This is reported by RBK-Ukraine referencing data from the National Bank of Ukraine (NBU). This information is also covered by Kontrakty.UA.
According to the NBU, bank revenues from January to October 2024 increased by 15.2% to 420.7 billion hryvnias, while interest income rose by 17.0% to 290.7 billion hryvnias.
Expenses grew by 31.7% to 295.1 billion hryvnias. Banks have increased their provisions for potential future losses to 5.6 billion hryvnias.
The NBU stated that the main factors contributing to profitability are the maintenance of a high net interest margin and nearly zero provisions for losses from active operations.
Bank Profit Tax
In 2023, the profit tax for banks was raised from 18% to 50%. Currently, there is a provision under which banks are taxed at 25%.
However, the Verkhovna Rada has passed a law to raise the rate back to 50%. This document has yet to be signed by President Volodymyr Zelensky.
It is worth noting that, according to revised data, Ukrainian banks earned a net profit of 82.680 billion hryvnias for the entire year of 2023.
The profit ranking is led by the state-owned PrivatBank.