State-owned PrivatBank increased its net profit by 6.3% to UAH 40.14 billion in 2024, retaining its leadership in the top five most profitable banks in the country, according to the National Bank of Ukraine (NBU).
Privat is followed by two other state-owned banks, Oschadbank and Ukreximbank. Oschad increased its net profit by almost 2.5 times to UAH 14.83 billion compared to Eximbank, moving it to third place with a profit of UAH 5.56 billion (+71% y-o-y).
The fourth and fifth positions were taken by banks with foreign capital: Raiffeisen and OTP. The former’s net profit decreased by 10.6% to UAH 4.28 billion, while OTP increased its net profit by 10.9% to UAH 4.12 billion.
The second five most profitable banks in 2024 were headed by Credit Agricole, which increased its net profit by 46.5% to UAH 4.09 billion. It also included: Ukrsibbank – UAH 4.08 billion (-3.4% compared to 2023), FUIB – UAH 3.94 billion (-0.3%), and Sense – UAH 3.81 billion (+33.3%). Universalbank (mono) closes the list, which was able to almost double its net profit last year to UAH 3.72 billion.
According to the NBU statistics, net profit was above the UAH 1 billion mark in four other banks: Citibank – UAH 3.34 billion (-6.9%), Ukrgasbank – UAH 2.91 billion (+50.4%), as well as Pivdenny Bank and A-Bank, which increased their net profit by 2.2 and 2.9 times to UAH 2 billion and UAH 1.36 billion, respectively.
The net profit of state-owned PrivatBank, Ukraine’s largest bank, amounted to UAH 40.141 billion in 2024, up 6% from 2023, the bank said at a briefing in Kyiv on Tuesday.
“Net interest income increased by 12% to UAH 66.89 billion, net commission income by 14% to UAH 27.77 billion,” said Larysa Chernysheva, Deputy Chairman of the Board and CFO, Interfax-Ukraine.
She clarified that the results are preliminary and should be confirmed by an audit, which is expected in March.
According to her, after the audit, the bank will allocate 80% of its net profit for dividends for 2024, which will tentatively amount to UAH 32.113 billion, compared to UAH 30.211 billion last year.
Chernysheva specified that pre-tax profit in 2024 increased by 11.3% to UAH 81.004 billion, while operating expenses increased by 8% to UAH 21.32 billion.
“In 2024, the bank will pay over UAH 40.9 billion in income tax, which has a direct positive effect on the country’s macroeconomic stability,” Deputy Minister of Finance Yuriy Draganchuk emphasized during the briefing.
Since the beginning of last year, Privat’s net loan portfolio has increased by UAH 20.7 billion to UAH 112.8 billion. Funds on customer accounts increased by more than 10% during this time, bringing deposits and balances to UAH 621.6 billion.
PrivatBank ended last year with assets of UAH 761.7 billion, which, according to the National Bank of Ukraine, is 13.4% less than the bank’s total assets as of January 1, 2024, which amounted to UAH 879.8 billion.
The financial institution reported that operating expenses increased by 8% compared to 2023, which is lower than annual inflation.
The bank estimates its active client base at 18.32 million individuals and 910 thousand business clients in 2024. The number of users of the Privat24 mobile application amounted to 13.76 million people.
According to Privat, the bank’s branch network consisted of 1163 outlets at the end of 2024, while at the beginning of last year, according to NBU statistics, it had 1132 outlets.
The financial institution’s infrastructure includes 6.86 thousand ATMs and 10.42 thousand terminals. At the same time, the number of Privat’s POS terminals amounted to more than 316 thousand at the end of 2024.
In October 2024, state-owned PrivatBank cut its net profit by 2.6 times compared to September, to UAH 1 billion 911.5 million, retaining its leadership among the five most profitable banks in the country, according to the National Bank of Ukraine (NBU).
According to the data, Privat is followed by Oschadbank, which in October increased its net profit by 43.1% to UAH 939.79 million compared to the previous month. Universal Bank (monobank) rounded out the top three, increasing its profit by 68.5% year-on-year to UAH 725.37 million.
It is followed by OTP Bank with UAH 648.71 million (-5.7% compared to September) and Ukrsibbank with UAH 601.30 million (+24.8%).
The second five most profitable banks in October were led by Raiffeisenbank, which increased its net profit in October by 4.7% compared to September to UAH 561.99 million. The list also includes: City Bank – UAH 533.94 million (+16.3%), FUIB – UAH 518.17 million (+2.3%), Credit Agricole Bank – UAH 380.72 million (+1%) and Kredobank – UAH 209.66 million (in September – loss of UAH 57.98 million).
The number of banks whose net profit exceeded UAH 100 million decreased from six in September to three in October: Sense Bank – UAH 204.22 million (-78.2%), Ukrgasbank – UAH 170.37 million (-66.1%), and ProCreditBank – UAH 111.50 million (-21.2%).
Five other financial institutions reported net profit of over UAH 50 million in October: A-Bank with UAH 90.37 million, ING Bank Ukraine with UAH 89.59 million, Ukreximbank with UAH 87.63 million, Credit Dnipro Bank with UAH 63.20 million, and Idea Bank with UAH 59.97 million.
At the same time, the three most unprofitable banks in October were Clearing House Bank with a net loss of UAH 90.49 million, Alliance Bank with a net loss of UAH 73.29 million, and Agroprosperis Bank with a net loss of UAH 30.45 million, respectively.
The list of the most profitable banks for the first ten months of this year is also headed by Privat with a large margin – UAH 50 billion 263.4 million, followed by Oschadbank with UAH 12 billion 775.9 million.
They are followed by Raif – UAH 6 billion 713.58 million, Ukrexim – UAH 5 billion 959.42 million, FUIB – UAH 5 billion 702.26 million, Ukrsib – UAH 5 billion 641.10 million, Credit Agricole – UAH 5 billion 497.69 million, Universal (mono) – UAH 5 billion 139.57 million, Ukrgasbank – UAH 4 billion 843.37 million. OTP Bank closes the top ten leaders in terms of profit in January-October with UAH 4 billion 820.43 million in net profit.
As for unprofitable banks, there are 10 out of 62 of them in Ukraine as of ten months of this year. Pravex Bank has the worst result at UAH 150.29 million, followed by Grant Bank at UAH 65.45 million and Industrialbank at UAH 38.42 million.
In total, in January-October 2024, the net profit of banks amounted to UAH 125.55 billion, which is 2.3% more than the result for the same period last year. At the same time, in October, the net profit of the banking system amounted to UAH 7.92 billion, while in September of this year it was UAH 11.55 billion.
State-owned PrivatBank (Kyiv) is launching a round-the-clock currency exchange service through specialized ATMs called ATM-Recycler, with a limit of up to $1,000 or euros per transaction, with no commission for the service, according to a press release from the state bank on Monday.
It is noted that transactions are carried out at PrivatBank’s cash exchange rate for foreign currency. The balance of the transaction less than UAH 100 is credited to the client’s card or mobile account.
According to the bank’s press service, Privat’s ATM network currently consists of 65,000 devices, including 1.29 thousand ATM-Recycler machines that allow changing foreign currency.
According to the National Bank of Ukraine, as of November 1, 2024, PrivatBank ranked 1st in terms of total assets (UAH 767.64 billion) among 62 banks operating in the country. The financial institution’s net profit for the first ten months of 2024 amounted to UAH 50.26 billion, while in the same period of 2023 it amounted to UAH 47.10 billion.
In November, the National Bank of Ukraine (NBU) fined state-owned PrivatBank, Alliance Bank and Asvobank (all based in Kyiv) for violating the anti-money laundering laws for a total of UAH 27.5 million, according to a press release from the regulator. According to the release, Privat was fined UAH 10 million, Alliance – UAH 15.1 million, and Asvibank – UAH 2.5 million.
As reported with reference to market participants, Ukrainian banks are planning to sign a joint memorandum next week, which provides for the introduction of unified market practices and approaches to customer due diligence and monitoring of financial transactions on customer accounts.
According to them, the memorandum is expected to provide for a gradual reduction of the monthly transaction limit, after which, in the absence of verified income, enhanced financial monitoring will be carried out.
For the fifth time, PrivatBank has put up for auction on the Openmarket electronic platform (SE SETAM of the Ministry of Justice of Ukraine) the shopping center “Pryozernyi” in Dnipro, reducing the starting price to UAH 289.3 million (including VAT).
According to the press service of PrivatBank, the lot includes a six-storey shopping center with an area of 32.4 thousand square meters. The facility’s infrastructure also includes an underground parking lot with an equipped shelter.
According to the announcement, the lot also includes 12 land plots. The winning bidder is also obliged to purchase fixed assets worth UAH 2.2 million.
Built in 2009, the Priozerny shopping center is located in the city center near the Central Market and the railway station. The facility includes shopping galleries, office and warehouse space, entertainment and sports areas. The shopping center’s infrastructure includes an underground parking lot for 100 cars and a surface parking lot for 40 cars.
The auction is scheduled for December 20. The guarantee deposit is UAH 14.4 million.
The starting price of the property at the first auction was UAH 430 million.
As reported, in April 2024, the Supreme Court finally confirmed PrivatBank’s ownership of the Priozerny shopping center, upholding the decisions of the courts of first and appellate instances on the legality of the acquisition of ownership of the facility and dismissing the cassation appeal of Mission-1, which the bank associates with its former owners.
Earlier in 2016, PrivatBank acquired ownership of the shopping center as a loan repayment, at which time its value was over UAH 778 million.
Then, in 2021, the former owner of Priozerny, Mission-1 LLC, filed a lawsuit to challenge the state bank’s ownership of the shopping center and return it to its ownership.
The Commercial Court of Dnipropetrovs’k region dismissed the company’s claim, and later, PrivatBank defended the legitimacy of its ownership of the Priozerny shopping center in the Central Economic Court of Appeal (Dnipro).
