UKRAINIAN CREDIT UNIONS ASSETS GROW IN Q1

The assets of credit unions in January-March 2021 increased by 1%, to 2.355 billion UAH, according to a review of the non-bank financial sector published on Friday on the website of the National Bank of Ukraine (NBU).
According to the review, the number of registered credit unions at the end of the first quarter of 2021 was 316, down 1.9% from the end of 2020 and 5.8% from the end of the first quarter of 2020.
The liabilities of credit unions since the beginning of this year have increased by 0.2%, to 1.29 billion UAH, including the amount of liabilities, on which interest is accrued, by 0.8%, to 1.19 billion UAH.
The income of credit unions in January-March remained at the level of the first quarter of last year and amounted to 220 million UAH, while expenditure fell 22.3% to 209 million UAH. UAH.
Credit union income was related to a decrease in payments to loan loss provisions, as well as a decrease in the ratio of operating expenses to operating income.
Equity of credit unions for the first quarter of 2021 increased 52.6% to UAH 1 billion.
As the NBU has said, the unsatisfactory financial performance of credit unions leads to a significant number of violators of the requirements. In particular, in January-March, nine credit unions violated capital requirements.

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