Photo from UNIAN
Banks' revenue over the period under review grew by 29% to US$2.2 billion, while their expenses rose by 23%, to US$1.7 billion.
The National Bank of Ukraine (NBU) says the country's operating banks in January-March 2019 (Q1) posted UAH 13.2 billion, or US$494.6 million, in net profit, which was 51.7% up year-over-year (y-o-y).
Read alsoUkraine's banking system posts over US$201 mln in profit in January
"The banking system continues boosting its profits. In the first quarter of 2019, solvent banks posted UAH 13.2 billion in net profit against UAH 8.7 billion [US$326 million] received for the same period last year," the regulator wrote on Facebook on April 23.
Banks' revenue in Q1 2019 grew by 29%, to UAH 58 billion (US$2.2 billion), while their expenses rose by 23%, to UAH 44.8 billion (US$1.7 billion), it said.
A significant increase in the profitability of the banking system over the period under review was due to an 18% rise in banks' net interest and commission incomes, to UAH 19.5 billion (US$730.6 million) and UAH 9.9 billion (US$370.9 million), respectively, as well as due to a positive result from revaluation and sale-purchase transactions worth UAH 3.8 billion (US$142.4 million).
"The National Bank expects that the sector's profitability will remain high in 2019," the NBU said, adding that the banking system's profit in 2018 reached a historic high of UAH 21.7 billion (US$813 million).
As UNIAN reported earlier, the Ukrainian operating banks in January-February 2019 posted UAH 8.691 billion (US$325.6 million) in net profit, which was twice the figure y-o-y.
The net profit of the operating banks in Ukraine in 2018 totaled UAH 21.7 billion (US$813 million), which was a record high over Ukraine's independence.
The banking system also reported UAH 1.4 billion (US$52.5 million at the current forex rate) in net profit back in 2013.