Monobank reports losses in Q1 2022

The financial statements for the first quarter were forwarded to the National Bank on April 13, monobank co-founder Oleh Horokhovsky wrote on Telegram, Ukrinform reports.

According to the official, January was “very profitable” for the bank, February saw a small profit, while March was unprofitable for the institution.

"The overall performance in the first quarter resulted in a loss of UAH 109.6 million, including UAH -548.2 million in March loss," said the bank’s co-founder.

As reported earlier, on February 24, Russian President Vladimir Putin launched a full-scale invasion of Ukraine. The Russian forces have been shelling and bombarding civilian infrastructure and households, using artillery, rockets, ballistic missiles, and bombs.

Martial law was imposed and general mobilization was declared in Ukraine. The nation has been fighting off the invaders. 

Memo: Monobank is Ukraine's first virtual bank, allowing customers to conduct transactions directly from their smartphones.