Ukrainian banks post net losses of $44 mln in Jan-May 2022, turn profit in May

MOSCOW. June 21 (Interfax) - Ukrainian banks swung to an overall net loss of UAH 1.3 billion, $44 million at the current exchange rate, in January-May 2022 from a net profit of UAH 23.8 billion in January-May 2021, the press service of the National Bank of Ukraine (NBU) reported.

Meantime, the Ukrainian banking sector swung to a net profit of UAH 6.1 billion in May from a net loss of UAH 7.426 billion in April.

According to NBU data, Ukrainian banks boosted income 15% year-on-year to UAH 116.5 billion in January-May 2022, including a rise in interest income of 18% to UAH 76.957 billion, while commission fees decreased 8.9% to UAH 31.032 billion.

Bank expenses increased 51% to UAH 117.8 billion in January-May, including a rise in interest expenses of 4.3% to UAH 22.135 billion, an increase in commission expenses of 13.9% to UAH 8.4 billion, and growth in expenses from deductions to reserves of 8.2-fold to UAH 39.2 billion.

According to NBU data, Ukraine had 69 operating banks as at March 1, 2022.

The official exchange rate as on June 21, 2022, is UAH 29.25/$1.