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Looking back at the fiscal performance in 2023, Ukrainian solvent banks enjoyed a profitable year with an after-tax gain of UAH86.545bn ($2.36bn). This financial buoyancy comes despite the government’s decision to imposed heavy taxes on the sector recently to tap their windfall profits. The tax rate on banks was hiked from 18% to an unprecedented 50% in 2023, but will be reduced again to the still high rate of 25% starting 2024.
In 2022, the profit after tax stood at UAH24.9bn ($679 mn), marking a substantial increase from the UAH77.4bn ($2.11bn) record profit witnessed in 2021.
61 UKRAINE Country Report April 2024 www.intellinews.com
