Volume of loans provided by financial companies rose by 15% - NBU

Volume of loans provided by financial companies rose by 15% - NBU

Ukrinform
In January-September 2020, the volume of loans issued by financial companies in Ukraine increased by 15% compared to the same period last year, to UAH 66 billion.

The press service of the National Bank of Ukraine (NBU) wrote about this on its Facebook page.

At present 1,414 financial companies, pawnshops and leasing companies operate in Ukraine. During the first nine months of 2020, only 396 financial companies provided loans, of which 234 provided loans to individuals (85 of these institutions provided loans online). In the third quarter, there was an increase in the number of loans provided by financial companies than in the pre-quarantine first quarter.

The volume of loans issued by financial companies during the first nine months of 2020 increased by 15% (compared to the relevant period in 2019). The volume of factoring services rose by 38% (to UAH 63 billion). However, pawnshops and leasing companies reduced financial services by 9% over the reporting period (to UAH 12 billion and UAH 15.6 billion, respectively).

The NBU reports that Ukrainians began to receive loans mostly online, rather than in branches of financial companies. Online loans account for almost three quarters of all retail loans during the first nine months of 2020: UAH 24.3 billion out of UAH 33.5 billion. In January-September 2020, borrowers mainly took loans from financial companies for up to one month.

As reported by Ukrinform, on July 1, 2020, the National Bank became the regulator of insurance, leasing, financial companies, credit unions, pawnshops and credit bureaus.

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