ratio has been consistently declining for six months in a row, reaching 12.9% as of December 2023,” the bank said.
It is noted that Credit Agricole has strong liquidity positions in both hryvnia and foreign currency: LCR at 277% and NSFR at 345%. Meanwhile, the regulatory capital adequacy ratio (N2) was 28.3% in December 2023.
In 2023, Credit Agricole will pay UAH 3.3 billion in taxes and contributions, the press service informed.
According to the National Bank of Ukraine, as of December 1, 2023, Credit Agricole Bank ranked 11th in terms of total assets (UAH 103.07 billion) among 63 operating banks in the country, with 141 branches. The bank is fully owned by French Credit Agricole SA.
The team of the transformation office of state-owned Ukreximbank (Kyiv) is actively considering the integration of artificial intelligence (AI) into its systems and has already started using it in pilot modes, said Andriy Malakhov, head of the transformation office of the financial institution.
“That is, in parallel with the internal transformation, we understand that if we do not develop our skills in step with the market, we will simply not be competitive in five years. There are many areas: uninterrupted operations, information security, changing internal operating models, remote channels,” he said at the International Financial Club BANKIR conference.
In addition, Malakhov noted that Ukrexim is now in the middle of its path to what it wants to achieve in the transformational direction.
“In 2021-2022, we closed infrastructure issues to prepare our bank for the transformation of business processes, and the next stage is the transformation of our remote channels. We have quite ambitious plans,” the banker emphasized.
However, he noted that the state-owned bank does not always manage to implement changes promptly due to the specifics of its clients in the form of government agencies, but, according to him, Ukrexim’s team is striving for this.
According to the National Bank of Ukraine, as of November 1, 2023, Ukreximbank ranked 3rd (UAH 255.01 billion) among 63 banks operating in the country in terms of total assets.
Dynamics of reserves of Ukraine from 2012 to 2023
Source: Open4Business.com.ua and experts.news
In 2023, Euroins Ukraine Insurance Company (Kyiv) increased premiums by 20.4% compared to 2022, up to UAH 565 million, according to the insurer’s information.
Last year, the company concluded more than 662 thousand insurance contracts, which is 17% more than in the previous year.
The largest growth was recorded in hull insurance – by 24.3%, or UAH 69.737 million, health insurance (VHI) – by 109.9% (UAH 56.285 million), accident insurance – by 24.4% (UAH 2.528 million), and civil liability insurance for owners of land transport (including carrier liability) – by 2.6% (UAH 305 thousand).
The volume of paid indemnities in 2023 increased by 41.5% compared to 2022 to UAH 265.343 million.
“Euroins Ukraine is a universal insurance company that has been operating in the Ukrainian market since 1992. It is a part of the Bulgarian insurance group Euroins, which is one of the largest independent insurance groups operating in Central, Eastern and South-Eastern Europe. EIG is a subsidiary of Eurohold Bulgaria, a leading energy and financial group in Central, Eastern and South-Eastern Europe.
In 2023, bun and cookie producers paid taxes worth UAH 2.6 billion, which is UAH 0.4 billion or 17.7% more than a year earlier, Danylo Hetmantsev, chairman of the parliamentary committee on finance, tax and customs policy, said on Telegram.
According to the report, the leaders in paying taxes and financing the Ukrainian Armed Forces among bun and cookie producers in 2023 were Vinnytsia Bakery No. 2, Dnipro Food Concentrates Plant, Stolychnyi Mlyn, Dnipro Mlyn, and Kviten Confectionery.
“These producers have a higher VAT and income tax burden than the industry average, and at the same time covered a fifth of tax revenues,” summarized the chairman of the parliamentary financial committee.
Inter-Policy Insurance Company (Kyiv) plans to increase its authorized capital by 58.4%, or by UAH 17.691 million to UAH 48 million, according to the agenda of the shareholders’ meeting scheduled for February 29, 2024, in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
According to the document, the issue will be carried out through the issue of 31,422 thousand shares of the existing nominal value.
As reported, Inter-Policy Insurance Company was founded in 1993. It has 20 licenses for voluntary and compulsory insurance, as well as branches and representative offices in all major regional centers of the country.
According to the NSSMC, as of the second quarter of 2023, 50.0046% of the insurer’s shares were owned by JSC Ukrzaliznytsia, 9.9608% by IC Vostok-Zakhid, 9.96%, 9.786%, 5.312% and 5.076% by individuals.
