Ukreximbank earns $54 million net profit in H1 after losses last year

MOSCOW. July 21 (Interfax) - The net profit of the state-owned Ukreximbank in H1 2023 totaled UAH 1.976 billion, or approximately $54 million at the current exchange rate, while the bank ended the same period in 2022 with a net loss of UAH 2.537 billion.

"June's net profit of UAH 440 million allowed Ukreximbank to complete the first half of 2023 with a profit of UAH 1.976 billion. For the same period in 2021, the bank earned UAH 1.1 billion for the state," Ukrainian media reported, citing the bank's press service.

Interest income generated by the bank's working loan portfolio occupies the lion's share of its income structure.

In addition, the bank managed to settle a non-performing loan for UAH 670 million, according to a press release.

Ukreximbank announced that in the second half of 2023 it intends to increase lending to the economy by offering long-term resources under microfinancing programs, including grant and compensation components, as well as supporting the restoration of infrastructure

"Ukreximbank will continue to fulfill its specialized role in the banking system of Ukraine - strengthening exports, increasing the efficiency of imports, financing strategic sectors of the economy," the press service said.

According to the National Bank of Ukraine, as of June 1, 2023, Ukreximbank ranked 3rd among 65 banks operating in the country in terms of assets.

The official exchange rate as of July 21 is UAH 36.57/$1