Bank incomes have risen by 27% this year, despite increased profit taxes

Ukrainian banks made 67.97 billion UAH in profit after taxes in the first five months of 2024. This is 27% more than the same time last year.

During this period, banks will pay 16.5 billion UAH in profit taxes. This is 1.6 times more than in the same period in 2023. Only 7 out of 63 banks had losses, totaling 131.83 million UAH.

The top 10 most profitable banks include four state-owned banks, four foreign-owned banks, and two private banks. These banks make up 85% of the total profit of all Ukrainian banks. One-third of this profit comes from PrivatBank.

State Banks

35% of the total profit of all banks comes from the consistent leader, state-owned PrivatBank. In the first five months of 2024, PrivatBank made 23.96 billion UAH in profit after taxes. However, this is 6% less than in the same period last year. PrivatBank will pay almost half of the total taxes for all banks in the country during this time, amounting to 8.04 billion UAH.

This year, 5 out of 6 state banks made a combined profit of 41.4 billion UAH. The only state bank to report a loss was the First Investment Bank, with losses of 16.5 million UAH.

Foreign Banks

The leader among foreign-owned banks is Raiffeisen Bank, with almost 4 billion UAH in profit. This is 22% more than the same period last year. Its tax expenses increased to 1.32 billion UAH, nearly double compared to the previous year.

Overall, 13 out of 14 banks in this group made a profit totaling 16.23 billion UAH, which is 24% of the total profit of all Ukrainian banks. The largest profit growth was shown by Credit Agricole Bank, earning five times more than the same period last year — 3.12 billion UAH.

Private Banks

Private banks made a profit of 10.42 billion UAH. This is almost 1.5 times more compared to the same period in 2023. The leader in this group is PUMB (First Ukrainian International Bank), which earned 3.2 billion UAH, 7% more than last year. Together with Universal Bank (Monobank), they made half of the profit in this group — 5.44 billion UAH.

The biggest profit increase among all Ukrainian banks was shown by MTB Bank, which increased its profit 13.6 times to 436.77 million UAH.