International rating agency Fitch Ratings has affirmed the long-term foreign-currency issuer default rating (IDR) of Oschadbank (State Savings Bank of Ukraine) at ‘CCC’ and its local-currency IDR at ‘CCC+’, reflecting the lender’s stable performance under wartime conditions and continued sovereign support.
According to Fitch, Oschadbank’s risk profile remains closely tied to the Ukrainian sovereign, given the bank’s large holdings of government securities and placements at the National Bank of Ukraine (NBU). At end-1H25, sovereign exposure accounted for about 44% of assets in government bonds, 9% in NBU deposit certificates, and 5% in placements at the central bank. Loans to state-owned enterprises made up roughly 20% of the portfolio.
Fitch reported that Oschadbank’s impaired loans ratio fell slightly to 22.1% at end-1H25 (from 22.6% in 2024) amid loan growth, while loan-loss reserves covered 77% of impaired loans. The bank’s operating profit to risk-weighted assets improved to 11.4% in 1H25, supported by reversals of loan-loss allowances.
Customer deposits represented 97% of non-equity funding, including a strong retail base (59% of deposits). The loans-to-deposits ratio increased to 38.6% but remains modest.
Following the repayment of a eurobond in March 2025, Oschadbank’s remaining foreign-currency debt consists mainly of a bilateral loan from an international financial institution. Fitch expects the bank to continue servicing all external obligations.
“Operating conditions for Ukrainian banks remain challenging due to the war, but Oschadbank’s performance is supported by NBU policy measures and continued international assistance,” the agency said.
Oschadbank, founded in 1991, is one of Ukraine’s two state-owned systemic banks. With total assets of UAH 479.1 billion (12.3% of sector assets) as of September 2025, it ranks second among 60 Ukrainian banks by total assets. The state owns 100% of the bank through the Ministry of Finance.
In the third quarter of 2025, the state-owned Oschadbank received UAH 4.19 billion in net profit, which is 38.6% more than in the same period of 2024, while pre-tax profit increased by 7.1% to UAH 5.69 billion.
According to the bank’s financial statements on its website, net interest income increased by 31.8% to UAH 8.19 billion, while net commission income increased by 25.5% to UAH 2.07 billion.
At the same time, Oschadbank incurred a loss of UAH 0.2 billion from transactions with financial instruments at fair value in the third quarter, compared to a profit of UAH 1.37 billion in the same period of 2024, while foreign currency transactions, as in the previous year, brought in UAH 0.29 billion.
Overall, the bank’s operating income for July-September increased by 17.9% to UAH 11.58 billion, while employee compensation expenses increased by 26.4% to UAH 2.70 billion, and other administrative and operating expenses increased by 35.1% to UAH 2.37 billion.
According to the report, the volume of loans provided to the bank’s customers has grown by 10.2% since the beginning of the year, to UAH 148.16 billion.
It is noted that in the third quarter, the bank continued to grow its loan portfolio in the corporate, SME, and retail segments, in particular within the framework of the “Affordable Loans 5–7–9%” and “єОселя” mortgage lending programs. As of September 30, 2025, the gross value of loans provided under the “єОселя” program amounted to UAH 10.79 billion, compared to UAH 8.57 billion at the end of 2024.
Overall, in the first nine months of 2025, the bank increased its net profit by 17.3% to UAH 13.88 billion, which allowed it to reduce its uncovered loss by 2.5 times to UAH 6.93 billion. As a result, since the beginning of the year, Oschadbank’s equity capital has grown by 28.8% and amounted to UAH 44.6 billion as of September 30, 2025, while total assets during this period increased by 6.6% to UAH 456.73 billion.
According to the NBU, as of September 1, 2025, Oschadbank ranked second among 60 banks in Ukraine with assets of UAH 452.24 billion.
State-owned Oschadbank (Kyiv) has put the Ramada Encore hotel and the Europa business center up for sale through the OpenMarket (SE “SETAM”) the Ramada Encore hotel and the Europa business center under a financial leasing procedure, setting the initial value of the capital property at over UAH 797 million.
The bank’s statement notes that the administrative and hotel complex with a total area of 39,590 square meters and a two-level parking lot of 17,500 square meters is being auctioned off under financial leasing terms. The property includes a 22-story four-star Ramada Encore hotel and the Europa business center.
The hotel has 332 rooms and 58 apartments, and its infrastructure includes a conference center of over 4,000 square meters with 20 conference rooms, a two-level parking lot, fitness centers, and restaurants.
The property is located in Kyiv on Stolychne Shosse, 103, at the intersection of three major highways in the direction of Obukhiv and Koncha-Zaspa, which ensures high traffic and accessibility.
According to the terms of the auction, the starting price of the financial lease property is UAH 797.7 million.
The winner of the auction will be determined by the highest bid for the amount of the first lease payment, which participants will submit during the auction. The bid increment is UAH 1 million.
The term of the financial lease is 10 years (120 months), with a schedule of subsequent payments specified in the lot documentation. The lessor’s remuneration is 8.59% per annum, calculated on the outstanding balance. To participate in the auction, a guarantee payment of UAH 10 million must be made.
The auction is scheduled for August 19, 2025.
As reported, Wyndham Hotel Group (WHG) opened its largest four-star hotel under the Ramada Encore brand in June 2012 as part of the Stolychny multifunctional complex (formerly Domosfera) at 103 Stolychne Shosse in the Holosiivskyi district of Kyiv.
In March 2024, Oschadbank put up for sale through the Atmosfera shopping and entertainment center’s electronic trading system the Ramada Encore Kyiv hotel in the capital, 11 land plots in Kozin (Kyiv region), and a monetary claim against Niteo Company LLC for UAH 1.79 billion.
According to Opendatabot, the owner of Niteko Company LLC is FC NJ Management LLC, and the ultimate beneficiary is Dmytro Buryak.
On July 29, Oschadbank announced its intention to conclude a voluntary medical insurance agreement with VUSO (Kyiv).
According to the Prozorro electronic public procurement system, the bid of the sole tender participant, VUSO, amounted to UAH 134.285 million, compared to the expected cost of services under the tender terms of UAH 134.3 million.
As reported, the winner of a similar tender a year ago was also SK “VUSO” with a bid of UAH 114.2 million against the expected cost of UAH 114.8 million.
SK VUSO was founded in 2001. It is a member of the MTIBU and NASU, a participant in the agreement on direct settlement of losses, and a member of the Nuclear Insurance Pool.
In the first half of 2025, the state-owned Oschadbank (Kyiv) signed agreements to finance corporate energy projects worth UAH 4.3 billion, more than half of which will be used to build renewable energy power plants.
“In the first half of 2025, Oschadbank signed contracts in the corporate business segment to finance the development and maintenance of energy infrastructure for a total amount of UAH 4.3 billion,” Yuriy Katsion, deputy chairman of the board of Oschadbank responsible for corporate business, told Interfax-Ukraine.
According to him, more than 50% of this amount is allocated to the construction of electricity storage facilities (ESF), more than 40% to wind farms, and the rest to solar energy and power grids, noting that support for the development of decentralized generation remains one of Oschadbank’s top priorities.
“Energy projects account for the largest share of Oschadbank’s corporate loan portfolio at the end of June, at 30%,” Katsion added.
The deputy chairman of the board specified that the total installed capacity financed by the bank in the corporate business segment in the first half of 2025 amounted to 316 MW.
According to the National Bank of Ukraine, as of April 2025, Oschadbank ranked second in terms of total assets (UAH 449.7 billion, or 12.0%) among 60 banks in the country.
As reported, according to the NBU, as of June this year, Oschadbank’s share in energy project lending was 33%.
State-owned Oschadbank, Ukrgasbank, and Ukreximbank (all based in Kyiv) provided Ukrainian cities with 10 loans totaling UAH 3.0 billion in the second quarter of 2025, according to information from the Ministry of Finance.
According to the information, Ukrgasbank issued the largest number of loans – seven loans totaling UAH 1.93 billion.
Lviv received the largest loan from the bank in the amount of UAH 650.5 million.
The interest rate for the first year is 16.15% per annum, and from the second year onwards, the rate is variable based on the indicative UIRD 12M rate + 3.02% margin (calculation: 16.15% – 13.13% UIRD 12M on the date of the agreement). The interest rate is reviewed annually but cannot exceed 22%. The loan term is 60 months, with a grace period of 24 months.
Dnipro received two loans from the aforementioned bank for a total amount of UAH 543.1 million.
The first loan is for UAH 333.1 million with an interest rate of 15.5% in the first year, followed by a variable UIRD 12M + 3% with annual review, but not exceeding 23%. The loan term is 36 months, with a grace period of 12 months.
The second loan is for UAH 210.0 million, with an interest rate of 16.15% in the first year from the second year – variable UIRD 12M + 3.03% (calculation: 16.15% – 13.12% UIRD 12M on the date of the agreement), maximum – 23%, term – 36 months, grace period – 12 months.
Kryvyi Rih has attracted two loans from Ukrgasbank for a total amount of UAH 394.3 million.
The first loan is for UAH 217.6 million, and the second is for UAH 176.7 million.
Both loans have a fixed rate of 15.5% in the first year, followed by a variable rate of UIRD 12M + 3% with annual review, but not exceeding 23%. The loan term is 84 months, with a grace period of 18 months.
Zaporizhia also received a loan of UAH 300.0 million. In the first year, the rate is 15.5%, and from the second year, a variable rate based on UIRD 12M + 3% with a limit of no more than 23%. The term is 84 months, with a grace period of 18 months.
In addition, the village of Kolchino in Zakarpattia received a loan of UAH 50.0 million. In the first year, the rate is 16.15%, then a variable rate of UIRD 12M + 3.03% (based on 16.15% – 13.12% UIRD 12M on the date of the agreement), with a limit of 23%. The loan is provided for a term of 36 months.
Oschadbank issued two loans totaling UAH 968.0 million. The first loan was received by Lviv – UAH 668.0 million, with an interest rate of 16.15% in the first year from the second year, variable UIRD 12M + 3.02% margin (16.15% – 13.13% (UIRD 12M on the day preceding the date of the agreement) with annual review, but not more than 22% for 60 months, grace period – 24 months.
The second loan was received by Dnipro – UAH 300.0 million first year – 16.1% per annum, from the second year – variable UIRD 12M +2.98% margin (16.1% – 13.12% (UIRD 12M on the day preceding the date of the agreement), but not exceeding 22% for 60 months, with a grace period of 12 months.
In turn, Oschadbank provided two loans to Lviv and Dnipro for a total amount of UAH 968.0 million.
Lviv received a loan of UAH 668.0 million. The interest rate for the first year is 16.15% per annum. Starting from the second year, a variable rate will apply: indicative UIRD 12M + margin 3.02% (calculated based on the UIRD 12M level of 13.13% on the day preceding the conclusion of the agreement). The rate is reviewed annually but will not exceed 22%. The term is 60 months, with a grace period of 24 months.
Dnipro received a loan of UAH 300.0 million. In the first year, the rate is 16.1% per annum. From the second year, the rate will be variable UIRD 12M + margin of 2.98% (with a base UIRD 12M of 13.12% at the time of signing the agreement). The maximum rate is capped at 22%. The loan term is 60 months, with a grace period of 12 months.
Ukreximbank provided a loan of EUR 1.8 million (approximately UAH 87.7 million) to Sokil in the Lviv region. The rate is variable: based on the indicative EURIBOR 6M rate plus a margin of 4.24% (at the date of the agreement, this amounted to 6.3% – 2.06% EURIBOR 6M). The maximum rate is capped at 8% per annum. The loan term is 60 months, with a grace period of 12 months.
