Piraeus Bank Executive: Ukraine’s banking system has shown outstanding resiliency, and international businesses should take note.

The Ukrainian Banking Day in London gathered 150 finance executives from all over the world to listen to their colleagues who work in Ukraine and share their views on the financial sector’s current condition and prospects. Ioannis (Yannis) Kyriakopoulos, Chairman of the Board of PiraeusBank ICB, drew attention to several critical aspects that have contributed to the outstanding performance demonstrated by Ukraine’s banking system:

1. Ukrainian banks are exhibiting sound financial performance regarding capital adequacy, liquidity, and profitability.
2. Banks are displaying strong CSR reflexes and will continue to do so.
3. The NBU has restored public trust in banks and provided uninterrupted banking system operation during the war.
4. The swift migration to cloud services follows the NBU’s resolution, made during martial law, to proactively manage cyber risk, and the initiation of the Power Banking protocol have kept the banking system operational, and are now the subject of case studies that will benefit the international business community.
5. The importance of IFIs in ensuring adequate financing for the wartime economy will become even greater during Ukraine’s rebuilding after the war ends.

As reported earlier, in the first quarter of 2024, Ukrainian banks increased their net profit by 18% from last year, earning ₴40.5B ($1.05B) in net profit.