UKRGASBANK 2023 Results: Stronger Positions, Higher Income, and Unwavering Trust

In 2023, UKRGASBANK demonstrated increased operational efficiency and growth of its key indicators. Due to a successful strategy and stable development amidst the challenges of another war year, the Bank strengthened its position in the financial market.

UKRGASBANK's assets increased by UAH 41 billion or 31%, reaching UAH 176 billion by the end of the 2023 year (here and below net of foreign currency exchange rate differences).

The profit before tax amounted to UAH 4.7 billion for 2023. The Bank's net profit totalled UAH 1.9 billion, compared to a loss of UAH 3.9 billion in 2022. The income tax amounted to UAH 2.7 billion and the non-interest income reached UAH 2.5 billion.

The Bank increased its operational efficiency by expanding its net interest margin, which cumulatively amounted to 5.11% for 2023, demonstrating a rise of 0.79 percentage points compared to 2022.

UKRGASBANK retains high confidence among both individuals and legal entities. The volume of funds due to customers of all segments increased by UAH 39 billion or 34%, totalling UAH 153 billion.

The volume of loans to businesses and individuals amounted to UAH 73 billion. Throughout 2023, UKRGASBANK provided strong support to strategic sectors of the economy and developed mortgage lending. UKRGASBANK is a leader in trade finance, export credit portfolio insurance program, and one of the leaders in state programs such as "Affordable loans 5-7-9%," and eOselia.

The volume of investments in securities increased by UAH 39 billion or more than two times, reaching UAH 70 billion.

The regulatory capital adequacy ratio as of the beginning of 2024 was 12.2%, demonstrating a rise of 2 percentage points compared to the beginning of 2023. In 2023, the Bank fully prepaid the loans from the NBU.

According to the NBU data as of December 1, 2023, UKRGASBANK ranks:

• the 3rd position by the volume of the net loan portfolio of legal entities with a market share of 11%;
• the 3rd position by the funds due to legal entities with a market share of 9.1% (demonstrating an increase in market share by 1 percentage point since the beginning of the year);
• the 5th position by the net assets with a market share of 6.1% (an increase in market share by 0.5 percentage points since the beginning of the year);
• the 5th position by liabilities with a market share of 6.4% (an increase in market share by 0.6 percentage points since the beginning of the year).

“Despite all the challenges of 2023, the Bank improved its financial indicators, maintained profitability, and provided financial support to strategic sectors of the economy. We launched new programs and products for businesses, actively supported Ukrainian exports and energy-efficient projects of our clients, and became a partner in a unique vessel insurance project for the Black Sea exports, agreed upon by the governments of Ukraine and the United Kingdom together with 14 insurance companies from Britain," noted Rodion Morozov, Acting Chairperson of the Management Board of UKRGASBANK.

06.02.2024