Ukraine's banking system sees almost 22% increase in profit in Jan.

Their profit in the first month of 2020 was estimated at almost US$270 million.

Photo from UNIAN

Photo from UNIAN

The National Bank of Ukraine (NBU) says the country's operating banks in January 2020 posted UAH 6.592 billion, or US$269.1 million, in profit, which was 21.5% up year-over-year (y-o-y).

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Banks' revenue over the period under review grew by 11.9%, to UAH 22.583 billion (US$921.8 million), while their expenses rose by 8.4%, to UAH 15.991 billion (US$652.7 million), it said.

High operating efficiency and record low allocations for the reserves were the main factors of the banks' increased profitability.

As UNIAN reported earlier, Ukraine's operating banks in 2019 posted a record high result for the second year in a row, having received UAH 59.6 billion, or US$2.4 billion, in profit. Their profit almost tripled against the figure posted in 2018.

The most profitable were such solvent banks as PrivatBank (UAH 32.6 billion/US$1.3 billion), Raiffeisen Bank Aval (UAH 4.7 billion/US$191.8 million), PJSC First Ukrainian International Bank (FUIB), UkrSibbank (UAH 2.6 billion/US$106.1 million each), and OTP Bank (UAH 2.5 billion/US$102 million).

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