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594.6mn.
Two additional banks reported net profits exceeding UAH 300mn during the third quarter: A-Bank with UAH 355.2mn and Ukrgasbank with UAH 325.0mn.
Among these 14 banks, only four added reserves to their balance sheets. Sense Bank set aside UAH 548.0mn in reserves, while Citibank, Raiffeisen Bank, and Credit Agricole Bank allocated reserves ranging from UAH 30mn to UAH 20mn. In contrast, FUIB released reserves amounting to UAH 1.413bn, while monobank reported a release of UAH 1.137bn. OTP Bank, A-Bank, and Ukrgasbank decreased their reserves by amounts ranging from UAH 555mn to UAH 510mn.
In the third quarter, seven banks posted losses, with the First Investment Bank of sanctioned shareholders reporting UAH 33.0mn in losses. Credit Dnipro and Pravex-Bank followed with losses of UAH 29.8mn and UAH 27.5mn, respectively.
In total, the net profit of 63 solvent banks during the third quarter reached UAH 42.33bn, accompanied by a release of reserves worth UAH 5bn and an increase in total assets by UAH 87.25bn.
Notably, PrivatBank, Oschadbank, and Sense Bank led in asset growth, with increases of UAH 36.84bn, UAH 18.26bn, and UAH 11.36bn, respectively. This return to the top ten largest banks by assets allowed Sense Bank to secure the 8th position, which it lost before nationalization in June.
However, several banks experienced asset reductions during the third quarter, with Ukreximbank leading the way with a decrease of UAH 15.65bn, followed by Pivdenny's reduction of UAH 6.99bn and Ukrgasbank's reduction of UAH 1.54bn.
During this period, banks increased their portfolios of government bonds by UAH 23.56bn. Citibank and Ukrgasbank demonstrated significant growth, with increases of UAH 4.61bn and UAH 4.48bn, respectively. TAScombank, FUIB, and International Investment Bank reported portfolio growth ranging from UAH 2.5bn to UAH 2.1bn.
However, certain banks decreased their investments in government bonds during the same period. Ukreximbank reduced its portfolio by UAH 2.45bn, Sense Bank by UAH 1.24bn, PrivatBank by UAH 0.7bn, and First Investment Bank by UAH 0.48mn.
82 UKRAINE Country Report December 2023 www.intellinews.com