In 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, it accounts for 40% of all profits of the banking sector, and MTB Bank demonstrated the greatest growth among financial institutions, increasing its profits 13 times.
Growth in income and taxes
In 2024, banks in Ukraine paid 1.8 times more income tax compared to the previous year. During this period, financial institutions contributed UAH 25.83 billion to the budget, which confirms the general increase in profitability of the banking sector. Despite the increase in the tax burden, net profit after taxes increased by 13%, reaching UAH 93.61 billion against UAH 83.18 billion last year.
PrivatBank: unwavering leader
State banks continue to play a key role in the financial system of Ukraine, occupying 63% of the market by revenue. PrivatBank, as the main player among state-owned banks, demonstrates a stable increase in its revenues, generating UAH 37.16 billion in profit after taxes — 8% more than in 2023. Its tax expenses also increased significantly, increasing by 1.5 times to UAH 12.13 billion.
In total, five out of six state banks in the first seven months of the year showed a total profit of UAH 58.84 billion, making a significant contribution to the country's financial stability.
MTB Bank: an unexpected jump
MTB Bank showed the greatest growth in 2024 among Ukrainian banks, which increased its profits 13 times to UAH 539.8 million. This impressive result shows that the financial institution is actively using new opportunities in the market and improving the efficiency of its operations.
Foreign capital and private banks
Banks with foreign capital also demonstrated positive results, earning UAH 21.4 billion — 9% more than in the previous year. The leader of this group is Raiffeisen Bank, which during this period received UAH 4.87 billion in profit, 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 remain aloof from the general trend of profit growth. Their total profit increased by 29%, reaching UAH 13.39 billion. The leader among this group was PUIB, which earned UAH 4.24 billion.
