According to the results of the 1st half of 2023, COMINBANK is among the TOP banks with the most reliable deposits

On 18 September, the rating agency Standard-Rating (Ukraine) presented the "Bank Deposit Reliability Rating" for the first half of 2023.

JSC "COMINBANK" was ranked seventh in the rating.

Tatyana PUTINTSEVA, the Chairman of the Management Board of COMINBANK, commented on the Bank's achievements and the overall situation in the deposit market:

"The slowdown in inflation and a fairly stable situation in the foreign exchange market contributed to the reduction of the key policy rate. Cominbank responded to such changes in a dynamic and adaptive manner. We kept our deposit terms at a fairly attractive level. When the discount rate was reduced from 25% to 22%, the attractiveness of our deposits was adjusted by only 0.5-1% percentage point. Currently, depending on the period of deposit placement, our customers can receive 17-19% per annum.

As the NBU's updated macroeconomic forecast envisages further cuts in the key policy rate, we would like to draw our customers' attention to the fact that the current time is quite good for placing deposits.  Yes, the reduction will be gradual. However, deposit programmes of all Ukrainian banks will still offer a lower interest rate than now. Therefore, it is now quite reasonable to choose a deposit in US dollars for 6-12 months and thus secure an attractive rate. Over the past six months, deposit programmes with such a term have been both the most profitable for customers and the most valuable for the bank.

I would also like to remind you that Cominbank has a programme for depositors called "Favourable Rate", which makes it interesting to buy foreign currency.  For example, today, when placing a deposit for 3 months, customers can buy a dollar at the rate of UAH 37.2. This is a fairly popular deposit, especially in times of currency fluctuations, the last time we saw such a revival was at the end of August. During periods of calm, when the dollar and euro behave steadily, this deposit is naturally inferior in popularity to other products, which is quite predictable."

According to experts, in the first half of 2023, JSC "COMINBANK" significantly increased the volume of operations in the domestic banking market. During this period, compared to the first half of 2022, the bank's profit increased by 27.61%, and net interest income increased by 86.57%.

COMINBANK finished the first half of 2023 with a profit after tax of UAH 77.7 million.

It is important that JSC "COMINBANK" maintained a significant margin in terms of capital ratios and was very well provided with liquidity. As of 01.07.2023, the bank's liquidity ratios were as follows: LCRvv - 281.42%, LCRiv - 342.32%, and NSFR - 179.03%.

Link to the rating:
Ukraine's banking system continues to become more liquid and profitable - standard-rating.com