Page 67 - UKRRptNov23

(down 27% y/y). Most banks maintained positive levels of net interest and commission income. In addition, sector profits from foreign currency exchange transactions increased sixfold, making a significant contribution to the growth in operating income.
At the same time, the banks scaled back operating expenses, in particular those on salaries, in April–May. Revenue growth and cost savings enabled the vast majority of institutions to maintain operating profitability. The number of banks incurring operating losses decreased to 12 in June, down from 22 in March. The cost-to-income ratio (CIR)1 in the second quarter declined to 37.8% from 49.9% in the same period last year.
67 UKRAINE Country Report November 2023 www.intellinews.com