Ukrainian banks earned 19% more in 2024 compared to the previous year

Ukrainian banks earned 40.5 billion UAH in net profit for the first quarter of 2024. Despite the tax increase from 18% to 25%, banks managed to earn 19% more than in the same period last year.

Currently, there are 63 banks operating in Ukraine, including 6 state-owned, 14 with foreign capital, and 43 private banks. Only 8 banks reported losses this year, totaling 111 million UAH.

The top 10 banks in Ukraine earned 34.22 billion UAH in the first quarter, accounting for 84% of the total profit of all banks in the country.

During this period, Ukrainian banks paid 10.34 billion UAH in profit tax, one and a half times more than last year. PrivatBank contributed nearly half of this amount, paying 4.84 billion UAH.

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State Banks

PrivatBank topped the list, earning 13.86 billion UAH in Q1 2024. This accounts for one-third of all banks’ profits. However, this is 14% less than the corresponding period last year, when it earned 16.04 billion UAH.

Overall, the six state-owned banks account for 60% of the total profits of all institutions, amounting to 24.28 billion UAH. Currently, only the First Investment Bank, which recently came under state control, reported losses of 7.6 million UAH in Q1.

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Foreign Banks

The leader among banks with foreign capital remains Raiffeisen Bank, earning 2.53 billion UAH this year, which is 23% more than the same period in 2023.

Another bank in this group, Credit Agricole Bank, saw its profits grow 20 times compared to the same time last year. This year, the bank earned 2.02 billion UAH, compared to 102.9 million UAH in the first quarter of last year. This is the largest increase among all Ukrainian banks.

Overall, foreign banks earned 10.2 billion UAH, accounting for a quarter of the total profit. Only one bank, Pravex Bank, incurred losses in the first quarter, amounting to 76.7 million UAH.

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Private Capital

The leader among privately owned banks is PUMB, with a profit of 2.13 billion UAH for the quarter. This is 38% more than the same period last year. Together with Universal Bank (Monobank), they account for half of the total profit of banks in this group.

MTB Bank showed the largest profit growth among private banks, increasing 13 times compared to the first quarter of 2023.

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