Ukrainian Banks Double Their Earnings
Shifting Financial Power: A Look at Ukraine's Top 10 Banks in 2023
7 December 2023
Ukrainian banks earned 122.7 billion hryvnias in the first 10 months of 2023. This is more than twice as much as the same period in 2021 when the earnings were 58.35 billion hryvnias. According to the National Bank of Ukraine, only 4 banks in Ukraine incurred losses amounting to 99 million hryvnias.
The Top-10 banks by earnings underwent changes: Monobank, the private Universal Bank, which exited the ranking in the spring, returned with a record earnings, surpassing the state-owned Ukrgazbank.
State banks
PrivatBank and Oschadbank earned half of the total earnings of all Ukrainian banks in the first 10 months of 2023. Their profit also increased — doubled in PrivatBank and increased by 19 times in Oschadbank.
The share of earnings for state banks is 61%, which is 11% more than in 2021.
| Place | Name | 10 months of 2023, UAH billion | 10 months of 2021, UAH billion |
|---|---|---|---|
| 1 | PrivatBank | 47.1 | 23.8 |
| 2 | Oschadbank | 14.58 | 0.78 |
| 3 | SENSE Bank | 5.74 | 2.74 |
| 4 | UkrEximBank | 4.13 | 2.05 |
| 5 | Ukrgasbank | 3.36 | 2.74 |
Foreign Banks
All 14 banks with foreign capital had positive earnings for the first 10 months of 2023. The total earnings for the group amounted to 30.43 billion UAH, which is 1.6 times more than the same period in 2021. However, the share of foreign banks in the overall earnings decreased to 25%.
Among the banks with foreign capital, Raiffeisen Bank is the leader. Its earnings this year is 1.7 times higher than the figures for the first 10 months of 2021.
| Place | Name | 10 months of 2023, UAH billion | 10 months of 2021, UAH billion |
|---|---|---|---|
| 1 | Raiffeisen Bank | 6.89 | 4.07 |
| 2 | Ukrsibbank | 5.97 | 1.22 |
| 3 | OTP Bank | 5.29 | 2.27 |
| 4 | Citibank | 4.9 | 1.4 |
| 5 | Credit-Agricole bank | 2.89 | 1.25 |
| 6 | Kredobank | 1.68 | 0.68 |
| 7 | ING Bank Ukraine | 1.15 | 0.23 |
| 8 | ProCredit Bank | 0.9 | 0.6 |
| 9 | SEB in Ukraine | 0.26 | 0.04 |
| 10 | Deutsche Bank DBU | 0.16 | 0.02 |
Banks with private capital
Banks with private capital increased their earnings by 1.7 times in the first 10 months of 2023 compared to 2021. The share of earnings for banks in this group decreased to 14% this year.
PUMB remains the leader of the group with an earnings of UAH 6.48 billion, almost twice as much as in 2021.
Universal Bank, which is part of the group of banks with private capital, achieved a record earnings for October — UAH 1.7 billion, and managed to return to the top 10 banks in the country.
These two banks account for almost two-thirds of the group’s earnings.
| Place | Name | 10 months of 2023, UAH billion | 10 months of 2021, UAH billion |
|---|---|---|---|
| 1 | PUMB | 6.48 | 3.47 |
| 2 | Universal Bank | 4.56 | 2.79 |
| 3 | Pivdenny Bank | 1.59 | 0.56 |
| 4 | A-Bank | 0.81 | 0.54 |
| 5 | Idea Bank | 0.62 | 0.47 |
| 6 | Bank Clearing house | 0.37 | 0.1 |
| 7 | Bank Vostok | 0.35 | 0.22 |
| 8 | Bank Credit Dnipro | 0.26 | 0.72 |
| 9 | Bank Avangard | 0.26 | 0.008 |
| 10 | Tascombank | 0.25 | 0.38 |
Reminder: On December 6, 2023, the President signed a law introducing additional taxation on bank earnings: 50% for the year 2023 and 25% starting from 2024.
Source: Opendatabot
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