Ukrainian banks earned more despite tax hikes: who are the leaders

Ukrainian banks increased their profits by 7% over the year.

This is reported on the Opendatabot platform.

According to the results of the first nine months of 2024, Ukrainian banks earned UAH 117.63 billion after taxes, which is 7% more than in the same period last year (UAH 109.85 billion). This data was released by the National Bank of Ukraine.

Key figures:

• State-owned banks received 63% of the total profit, with PrivatBank being the largest: UAH 48.35 billion, or 41% of the total. Its profit increased by 11% over the year.
• Banks with foreign capital accounted for 23% of the profit (UAH 27.32 billion). Raiffeisen remained the group leader with UAH 6.15 billion.
• Private banks earned UAH 16.25 billion, showing an increase of 22% over the year. FUIB remains the leader in this category, although its profit decreased by 9%.
• MTB Bank demonstrated the highest profit growth among all banks, increasing its earnings 13 times over the year to UAH 603.59 million.

According to analysts, despite the increase in corporate income tax from 18% to 25%, the banking sector is showing steady growth.

In 2024, Ukrainian banks filed 25% fewer lawsuits against debtors, namely almost 68,000 claims. Monobank, A-Bank, and PrivatBank are the most frequently sued banks.

Meanwhile, the Grand Chamber of the Supreme Court dismissed the cassation appeal of the former owner of IMEXBANK JSC, Odesa-based businessman Leonid Klimov. The court upheld the decision of the Court of Appeal to recover UAH 309 million from Klimov in favor of the National Bank of Ukraine to repay the bank's debt under a refinancing loan. Head of the Legal and Litigation Department of the Legal Department Serhiy Boyko said that this decision ends a long-running dispute and confirms the legitimacy of the National Bank's claims. This will allow resuming the enforcement of the decision of the court of appeal.

Ірина Глухова