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Banks in Ukraine showed record profits

Photo: NBU

The main factors behind the year-over-year increase in profitability were the increase in interest income and significantly lower contributions to reserves for losses from active operations.

For the first quarter of 2024, the net profit after tax of solvent Ukrainian banks reached 40.518 billion Hryvnia, which is 18% more than in January-March last year. This is confirmed by NBU data.

It was noted that the main factors for the growth of profitability on an annual basis are an increase in interest income and significantly lower contributions to reserves for losses from active operations.

According to the National Bank, the bank’s income for January-March 2024 increased by 16% to 120.710 billion Hryvnia, while interest income increased by 25% to 84.944 billion Hryvnia.

Costs increased by 14% to 80.192 billion Hryvnia. Banks reduced allocations of reserves for future losses by -1.443 billion Hryvnia.

According to the First Deputy Chairman of the NBU Ekaterina Rozhkova, the profit generated by banks today is a guarantee of their sustainability, because it allows banks to increase capital.

“In addition, adequate capital is the key to faster lending in the future, we are already seeing this trend,” he said.

The data on the annual income of banks for 2023 has also been updated: the updated annual income of the banking system is UAH 83.2 billion. The clarification of operational data is due to the additional assessment of income tax of individual banks in the amount of 3.2 billion Hryvnia. The annual amount of income tax collected by banks for 2023 reached UAH 76.6 billion.

Let’s recall that the state-owned Privatbank, based on the results of its work in the first quarter of 2024, received 13.86 billion Hryvnias in net income, which is 14% less than in the same period last year.

It was also reported that Oschadbank ended 2023 with a net profit of six billion Hryvnias. This is a record level for the entire period of its work.

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Source: korrespondent

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