Ukrainian banks post net losses of $2.6 billion in Jan-Aug

[Muddy]

http://www.kyivpost.com/business/48699


Ukrainian banks post net losses of $2.6 billion in Jan-Aug
Today, 16:03 | Interfax-Ukraine    Print E-mail to a friend E-mail to an editorial  National Bank of Ukraine Combined net losses in the Ukrainian banking system totaled UAH 20.503 billion ($2.6 billion) in January-August 2009 compared to combined net profit of more than UAH 6 billion in the same period of 2008, the National Bank said on its website.


The losses can be attributed to higher growth rates in banks' expenditures compared to income. Combined net losses totaled UAH 2.142 billion in August.

Ukrainian banks boosted total income 41.9% to UAH 96.5 billion in the eight months, while expenditures soared 88.9% to UAH117 billion.

"Deductions for provisions on active bank operations totaled UAH 47.2 billion and accounted for the lion's share of spending, or 40%," the statement says.

The National Bank earlier predicted that income would total UAH 95.7 billion in January-August and expenditures would amount to UAH 111.1 billion.

The official exchange rate on September 15 was UAH 7.9969 /$1.

[tfcrew]

At least they didn't merge with B of A [could be worse]

http://features.csmonitor.com/economyrebuild/2009/01/16/bank-of-americas-18-billion-loss-dims-its-prospects/

[ScottinCrimea]

I have no sympathy for BofA, who has more customer complaints against it than all other banks combined.  I swore off ever using them again when, after they nickel and dimed me to death, forged a check copy to try to explain why they had deducted $200 on a $100 check.