In 2014, Oschadbank's losses totaled UAH 8.5 billion / Photo from tsn.ua
Public Joint-Stock Company State Savings Bank of Ukraine, or Oschadbank, reported a UAH 5.4 billion loss in January-September 2015, as compared to a profit of UAH 550.9 million for the same period last year, according to financial statements posted on the bank's website.
The bank said that the loss had been caused by the formation of large reserves amid the weakening of the hryvnia, the worsening of the quality of its assets in the Anti-Terrorist Operation zone in Donbas, the technical default and downgrading of credit ratings of some state-owned enterprises that are clients of the bank.
The volume of reserves formed by the bank in January-September amounted to UAH 12.6 billion.
Oschadbank also reported its operating income for the nine months of 2015 amounted to UAH 10.2 billion, more than twice the income in the same period last year. Net interest income increased by 23.2% year-over-year, to UAH 5.9 billion, while net fee and commission income grew by 24% to UAH 1.1 billion.
As UNIAN reported earlier, the bank posted UAH 2.8 billion in loss in the first half of 2015.
In 2014, Oschadbank's losses totaled UAH 8.5 billion.
Oschadbank was registered as a legal entity on December 31, 1991, and is one of the largest banks in Ukraine, with 100% of its shares belonging to the state.