War Continues but Banks Are in the Black

Despite wartime conditions, it seems that Ukrainian banks are doing quite well. According to the National Bank of Ukraine (NBU), they booked a profit of UAH 24.7 billion in 2022 (1 UAH or hryvnia equals USD 0.027 or PLN 0.12 – ed.). This is less than a year earlier, when the profit was UAH 77.4 billion, but the industry still turned a profit. “As of 1 January 2023, 46 of the 67 solvent banks were profitable and reported a net profit of UAH 45.6 billion, which covered the losses of 21 banks for a total of UAH 20.8 billion. The industry’s profits are concentrated: the top five most profitable banks generated 89 percent of all profits”, the NBU reported on 10 February.