Page 47 - UKRRptSept21

8.0 Financial & capital markets 8.1 Bank sector overview
The profit of Ukraine’s banks surged to UAH9,7bn ($361mn) in July as the sector’s recovery starts to pull ahead of even their performance in 2019, the last year of strong growth.
Banks earned their best profits in five years after the coronavirus pandemic pull the sector back last year, but apparently didn't do any permanent damage. The cumulative profits over the first seven months of this year were UAH39.8bn ($1.5bn), which was just head of the UAH36,7bn banks earned in 2019 and well ahead of the UAH28.4bn they earned in 2020. The sector had made a cumulative loss of UAH223 in the first seven months of 2017 and a meagre profit of UAH9.8bn in 2018.
In month-on-month terms July’s profits were also by far the strongest of the year. While the sector got off to a strong start in the first two months of 2020 earning UAH6.6bn and UAH9.3bn respectively, business collapsed in March after the oil shock and pandemic shocks hit when banks earned only
47 UKRAINE Country Report September 2021 www.intellinews.com