Profit of state banks down by 72% since year-start – Ukraine finance ministry

State-owned banks in January-March 2021 generated a profit of UAH 3.2 billion (USD116,536 million), which is 72% less than in the same period last year.

That's according to the Ministry of Finance.

It is noted that the most profitable among the banks in the public sector was PrivatBank with UAH 2.4 billion ($87.402 million) in profit, which is 21.8% of that reported by the entire banking system.

In January-March of this year, Ukraine saw resumed growth of the clients' loan portfolio in public sector banks.

"Compared to January 1, 2020, it grew by 3.5% (by UAH 7.6 billion, or $276.774 million). At the same time, credit portfolios of both legal entities and individuals grew (by 3.0%, or by UAH 4.9 billion ($178.446 million), and 4.9%, or by UAH 2.7 billion ($98.327 million), respectively)," the report reads.

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According to the Ministry of Finance, in 2020, Ukrainian state-owned banks showed a profit of UAH 23.1 billion.

Ukrainian banks received UAH 41.3 billion in net profit in 2020, which is 29% below the figure of 2019 when the banking sector earned UAH 58.4 billion.

Net profit of Ukrainian banks in January-February 2021 decreased by 59.1% on year, amounting to UAH 6.491 billion.