The Ukrainian banking sector witnessed an almost fourfold increase in profits during the first six months of 2019, establishing a new record.
According to data released by the National Bank of Ukraine (NBU), net profits of the country’s 76 operating banks reached UAH 31 billion in January-June 2019, representing 3.7 times more than the total for the same period one year earlier (UAH 8.3 billion).
This half-year result surpasses the annual profit of UAH 21.7 billion profit achieved in 2018, which was itself a record for the Ukrainian banking industry.
Ukraine’s banks returned to profit in 2018 following four years of loses as the sector grappled with the most fundamental structural reforms since the Soviet collapse of 1991.
Around half of all banks ceased operations following the introduction of a stringent new regulatory framework.