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after the start of the war with consumer loans rising faster than corporate loans. And banking assets in general continue its strong growth.
8.1.1 Earnings
Ukrainian banks increased their profits by 21% at the beginning of the year. The net profit after taxation of solvent Ukrainian banks in January-February 2024 amounted to ₴25.897B, 21% more than in January-February last year, NBU data shows. Banks' revenues for the year's first two months of 2024 increased by 19% to ₴78.565B.
Ukraine's banking sector earned a record after-tax profit of UAH16.762bn ($457 mn) in January 2024, the National Bank of Ukraine (NBU) reported.
Leading the charge was the state-owned PrivatBank, which alone contributed UAH5.869bn ($160 mn) to the total earnings, despite also carrying the largest share of non-performing loans (NLPs).
The NBU reported that the other major contributors include state-owned Oschadbank and Ukreximbank, securing second and third places with profits of UAH1.556bn ($42 mn) and UAH1.061bn ($29 mn) respectively.
Amongst the foreign banking groups, Raiffeisen Bank led in fourth place overall, generating UAH1.054bn ($29 mn), closely followed by another state entity, Ukrgasbank, with earnings of UAH0.940bn ($26 mn).
Out of the 63 banks evaluated, 55 reported positive earnings totaling UAH16.817bn ($459 mn), whereas eight banks posted losses amounting to UAH55mn hryvnia ($1.5 mn).
60 UKRAINE Country Report April 2024 www.intellinews.com