7% increase in bank profits over the year
How bank profits and taxes changed this year
18 November 2024
As of November 18, 2024, Ukrainian banks reported a total profit of 117.63 billion UAH after taxes for the first nine months of 2024, according to data from the National Bank of Ukraine (NBU). This marks a 7% growth compared to the same period last year.PrivatBank remains the top earner, contributing 41% of the total profit of the banking sector. Meanwhile, MTB Bank showed the highest growth, with profits increasing 13 times year-over-year.
Ukrainian banks earned 117.63 billion UAH in net profit after taxes in the first nine months of 2024. Despite an increase in the corporate tax rate from 18% to 25% this year, the profit rose by 7% compared to the same period in 2023, when it was 109.85 billion UAH.
| Place | Name | September 2024 | September 2023 | Place in 2023 |
|---|---|---|---|---|
| 1 | PrivatBank | 48.35 | 43.37 | 1 |
| 2 | Oschadbank | 11.84 | 14.18 | 2 |
| 3 | Raiffeisen Bank | 6.15 | 6.14 | 3 |
| 4 | Ukreximbank | 5.87 | 3.6 | 9 |
| 5 | PUMB | 5.18 | 5.68 | 4 |
| 6 | Credit Agricole Bank | 5.12 | 2.29 | 12 |
| 7 | Ukrsibbank | 5.04 | 5.66 | 5 |
| 8 | Ukrgasbank | 4.67 | 2.92 | 10 |
| 9 | Universal Bank | 4.41 | 2.86 | 11 |
| 10 | OTP Bank | 4.17 | 4.75 | 7 |
In the first nine months of 2024, state-owned banks accounted for 63% of the total profit among all financial institutions in Ukraine. This dominance is mainly attributed to PrivatBank, which earned 48.35 billion UAH, making up 41% of the overall banking sector profit. PrivatBank’s profit increased by 11% year-on-year.
As of September 2024, another Ukrainian bank, Motor Bank, was nationalized, increasing the number of state-owned banks to seven. However, two of these banks reported losses.
In the first nine months of 2024, banks with foreign capital in Ukraine generated 23% of the total banking sector profit, amounting to 27.32 billion UAH. Among these 14 foreign banks, only Pravex Bank reported losses, totaling 139.57 million UAH.
Raiffeisen Bank continues to lead this group with a profit of 6.15 billion UAH, maintaining the same level as in the corresponding period last year.
In the first nine months of 2024, private banks in Ukraine earned a combined profit of 16.25 billion UAH, marking a 22% increase compared to the previous year. A significant share, nearly one-third of this profit, was contributed by PUMB, which recorded 5.18 billion UAH in earnings, although this represents a 9% decline from the previous year.
The highest growth in profit was demonstrated by MTB Bank, which saw an impressive
Source: Opendatabot
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