Page 50 - UKRRptJul20

However, the first signs of the crisis biting into profits appeared in May when profits for that month fell to UAH3,765mn, down from UAH5,313mn in May a year earlier.
What held the profits up this year from a year earlier was the very strong April results when banks earned UAH9,234mn, which was almost double the UAH5,213mn they earned in April 2019. And in February, before the crises started, banks earned UAH9,285mn, which was triple what they earned a year earlier. 2020 would have been a banner year for Ukraine’s banks, had it not been for the coronacrisis.
Going forward analysts expect that banking profitability will erode as the year wears on as crises affect on banks is slower to become visible than in other sectors like industry or manufacturing. However, the sector should start to recover in 2021 depending on how strong the economic bounce back is.
50​ UKRAINE Country Report​ July 2020 ​ ​www.intellinews.com