Business news from Ukraine

Oschadbank earned UAH 6 bln of net profit in 2023

19 April , 2024  

State-owned Oschadbank (Kyiv) earned UAH 6 billion in net profit in 2023, which is UAH 1.25 billion more than the previously announced preliminary data and 9.4 times higher than the financial result of 2022 (UAH 0.638 billion), the financial institution said on Friday.

“Based on the results of annual adjustments, the bank’s financial result reached almost UAH 6 billion, a record level for the entire period of its operation. (…) Thanks to this, Oschadbank has risen to the second place in the rating of profitability of Ukrainian banking institutions (according to the NBU),” the press release said.

Thus, Oschad beat Raiffeisen Bank, Sens Bank, and state-owned Ukreximbank, which, according to preliminary data, ended last year with a net profit of UAH 5.22 billion.

It is noted that the Management Board and Supervisory Board of Oschad approved the final results of the year 2023 based on the audit reports and unqualified opinion.

“The past year of 2023 was the eighth consecutive year during which the bank demonstrated profitable operations,” the press service of the financial institution emphasized.

It is also noted that in the first quarter of this year, Oschad earned UAH 4.9 billion in net profit, which is more than twice the result for the first quarter of last year.

“This is largely due to an increase in operating income, which increased by UAH 0.9 billion, or 14%, as well as a positive result of the revaluation of government bonds with an indexed value of UAH 1.2 billion,” the state bank explained.

Oschad added that an additional factor in this result is a balanced approach to optimizing operating costs, an effective risk management policy and the formation of the active part of the balance sheet “taking into account the realities and needs of the wartime economy.”

According to the National Bank of Ukraine (NBU), as of February 1 this year, Oschadbank ranked second in terms of total assets (UAH 369.56 billion) among 63 banks operating in the country.