In 2024, the profits of Ukrainian banks increased significantly, exceeding 175 billion hryvnias for eleven months of the year, which became the highest indicator since at least 2021. According to the data of the National Bank of Ukraine and published by the company Opendatabot, the profit of banks before taxes in January-November amounted to UAH 175.6 billion. This is 12% more than in 2023 and almost 2.5 times more than in 2022, when Ukrainian financial institutions were still feeling the effects of the full-scale invasion of the Russian Federation.
Thanks to this, Ukrainian banks significantly increased their tax revenues: in just 11 months of 2024, they paid UAH 44.52 billion in income tax to the budget. This is 1.7 times more than for the same period in 2023, and significantly exceeds the total tax revenues for the same months in the previous three years.
The record income of taxes was recorded in November 2024, when banks paid UAH 7.05 billion. A significant part of this amount, about 63% (4.47 billion UAH), was provided by banks with foreign capital. This was due to an increase in the tax rate in the last quarter of 2024 from 25% to 50%.
However, despite positive trends, 18% of banks turned out to be unprofitable. According to the results of the year, 11 financial institutions recorded losses in the total amount of UAH 388 million, which indicates certain problems in certain segments of the banking system.
It should be noted that the increase in the tax rate on banks was implemented in accordance with the law signed by President Volodymyr Zelensky back in 2023. It was assumed that this would bring the country's budget an additional 24-25 billion UAH for 2023 and up to 6-7 billion UAH per year in the future. However, the increase in the tax rate is a temporary measure.
