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

IBI-Rating informs on upgrading of the credit rating of JSB «UKRGASBANK» to uaAA grade with a «stable» outlook. 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, following the results by 9 months of 2018, the 4th position by size of assets; the 2nd position in terms of enterprise funds; the 6th – by size of funds of population; the 8th – by size of the balance capital and the 11th – by amount of generated profit. Since 2009, the main owner of JSB «UKRGASBANK» has been the state represented by the Ministry of Finance of Ukraine(almost 95% of the shares). 

During the period under review, the banking institution has continued to strengthen its market position and currently serves about 1.2 million clients. The customer base is diversified by client 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 active branches at the end of the third quarter of the current year was 245. As at 01.10.2018, the regulatory capital of the banking institution was amounted UAH 5.4 billion, net assets and balance capital amounted to UAH 83.7 billion and UAH 5.6 billion 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 by first 9 months of 2018 amounted to UAH 425.3 million, which almost doubled the result of the same period of the previous year.

The upgrading of the credit rating with change in the credit rating outlook 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 maintaining the concentration of the loan portfolio by major borrowers, the high sensitivity of the banking system to operational risks, which is due to the volatility of the legislative field, the difficult economic situation, and limited financial capabilities of the population and enterprises in the real sector.

In order to conduct the analytical research the materials provided by JSB «UKRGASBANK» have been used, including: annual financial statements for 2015-2017 and 9 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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