Page 31 - bne OUTLOOK 2022 Ukraine

6. Banking Outlook
Ukraine’s banks have been having the most profitable year since the 2014 EuroMaidan revolution and are on course to have an even better year in 2022.
A comprehensive banking sector clean up was launched in 2014 by former NBU governor Valeriya Gontareva and continued by her successor Yakiv Smolii, which is now more or less complete. Over 100 banks were closed and stricter prudential rules and reporting requirements imposed on the sector.
While many reforms are lagging in Ukraine, the reform of the banking sector is one of the few stand out successes implemented in the last seven years.
As most of the banks have been reformed, the NBU is now moving on to deal with the “non-bank credit organisation” of which there are several thousand governor of the National Bank of Ukraine (NBU) Kyrylo Shevchenko told bne IntelliNews in an exclusive interview in June.
Banks in Ukraine have increased their profits by 47%. In January-October 2021, banks earned UAH58.4bn ($2.19bn) in net profit against UAH39.8bn ($1.5bn) in the same period last year. Banks' revenues for 10 months of 2021 increased by 4% year on year and amounted to UAH217.8bn ($8.23bn). Instead, expenditures decreased by 6% to UAH159.4bn ($6.04bn).
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