ProCredit Holding (PCB) continues to incur high loss allowances in Ukraine, booking €21.2m in Q222 versus €35.3m in Q122. However, ProCredit Bank Ukraine’s operations are mostly uninterrupted, with its CET-1 ratio 4pp above the regulatory requirement at end-June 2022. PCB’s operations outside Ukraine benefitted from solid loan book growth and a higher net interest margin (NIM), which coupled with a marginal cost of risk translated into an annualised return on equity (ROE) of 9.5% in H122 (close to the mid-term target of 10%). PCB’s shares trade at c 0.23x FY22e book value (P/BV)....