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.
The Naftogaz Group raised UAH 2.445 billion in additional financing as part of a strategic partnership with the state-owned JSC Ukreximbank, the company said on Monday.
“This is another practical aid in preparation for the autumn-winter period. I would like to thank the Cabinet of Ministers and Ukreximbank for their support and trust,” said Serhiy Koretsky, chairman of the board of Naftogaz of Ukraine.
As the group recalled, Naftogaz, in partnership with Poland’s ORLEN, has already delivered about 400 million cubic meters of American liquefied natural gas to Ukraine in preparation for the winter of 2025-2026, which is carried out through two terminals – Świnoujście in Poland and Klaipėda in Lithuania. As of mid-September, a total of about 450 million cubic meters of American LNG has been contracted for delivery to Ukraine.
As of the end of last week, the total level of natural gas reserves in Ukrainian underground gas storage facilities (UGS) was 12.3 billion cubic meters (including 4.1 billion cubic meters of long-term storage gas, taking into account gas in temporarily uncontrolled territories, as well as 0.6 billion cubic meters of active long-term storage gas, which was transferred to the “buffer gas” category), which is 1% higher than last year (including 0.08 billion cubic meters of non-resident gas).
According to the Ukrainian Gas Transmission System Operator, since the beginning of September, net gas imports to Ukraine (excluding short-haul transit) have amounted to approximately 23-24 million cubic meters per day from Hungary, Poland, and Slovakia.
Last week, daily gas consumption in Ukraine fluctuated at 20-21 million cubic meters per day, which, according to AGSI (the European platform Agregated Gas Storage Inventory – IF-U), allowed more than 50 million cubic meters per day to be pumped into UGS facilities.
The Ministry of Energy of Ukraine plans to accumulate 13.2 billion cubic meters (or 8.6 billion cubic meters without taking into account “buffer gas”) by November 1, 2025, which, according to former OGTSU head Serhiy Makogon, is too low and will require additional imports of 1.5 billion cubic meters in winter.
As reported, the European Bank for Reconstruction and Development (EBRD) announced that, as part of the ESSF Energy Security Support Program, it will provide a guarantee to Ukreximbank to partially cover the credit risk on new loans to Ukrainian businesses for the implementation of various energy projects in the amount of EUR 100 million.
The bank’s board of directors approved the project on September 9, and it will cover up to 50% of the credit risk.
Ukreximbank is the third largest bank in Ukraine in terms of total assets as of mid-year, with UAH 318.6 billion (8.3% of the system’s total assets).
The European Bank for Reconstruction and Development (EBRD) will provide a risk-sharing guarantee without pre-financing to the state-owned Ukreximbank in order to expand financing and provide new loans to Ukrainian businesses in the amount of EUR100 million.
As stated on the EBRD website, whose board of directors approved the relevant project on September 9, it will cover up to 50% of the credit risk.
According to the published information, the guarantee will be provided in two equal tranches, with the second tranche currently without obligations.
It is noted that up to EUR 20 million of sub-loans with risk sharing will be directed to finance long-term investments by SMEs under the EU4Business-EBRD Credit Line with incentives, which will allow financing long-term capital investments by SMEs to upgrade their technologies and equipment to EU standards, including investments in sustainable and green technologies (at least 70% of the sub-limit).
Eligible sub-borrowers will also receive EU-funded technical assistance and grant support in the form of investment incentives upon completion of their investment projects.
Ukreximbank is the third largest bank in Ukraine in terms of total assets as of mid-year – UAH 318.6 billion (8.3% of the system’s total assets).
The state-owned Ukreximbank (Kyiv) has financed the construction of 700 MW of renewable energy facilities, approximately 300 MW of which are wind farms, according to Andriy Moiseenko, a member of the bank’s board.
“We have financed 700 MW of RES. These are private companies. 300 MW is wind energy. However, some of it is currently occupied,” he said during the Ukrainian Wind Energy Forum 2025 organized by the Ukrainian Wind Energy Association, which is taking place in Lviv.
According to Moiseenko, the demand for energy loans is very high, and the bank’s task is to develop the necessary solutions for providing loans together with state and private banks, as well as international financial institutions, which have also joined in this support.
“Partnerships with international financial organizations allow us to provide more financing,” added the top manager of Ukreximbank.
As reported, Yuriy Shafarenko, deputy head of the main department of the Directorate for Social and Economic Policy of the Office of the President, said at this forum that approximately 200 MW of wind power is expected in Ukraine this year.
Dniprometiz-TAS LLC (Dnipro), owned by Ukrainian businessman Serhiy Tihipko, intends to conclude a general loan agreement with Ukreximbank (Kyiv) with a credit limit equivalent to UAH 600 million.
According to the company’s report in the NSSMC’s information disclosure system, the general meeting of Dniprometiz-TAS LLC participants on September 4, 2025, decided to grant consent for the company to perform transactions that collectively meet the criteria of a significant transaction, namely, the conclusion of a general credit agreement with JSC Ukreximbank with a credit transaction limit equivalent to UAH 600 million.
It is specified that within the framework of the general credit agreement, it is planned to conclude two credit agreements: on opening a revolving multi-currency credit line with a limit equivalent to EUR 4.1 million and on opening a non-revolving credit line with a limit of EUR 2.5 million.
Consent was also given to the general agreement on the provision of guarantees/counter-guarantees/standby letters of credit, with a limit on guarantee transactions equivalent to UAH 30 million, i.e., a total amount (limit) equivalent to UAH 630 million.
The meeting was attended by company participants who collectively hold 100% of the votes.
As reported, in the first half of 2025, Dniprometiz-TAS increased its net profit by 20.8% compared to the same period last year, to UAH 8.936 million, while net income grew by 8%, to UAH 1 billion 756.245 million.
In 2024, Dniprometiz-TAS increased its net profit by 47.7% compared to 2023, to UAH 14.197 million from UAH 9.610 million, and its net income by 22.7%, to UAH 3 billion 285.688 million. At the same time, the company’s undistributed profit at the end of 2024 amounted to UAH 263.048 million.
Dniprometiz-TAS manufactures metal products from low-carbon steels. The company’s capacity is 120,000 tons of products per year.
T.A.S. Overseas Investments Limited (Cyprus) owns a 98.6578% stake in Dniprometiz LLC.
The authorized capital of Dniprometiz-TAS LLC is UAH 83.480 million.
The state-owned Ukreximbank (Kyiv) provided a UAH 135 million loan to Eco-Sfera, a natural juice producer from Vinnytsia region, half of which is covered by a state guarantee.
According to the bank’s website, the loan was issued in the form of a tranche credit line with the use of a state risk-sharing mechanism, with 50% of the limit secured by a state portfolio guarantee.
The funds will be used for seasonal accumulation of raw materials, which will enable the company to increase production during peak periods and strengthen the market presence of its brands both in the regions and at the national level.
According to the NBU, as of April 2025, Ukreximbank ranked third (UAH 311.8 billion) among 60 operating banks in terms of total assets.
