Ukrainian banks report UAH 7 bln in losses for 1Q09

According to the National Bank Of Ukraine (NBU), the Ukrainian banking system reported UAH 7.0 bln in losses for 1Q09 (compared to UAH 2.1 bln net income for 1Q08 and UAH 0.6 bln net income in 4Q08). The key item that spoiled banks’ 1Q result was a 7.8x increase yoy in provisions for reserves (from UAH 2.2 bln in 1Q08 to 17.3 bln in 1Q09).

Financial results of Ukrainian banks, UAH bln
                                 1Q09    1Q08   yoy
—————————————-
Interest income         32.441  17.442   86%
Commission income    3.912   3.654    7%
Trading income           0.719   0.846  -15%
Other incomes            0.675   0.494   37% 
—————————————-
Interest expenses        17.941  10.103   78%
Commission expenses  0.622   0.413   51%
Other expenses           1.918   1.148   67%
SG&A                         6.752   5.926   14%
Reserves increase       17.321   2.217  681%
Tax expenses               0.212   0.551  -62%
—————————————-
Net income                    -7.019   2.079   neg