Assets of credit unions in January-March 2021 grew by 1%, to UAH 2.355 billion, according to a review of the non-banking financial sector published on the website of the National Bank of Ukraine (NBU) on Friday.
According to the review, the number of registered credit unions at the end of the first quarter of 2021 was 316, which is 1.9% less than at the end of 2020, and 5.8% less than at the end of the first quarter of 2020.
Liabilities of credit unions since the beginning of this year have grown by 0.2%, to UAH 1.29 billion, including the amount of liabilities, on which interest is accrued, by 0.8%, to UAH 1.19 billion.
Credit unions’ revenues in January-March remained at the level of the first quarter of last year and amounted to UAH 220 million, while expenses decreased 22.3%, to UAH 209 million.
Revenue of credit unions was linked to a decrease in payments to loan loss reserves, as well as due to a decrease in the ratio of operating expenses to operating income.
Equity capital of credit unions for the first quarter of 2021 grew by 52.6%, to UAH 1 billion.
As the NBU 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 adequacy requirements.
