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quarter and UAH 4.6B since the beginning of the year. However, according to the results from the second quarter, the sector remained operationally profitable.
More than 20 Ukrainian banks were unprofitable in the second quarter of 2022. Some of the banks that maintained profitability did so as a result of reducing their costs, particularly wages, according to the Review of the Banking Sector for the second quarter. It is noted that the banking sector’s UAH 4.5B loss in the second quarter was caused by significant reserve expenditures necessitated by the war. As a result, the number of unprofitable banks for the quarter reached 24. The cumulative loss of these 24 banks was UAH 10.5B. Three out of four state-owned banks - Ukreximbank, Oschadbank, and Ukrgasbank - were among the unprofitable. However, the state-owned PrivatBank generated almost half the total profit from the profitable banks.
53 UKRAINE Country Report September 2022 www.intellinews.com