Ukreximbank, the Ukrainian state-owned bank, has announced a robust profit of UAH 3.6 billion since the beginning of 2023. The bank attributed this strong performance to its balanced strategy, which led to a financial performance of UAH 522 million in September, divided into 57% interest and 43% non-interest revenues.
The bank's corporate credit portfolio also saw growth, exceeding UAH 74.2 billion on September 1. In the first half of 2023, profits surged to UAH 2 billion, marking a significant twofold increase compared to the same period last year.
In related news from Ukraine, PJSC Interpipe Novomoskovsk Pipe Plant, a subsidiary of Interpipe Limited and located in the Dnipropetrovsk region, has achieved a financial turnaround from a net loss of UAH 231.059 million in H1 2020 to a net profit of UAH 847,000 in H1 2021. Despite this positive turnaround, the plant reported a 30.3% decrease in net income to UAH 479.428 million and retained earnings of UAH 230.107 million by the end of June.
The plant is owned by Victor Pinchuk's family and is known for producing seamless pipes, railway wheels, and welded pipes for various sectors including the oil and gas industry, mechanical engineering, and construction. The company exports its products to more than 80 countries globally.
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