Ukraine's operating banks boost profit by almost 4 times in Jan-July

The National Bank of Ukraine says the country's operating banks in January-July 2019 posted UAH 36.727 billion, or US$1.5 billion, in profit, which was 3.8 times up year-over-year (y-o-y).

Banks' revenue over the period under review grew by 29.8%, to UAH 141.401 billion ($5.6 billion), while their expenses rose by 5.6%, to UAH 104.674 billion ($4.2 billion), it said.

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The main factors behind the increase in the banking system's profit were the growth in banks' net interest and commission income, the positive result from revaluation and sale and purchase operations, as well as the low volume of deductions to reserves.

As UNIAN reported earlier, the National Bank expects that the banking system's profit will grow in 2019 after a historic maximum in 2018, when operating banks received UAH 21.7 billion ($861 million) in net profit.