The income of Ukraine’s top 10 banks grew by almost 14%

According to the Opendatabot Index, the total income of the top 10 banks last year was 267.2 billion UAH—14% more than in 2023. The ranking changed in only one way: the state-owned Ukreximbank replaced the foreign Credit Agricole bank, which dropped to 11th place.

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State-owned banks had the best year, generating 68% of the total income (UAH 182.15 billion). The largest share came from PrivatBank, which earned UAH 110.51 billion.

«PrivatBank’s 2024 results reflect a year of growth, development, and resilience, where challenges turned into opportunities. Our increased tax contributions highlight our strong financial health, operational efficiency, and commitment to society», 

— said Mikael Björknert, Chairman of PrivatBank.

Oschadbank showed the highest growth among state-owned banks: its income increased 1.6 times, and profit tripled compared to 2023. UkrEximBank also saw significant growth, with income rising 1.4 times in a year. Overall, four out of five state banks increased their income, while only Sens Bank saw a 14% decline in income and a 24% drop in profit.

Three foreign-owned banks generated UAH 47.52 billion, making up 18% of the total income in the top 10 banks. However, all of them reported a slight decline in income compared to 2023.

Profits varied: OTP Bank was the only one to increase profit (+11%), while Raiffeisen and Ukrsibbank saw declines of 11% and 6%, respectively.

OTP Bank attributes its profit growth to renewed corporate lending, international programs with EBRD, IFC, and USAID, and financing distributed energy projects. The bank also resumed loans for purchasing agricultural land. Future plans include full business expertise on energy independence, digitalization of agro-lending, and developing as a tech partner for financial companies. OTP Bank will also focus on expanding partnerships to improve services for entrepreneurs.

Two privately owned banks generated UAH 37.53 billion, making up 14% of the total income in the top 10 banks. Both banks increased their income over the year: Universal Bank (Monobank) grew by 22%, PUMB grew by 14%.

«2024 was an incredibly successful year for PUMB. We grew by almost 25% across all key indicators, with retail lending increasing by over 65%. We will continue working hard to support Ukraine’s economy and contribute to our shared victory. After that, we plan to actively participate in rebuilding our country» 

— PUMB’s press service commented.

Profitability varied among private banks in 2024: PUMB maintained its profit at the same level as in 2023, Universal Bank doubled its profit over the year.