Ukraine’s banks’ profits hit $2 billion for the first nine months of 2019

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As Ukraine’s banks recover from the 2014-2015 crisis, banks’ profits hit $2 billion for the first nine months of this year, up 4.4 times y-o-y, reports the National Bank of Ukraine.

Of the nation’s 76 operating banks, 66 are profitable. Over the summer, retail lending was a hot sector, increasing 30%, compared to July-September 2018. In the third quarter, hryvnia deposits of individuals were up 12.7% y-o-y. 

Despite National Bank’s interest rate cut to 15.5% last month, 12-month retail deposits enjoy an average annual interest rate of 15.8%. The central bank attributes this high level to competition among banks.

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