State-owned Banks Report Profit of UAH 11.1 billion in Q1 2020

The Ministry of Finance of Ukraine continues to disclose information on the activities of public sector banks. The financial results for the first quarter of this year are published later due to quarantine restrictions, which led to the extension of corrective transactions by banks.

In the first quarter of 2020 public sector banks earned a profit of UAH 11.1 billion (37% more than in the same period last year (UAH 8.1 billion), of which 94%, or UAH 10.4 billion, is the profit of JSC CB "PrivatBank".

In the first quarter of this year, there was an increase in the size of assets of public sector banks, mainly due to an increase in interbank loans by 25% or 22 billion UAH, financial assets, that were refinanced by the NBU by 13% or 19 billion and the loans and debts of the customers by 5% or UAH 12 billion.

The reporting quarter was also characterized by an increase of customer funds (by 6% or UAH 35 billion), which was due to an increase in the funds of individuals - by 9% or by UAH 30 billion (growth of funds of legal entities was 0.5% or UAH 1,2 billion).

More details: link to the report in English.