95% of the income of the bank system has made top-10 banks in Ukraine

How has the list of the most profitable banks of Ukraine changed during the full-scale war?

28 February 2023

At the beginning of the full-scale war, there was a great risk of the collapse of the Ukrainian bank system. Despite this fact, summarizing 2022 year, most of the banks went through, and some even managed to improve their performance compared to the results in 2021, therefore, taking place in the top 10 most profitable Ukrainian financial institutions.

There is another page, Profitability of Ukrainian bank system, where the state of banks in Ukraine is monitored.

The total profit from the banks in 2022 was 24.7B hryvnias. It is three times less compared to the profit in 2021 because Ukrainian banks made 77.5B hryvnias that year.

After a year of the full-scale war, the country has lost four banks. Two financial institutions, Megabank JSC and bank Sich, went bankrupt, and two banks of Russian origin, Prominvestbank and “IR Bank” JSC, which did not survive even after renaming, were closed. Currently, there are 67 banks in Ukraine.

Approximately two-thirds of banks (46 out 67) ended 2022 with a positive balance. Their overall profit was 45.5b hryvnias in a year. More than half of the income from all Ukrainian banks was made by a national bank, JSC CB “Privatbank”, 66% or 30.2B hryvnias. However, its income has decreased by 14 % or 4.8B hryvnias compared to 2021.

The top 10 banks made 95 % of all banks’ income with a positive balance. There are left only four financial institutions from the top 10 banks in 2021. “Privatbank” places 1st place as before, JSC “Citibank” improved its performance and is located in 3rd place, unlike “Raiffeisenbank” JSC, which is ranked 5th, but was second before. The most stable seems to be “OTP Bank” JSC, which remains to be 8th on the list since last year.

Importantly, during the full-scale war, Ukrainians started to trust national banks more. Their part in overall income has increased from 55% to 68% in a year.

Almost one-third of the overall 21 banks suffered losses of 20.8B hryvnias.

The worst results are in the banking group with foreign capital because they had a negative balance by the end of 2022 (-51M hryvnias).

The leader among the banks with foreign capital has become JSC “UkrSibbank” with 3.5B hryvnias of income, which improved its result more than twice during 2022. In 2021, it had 1.48B hryvnias of income and was 12th on the list.

JSC “UkrSibbank” with “Raiffeisenbank” JSC made 1.55B hryvnias, and JSC “Citibank” made 2.8B hryvnias, which is 84% from an overall income of the bans with foreign capital and positive result.

Of 47 banks with private capital, most of them, namely 74%, ended 2022 with a positive balance. Their common income was 5.2B hryvnias. Others banks lost 1.73B hryvnias.

In 2022, JSC “Universal Bank” has made the most out of all banks with private capital, namely, 2.4B hryvnias, which is 46% of all income from private banks with a positive balance.

Financial results of the banks
PlaceThe name of the bank20222021Place in 2021
1JSC CB «PRIVATBANK»30.2535.051
2JSC «UKRSIBBANK»3.531.4812
3JSC «CITIBANK»2.821.7610
6JSC «OSCHADBANK»0.691.1113
7JSC «IBOX BANK»0.60.4820
8«OTP Bank» JSC0.62.758
10«PIVDENNYI BANK»0.410.7117

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