According to "The Banker", “despite considerable political upheaval and a change of government in Kiev, the state-owned Ukreximbank, the country s sixth largest bank by assets, managed to boost net profits by 16.9% in 2004 and to expand its balance sheet by 37.2% in an overall strong performance. The bank attributed its improved profits to reduced costs, increased trade and structured finance volumes, and increased gains from securities and FX operations. In an important move, Ukreximbank was the first Ukrainian borrower of subordinated debt in the international capital markets with a $150m Eurobond in September last year. In another welcome sign for the bank, rating agency Fitch revised the bank s long-term rating outlook to positive from stable in June this year, reflecting the increased likelihood of an improvement in the government s ability to support the bank.”
The Banker's BANK OF THE YEAR AWARDS 2005 Record growth and record profits have characterised the financial community over the past year or more but while the economic outlook is broadly positive, there are significant political and economic uncertainties at work as well. The Banker s Bank of the Year Awards reflects the success and overall achievements of the world s top financial institutions. The Banker Awards winners represent the cream of the global banking community and the best achievents in the industry. The criteria for the assessment of the Bank of the Year Awards vary depending on the type of award. For our country assessments, our global editorial team reflects not only on the latest results, growth and banking data (including a detailed questionnaire provided by the bank) but also technology and strategic developments. The award for a single bank in each country is for the best overall performance in the previous period, incorporating both performance criteria and qualitative achievements. Questionnaires are a key part of our process and this year a record 510 were received back from commercial banks in a record 138 countries. Winners of The Banker Awards will receive a prestigious Bracken award, named after Brendan Bracken, the founding editor of The Banker in 1926 and the chairman of the modern-day Financial Times.
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