Ukrainian Banks Earned Largest Profit in 10 Years

by Vladyslava Zhabrovets
Monday, September 27, 2021
Ukrainian Banks Earned Largest Profit in 10 Years

The total income of Ukrainian banks has amounted to more than $1.7 billion year to date

The chairman of the National Bank Kirill Shevchenko said that from a period from January to August 2021 the total net income of Ukrainian banks exceeds by almost 40% last year's indicators for the same time frame. The head of the National Bank of Ukraine (NBU) emphasized that these are the best results in more than ten years in a row in comparison with the corresponding periods. “There is a convincing financial result of the banking sector on the results of 8 months — $1.7 billion in net profit,”— Shevchenko said.

According to the banker, the outstanding rise in profit was facilitated by the rapid growth of operating surplus and a significant reduction in earmarking. Banks continue to expand consumer and business lending.

On the other hand, Shevchenko noted in the post that the positive momentum of attracting customer funds in national currency continues: the growth of hryvnia deposit portfolios of businesses and the population amounted to + 29% and + 15% annually, respectively.

In the first half of the year, the state-owned PrivatBank was the most profitable bank in Ukraine, as reported by the NBU. His profit amounted to $429.6 million. During this period Ukrainian banks have earned $1.14 billion on the whole.

According to the results of the first quarter (January - March) of 2021, Privatbank outperformed the rest of the Ukrainian banks on earning $89 million — 21.8% of the profit of the entire banking system in Ukraine.

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