IBI-Rating has affirmed the credit rating of JSB «UKRGASBANK» and changed the rating outlook to «positive»

IBI-Rating informs on affirming of the credit rating of JSB «UKRGASBANK» at uaAA– grade, with a change in the outlook to «positive». The rating of bank deposit reliability has been affirmed at «5+» grade (excellent reliability).

JSB «UKRGASBANK» has been operating in the banking market since January 1999. According to the classification of the National Bank of Ukraine, the institution belongs to state-owned banks, ranking, as of the beginning of April 2018, the 4th position by size of assets; the 3th position in terms of enterprise funds; the 6th – by size of funds of population; the 7th – by size of the balance capital and the 19th – by amount of generated profit, respectively. Since 2009, the main owner of JSB «UKRGASBANK» has been the state represented by the Ministry of Finance of Ukraine (as at 01.04.2017, the share of the Ministry of Finance of Ukraine in the capital of the banking institution accounted for almost 95%).

During the period under review, the banking institution has continued to strengthen its market position and currently serves about 850 thousand customers. The customer base is diversified by customer category, programmes, sectors of the economy and regions. The JSB «UKRGASBANK» has a developed network of separate territorial divisions that cover all areas, and in the period under review it continued to increase the number of branches - the number of operating branches at the current time is 242. As at 01.04.2018, the regulatory capital of the banking institution was amounted UAH 5.4 bn, net assets and balance capital amounted to UAH 74.4 bn and UAH 5.5 bn respectively. The activity of the Bank in the analyzed period was profitable, and indicators of efficiency of the main activity are high. Net profit of JSB «UKRGASBANK» according to the results of previous year made amounted to UAH 623,8 m which is the largest indicator in the last three years. According to the results of the first quarter of 2018, net profit amounted to UAH 54.2 million.

The change in the credit rating outlook from «stable» to «positive» is due to the long-term improvement of market positions. and diversification of activities through attracting of new customers, high capitalization and liquidity ratios, acceptable performance indicators of the core activity, as well as the support by the State. At the same time, the Rating Agency takes into account preservation of the concentration of the loan portfolio by major borrowers and preservation of the difficult situation in the economy limits the financial capacity of the population and enterprises of the real sector, adversely affecting the level of confidence in banks.

In order to conduct the analytical research the materials provided by JSB «UKRGASBANK» have been used, including: annual financial statements for 2015-2017 and 3 months of 2018, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Finance department
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