Page 38 - UKRRptNov21

Experts said that the Ukrainian banking sector’s stability during the pandemic proved that the country’s clean-up of the banking sector in 2014–2016 was not in vain.
After closing down nearly two-thirds of Ukrainian banks, many of which were used for illicit schemes, the government introduced strict financial monitoring requirements. These helped to stabilise the sector during the pandemic.
Ukrainian banks also invested in developing their online services to serve more customers over the internet during quarantine. According to experts, this helped them to stay competitive.
Top 5 profitable banks in Ukraine. National Bank of Ukraine announced the most profitable Ukrainian banks in the first seven months of the year. PrivatBank UAH18.5bn ($698mn), Sberbank UAH3.4bn ($128mn), Raiffeisen Bank UAH3.2bn ($121mn), The first Ukrainian International Bank UAH2.7bn ($102bn), and Alfa-Bank UAH2.3bn ($87mn)
PrivatBank's profit exceeded UAH21bn ($766mn) in the first nine months of 2021. " The amount was almost equal to the amount of profit for the same period last year (UAH21.3bn). The revival of business activity in Ukraine and a balanced risk management policy led to an increase in PrivatBank's loan portfolio by 19% (privatbank.ua).
38 UKRAINE Country Report November 2021 www.intellinews.com