REUTERS
Ukraine’s banking system incurred losses of UAH 8.504 billion in January, compared to an UAH 810 million profit it made in January 2014, according to data published on the Web site of the National Bank of Ukraine.
According to the NBU, the profits of banks in January 2015 increased by 16.9% compared to the same period in 2014, and amounted to UAH 17.9 billion, while expenses were up by 82%, to UAH 26.4 billion.
The regulator said the bad financial results of Ukrainian banks were in part due to the losses of banks that have been classified as insolvent and where temporary administrations introduced. The losses of the banking system in January, excluding the losses of the mentioned banks, amounted to UAH 5.1 billion.
As UNIAN reported earlier, the banking system of Ukraine in 2014 incurred losses of UAH 52.966 billion. The negative financial results of the banks in 2014 were caused by the need for them to increase reserves to cover potential losses under banking active operations.
However, the basic operations of the banking system have generally become profitable, the NBU says.