UkrEximBank will start lending to exporters by 2013
2011-11-30 11:03:50
The State Export-Import Bank of Ukraine (Ukreximbank) will 'accumulate fat' by 2013 and begin to lend to exporters. This forecast was made by Prime Minister Mykola Azarov at the unification congress of the Federation of Employers of Ukraine, which took place in Kyiv.
Azarov noted that in 2008-2009, Ukreximbank primarily engaged in financing the budget deficit - placing government bonds and financing the costs of Naftogaz.
"It takes time for the bank to function in the target area, for which it was created. Granting preferential loans and exports support is the main task of the bank. I think that the bank will return to normal work somewhere in a year or a year and a half. Since about 2013, the bank will operate in this mode," the Prime Minister said.
"Now it is an absolutely healthy bank, but it takes time for it, as they say, to accumulate fat in order to be able to operate in support of exports," the Premier concluded.
During the first 9 months of 2011, Ukreximbank increased its net profit to UAH 59.165 million, which is 70% up YOY.
The bank's assets in January-September fell to 73.072 billion UAH (-0.12%), loan portfolio amounted to 54.151 billion UAH (+3.9%), liabilities 55.428 billion UAH (-0.33%) and shareholders' equity 17.643 billion UAH (+0.5%).
In 2010, the bank's net profit amounted to 51.307 million UAH (1 USD -7.99 UAH).
100% of Ukreximbank belong to the state represented by the Cabinet of Ministers. The bank belongs to the first group of banks under the NBU classification.