The net profit of the state-owned Oschadbank (Kyiv) in January-September 2023 amounted to UAH 14.18 billion, which is 6 times higher than the same period in 2022, according to the bank’s interim condensed report for the third quarter.
According to the report, the state-owned bank’s net profit for the third quarter amounted to UAH 7.34 billion, which is UAH 3.04 billion more than in the second quarter of this year and UAH 0.56 billion more than in the third quarter of last year.
According to the report, Oschadbank’s net interest income increased by 32.2% year-on-year to UAH 13.89 billion in January-September 2023, including a 24.4% increase to UAH 4.95 billion in the third quarter, which is UAH 0.75 billion more than in the second quarter of this year.
Net fee and commission income for the first nine months of this year increased by 24.8% to UAH 5.07 billion, including 0.3% to UAH 1.75 billion in Q3. Meanwhile, in April-June this year, this figure was equal to UAH 1.65 billion.
A significant contribution to the improvement of the bank’s financial result was made by the dissolution of provisions for expected credit losses on assets: for the first 9 months of this year, it amounted to UAH 1.4 billion, including UAH 0.16 billion in the third quarter, while for the same period last year, Oschadbank formed additional provisions of UAH 9.61 billion and UAH 4.20 billion, respectively.
The state-owned bank also reports that its total profit for January-September this year reached UAH 14.23 billion, 6.7 times higher than in the comparable period of 2022. In the third quarter of 2023, total profit increased by 9.2% compared to the third quarter of last year and by 69.1% compared to the second quarter of this year.
According to the report, in 9M2023, the bank’s assets increased by 16.9%, reaching UAH 314.78 billion by September 30. This growth is attributed to the increase in cash, correspondent accounts and funds with the NBU from UAH 28.36 billion to UAH 62.56 billion. In addition, according to the report, the volume of investments increased by UAH 10.07 billion to UAH 153.45 billion.
As for loans to customers, they grew by 3.1% to UAH 83.03 billion in the third quarter, but still remain below the figure of UAH 83.22 billion in July-September last year. Of this amount, UAH 62.07 billion was granted to corporate entities, UAH 7.54 billion to government and local authorities, and UAH 4.55 billion in mortgage loans.
Over the first nine months of 2023, Oschadbank’s customer accounts increased from UAH 233.94 billion to UAH 268.89 billion, while banks’ accounts decreased from UAH 0.54 billion to UAH 0.24 billion.
The equity of the financial institution increased by UAH 14.04 billion to UAH 36.2 billion in the first nine months of this year.
According to the National Bank of Ukraine, as of September 1, 2023, Oschadbank ranked second in terms of total assets (UAH 337.99 billion) among 64 operating banks in the country and first in terms of the number of branches – 1182.
