The general purpose of this research is to evaluate how financial dollarization can influence the profitability of Ukrainian banking system and what banks are the main players with highest level of deposit and loan dollarization. So, in this research was used the sample of commercial banks in Ukraine to provide the clustering analysis. In a result, it was separated four groups of banks by three main indicators:
profitability, level of deposit and loan dollarization. Also, it was build a regression to figure main drivers of deposit and loan dollarization in Ukraine. To solve the issue of estimating impact of dollarization on bank’s profitability was performed the multiple regression analysis of banks for last thirteen years. Additionally, it was explored main risks of the Ukrainian banking industry connect to the dollarization degree.