State-owned Oschadbank’s pre-tax profit for 2024 amounted to UAH 18.7 billion, compared to UAH 9.3 billion in 2023 and UAH 0.6 billion in 2022, the bank said in a press release on Thursday.
According to the report, the amount of income tax and dividends that Oschadbank will pay to the state budget based on its performance in 2024 is expected to amount to UAH 12.2 billion: UAH 9.9 billion of income tax and UAH 2.3 billion of dividends, which is UAH 5.8 billion more than in 2023.
The bank notes that such results were made possible by increasing the balance sheet currency while developing its business. This contributed to an increase in Oschad’s net interest income by UAH 5.5 billion, or 29%.
In addition, work with problem borrowers and other measures to resolve bad debts helped the bank to release provisions by UAH 2.3 billion.
According to the release, the volume of Oschadbank’s net loan portfolio in 2024 increased by UAH 22 billion, or 25%, and exceeded UAH 111 billion. This became possible due to active lending to both businesses (+UAH 15.9 billion since the beginning of the year) and individuals (+UAH 6.1 billion).
It is noted that an important area of Oschad’s investment was investments in government debt securities, the portfolio of which increased by UAH 72.8 billion (in nominal terms), or 68% since the beginning of 2024. Over the past year, the bank purchased UAH 120 billion worth of government bonds, which increased its market share from 16.3% to 20.3%, and its share in the growth of government bonds in the banking system reached 32%.
Oschadbank also clarified that it had tripled the transfer of taxes, fees and paid dividends to the state budget in 2024 to a record UAH 17.2 billion, of which UAH 10.6 billion was income tax (including UAH 2.9 billion in 2023 and UAH 7.7 billion in 2024).
According to the National Bank of Ukraine (NBU), as of December 1, 2024, Oschadbank ranked 2nd (UAH 439.37 billion) in terms of total assets among 61 banks in the country. The net profit of the financial institution for 11 months of last year amounted to UAH 12.86 billion.
