The profit tax paid by banks this year has increased by 1.8 times compared to the previous year
While overall profits have risen by 22%
6 September 2024
According to the National Bank of Ukraine, banks recorded a net profit of 93 billion UAH after taxes in the first seven months of 2024. PrivatBank accounts for 40% of all bank profits, and MTB Bank showed the most significant growth, with its profits increasing 13-fold.
Ukrainian banks collectively earned 119.44 billion UAH in profits in 2024, marking a 22% increase compared to the same period last year, when profits stood at 97.53 billion UAH.
The amount of profit tax has risen by 1.8 times this year, reaching 25.83 billion UAH. Despite the higher taxes, net profits still grew by 13%, with banks earning 93.61 billion UAH, compared to 83.18 billion UAH last year.
In June, Alpari Bank voluntarily withdrew its license, leaving 62 banks operational in Ukraine, of which 8 reported losses.
The top 10 banks in Ukraine currently account for 86% of the total profit, amounting to 80.13 billion UAH.
| Place | Name | July 2024 | July 2023 | Place in 2023 |
|---|---|---|---|---|
| 1 | PrivatBank | 37.16 | 34.4 | 1 |
| 2 | Oschadbank | 11 | 8.24 | 2 |
| 3 | Raiffeisen Bank | 4.87 | 3.82 | 6 |
| 4 | Ukreximbank | 4.74 | 2.33 | 10 |
| 5 | PUMB | 4.24 | 4.43 | 4 |
| 6 | Crédit Agricole Bank | 4.22 | 1.53 | 12 |
| 7 | UkrSibbank | 3.97 | 4.29 | 5 |
| 8 | Ukrgasbank | 3.73 | 2.89 | 9 |
| 9 | Universal Bank | 3.19 | 1.96 | 11 |
| 10 | OTP Bank | 3 | 3.63 | 7 |
State Banks
State-owned banks account for 63% of the total profit of all banks in Ukraine. PrivatBank continues to lead with 37.16 billion UAH in profit after taxes, representing an 8% increase compared to the previous year.
PrivatBank alone contributes 40% of the overall banking sector’s profit, with its tax expenses growing 1.5 times to 12.13 billion UAH.
Five out of six state-owned banks collectively earned 58.84 billion UAH in profits, while their total tax expenses amounted to 14.6 billion UAH.
Foreign Capital Banks
Banks with foreign capital earned UAH 21.4 billion, which is 9% more than in the same period last year. The profit tax for banks in this group increased by 1.7 times this year, reaching UAH 7.26 billion. Currently, they account for 23% of the total profit of all banks.
Raiffeisen Bank remains the leader in this group, with UAH 4.87 billion in profit, which is 28% more than in the corresponding period last year. Raiffeisen Bank’s tax expenses doubled, amounting to UAH 1.63 billion.
Private Capital Banks
The total profit of banks with private capital increased by 29% to UAH 13.39 billion. Consequently, taxes doubled to UAH 3.95 billion. This group of banks now accounts for 14% of the total banking profit.
The leader in this group is PUMB with UAH 4.24 billion. Meanwhile, MTBank showed the largest growth among all banks in the country, increasing its profit by 13 times to UAH 539.8 million.
Note that the Verkhovna Rada is currently considering draft law No.
Source: Opendatabot
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