In the first seven months of 2024, Ukrainian banks demonstrated impressive financial results, earning almost 120 billion hryvnias. These data, published by the analytical resource Opendatabot, indicate a 22% increase in profits compared to the same period last year. PrivatBank once again confirmed its leadership, accounting for 40% of the total profit of the banking sector, and MTB Bank showed the greatest growth among financial institutions, increasing its profits by 13 times.
Growth in profits and taxes
In 2024, banks in Ukraine paid 1.8 times more profit tax than in the previous year. During this period, financial institutions contributed UAH 25.83 billion to the budget, which confirms the overall growth in the profitability of the banking sector. Despite the increase in the tax burden, net profit after taxes increased by 13%, reaching UAH 93.61 billion compared to UAH 83.18 billion last year.
PrivatBank: an unwavering leader
State-owned banks continue to play a key role in Ukraine's financial system, accounting for 63% of the market in terms of profits. PrivatBank, as the main player among state-owned banks, demonstrates a steady growth in its revenues, generating UAH 37.16 billion in after-tax profit — 8% more than in 2023. Its tax expenses also increased significantly, increasing 1.5 times to UAH 12.13 billion.
In total, five out of six state-owned banks showed a combined profit of UAH 58.84 billion in the first seven months of the year, making a significant contribution to the country's financial stability.
MTB Bank: an unexpected leap
The largest increase in 2024 among Ukrainian banks was demonstrated by MTB Bank, which increased its profits 13 times, to UAH 539.8 million. This impressive result indicates that the financial institution is actively using new opportunities in the market and improving the efficiency of its activities.
Foreign capital and private banks
Banks with foreign capital also showed positive results, earning UAH 21.4 billion — 9% more than in the previous year. The leader of this group is Raiffeisen Bank, which received UAH 4.87 billion in profit during this period, which is 28% more than last year. It is worth noting that Raiffeisen Bank's tax expenses doubled, amounting to UAH 1.63 billion.
Private banks also did not stay away from the general trend of profit growth. Their total profit increased by 29%, reaching UAH 13.39 billion. The leader among this group was FUIB, which earned UAH 4.24 billion.
