According to the National Bank of Ukraine's (NBUs) latest Non-Bank Financial Sector Review, most of the country's credit unions scaled back their operations in the first quarter (Q1) of 2022 due to Russia's full-scale invasion and the subsequent war that continues today.

"The full-scale war caught a number of nonbank financial service providers unprepared for the shocks that came with it. A large number of market players had to suspend or roll back their activities due to operational risks. Demand for basic financial services also slumped," reads an August 3 NBU report.

The report goes on to provide credit union data on several financial metrics, including loans, deposits and shares.

"New loans in Q1 fell in volume by a third compared to the same period last year. Assessment of portfolio quality and recognition of losses will occur over time and due to the gradual reimposition of regulatory requirements. What little profits credit unions managed to earn drove their retained earnings slightly higher compared to the beginning of the year. Meanwhile, deposits and additional share contributions declined in volume by 5% and 11%, respectively. As of 1 April, only two credit unions were in breach of capital adequacy ratios," reads the report.

You can read more of this report here. The entirety of the NBU's latest Non-Bank Financial Sector Review is available here, but only in the Ukrainian language.