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Number of loss-making banks in Ukraine more than doubled in 2014

Xinhua, February 10, 2015 Adjust font size:

The number of loss-making banks in Ukraine was more than doubled last year as financial crisis and political uncertainty have badly affected the country's banking system, local media said Monday, citing a report from the National Bank of Ukraine (NBU).

According to the report, the number of loss-making financial institutions, which operate in Ukraine, has increased to 52 banks in 2014 from 20 banks a year ago.

Last year, Ukrainian banks reported a consolidated loss of 52. 476 billion Ukraine hryvnyas (about 2.1 billion U.S. dollars) compared with a consolidated profit of 1.436 billion hryvnyas ( about 57 million dollars) in 2013, the NBU said.

Local analysts believe that the surge in bad loans, triggered by the worst financial crisis in the country in two decades,and political uncertainty, which forced depositors to withdraw their money from banks, were the key reasons leading to the increased banks'loss ratio. Endite