Who are the top 10 banks by profit?
Ukrainian banks earned UAH 40.5 billion in 2024. Despite the increase in taxation, banks managed to earn 19% more than in the same period last year. Only 8 banks out of 63 suffered losses in Q1 2024.
Ukrainian banks earned UAH 40.5 billion in profit after tax in Q1 2024. Despite the fact that the tax rate increased from 18% to 25%, banks managed to earn 19% more than in the same period last year.
There are currently 63 banks operating in Ukraine, including 6 state-owned, 14 with foreign capital, and 43 with private capital. Only 8 banks out of the total number suffered losses this year – UAH 111 million.
The top 10 banks in Ukraine earned UAH 34.22 billion in the first quarter. This is 84% of the total profit of all banks in the country.
During this period, Ukrainian banks paid UAH 10.34 billion in income tax, which is one and a half times more than last year. Privatbank paid almost half of this amount – UAH 4.84 billion.
State-owned banks
Privatbank became the leader of the top, earning UAH 13.86 billion in Q1 2024. This is a third of the profit of all banks. However, this is 14% less than in the same period last year – UAH 16.04 billion.
In total, 6 state-owned banks account for 60% of the total profit of all institutions – UAH 24.28 billion. Currently, only the First Investment Bank, which has recently come under state control, suffered a loss of UAH 7.6 million in Q1.
Foreign banks
Raiffeisen Bank remains the leader among banks with foreign capital, having earned UAH 2.53 billion this year. This is 23% more than in the same period of 2023.
Another bank of this group, Credit Agricole Bank, saw its profits for this period increase 20 times compared to the same period last year. This year, the bank earned UAH 2.02 billion compared to UAH 102.9 million in Q1 of last year. This is the largest increase among all Ukrainian banks.
In total, foreign banks earned UAH 10.2 billion, which is a quarter of the total profit. Only one bank, Pravex Bank, suffered a loss of UAH 76.7 million in Q1.
Private capital
FUIB remains the leader of the group of banks with private capital: UAH 2.13 billion of profit for the quarter. This is 38% more than in the same period last year. Together with Universal Bank (Monobank), they received half of the total profit of the banks in this group.
MTB Bank showed the largest increase in profit among private banks: up to 13 times by the first quarter of 2023.
https://opendatabot.ua/analytics/banks-2024-4
In January-March 2024, FUIB (Kyiv) received UAH 2.13 billion in net profit, which is 38.1% higher than in the same period of 2023 (UAH 1.55 billion), according to the bank’s quarterly report.
According to the report, the bank’s net interest income increased significantly in the first three months of 2024: by 41% year-on-year to UAH 3.56 billion, while net fee and commission income decreased by 9.2% to UAH 0.52 billion.
Since the end of 2023, the bank’s assets have increased by 2.5%, or by UAH 3.8 billion, and reached UAH 157.1 billion as of March 31. This increase was primarily due to an increase in investments in securities by 15%, or UAH 8.7 billion, to UAH 66.9 billion, as well as an increase in loans and advances to banks by 70% to UAH 7.1 billion and to customers by 3.4% to UAH 53.8 billion, of which UAH 43.2 billion to corporate clients (including expected credit losses), UAH 10.6 billion to individuals.
It is noted that the positive impact on the increase in FUIB’s assets is also associated with an increase in the item “other financial assets” by 39% to UAH 3.6 billion, primarily due to an increase in the purchase of foreign currency from UAH 0.06 billion to UAH 1.3 billion.
The amount of cash on hand and in transit decreased by 6% to UAH 2.7 billion, while FUIB’s funds on the current account with the National Bank increased by 23% to UAH 12.3 billion.
Between January and March, the financial institution managed to increase its customer accounts from UAH 126.5 billion to UAH 129.4 billion, while the banks’ accounts increased from UAH 2.7 billion to UAH 3.4 billion.
According to the report, at the same time, FUIB’s liabilities increased from UAH 135.9 billion to UAH 137.6 billion during this period.
It is noted that the bank’s capital increased by 12.5% in the first quarter and reached UAH 19.6 billion, including retained earnings by 27% to UAH 9.9 billion.
Remuneration to the members of the bank’s Management Board increased by 24.6% year-on-year to UAH 36.9 million in the first quarter, while remuneration to the Supervisory Board increased by 43.3% to UAH 8.1 million.
JSC First Ukrainian International Bank was founded on November 20, 1991 and started its operations in April 1992. As of March 31, 2024, the bank’s shareholders were SCM Finance (92.3%) and SCM Holdings Limited (7.7%, Cyprus). The actual control over FUIB is exercised by the citizen of Ukraine Rinat Akhmetov.
According to the National Bank of Ukraine, as of March 1, 2024, FUIB ranked 6th in terms of assets (UAH 163 billion) among 63 banks operating in the country. The financial institution’s net profit for 2023 amounted to UAH 3.95 billion.
Poznyaky-Zhil-Bud PrJSC (Kyiv) increased its net profit by 3.3 times to UAH 19.8 million in 2023.
According to the company’s financial results, published in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), net income also increased 3.3 times to UAH 240.6 million.
In 2023, Poznyaky-Zhil-Bud’s retained earnings amounted to UAH 2.1 million. By the end of the reporting period, long-term liabilities decreased by 41.3% to UAH 3.2 million, while current liabilities increased by 5.4% to UAH 2.36 billion.
In general, the value of Poznyaky-Zhil-Bud’s assets increased by 6.2% last year to UAH 2.37 billion.
The company did not provide information on the distribution of dividends for 2023.
According to the NSSMC, as of the third quarter of 2023, Ruzanna Kahramanyan (100%) is the shareholder of Poznyaky-Zhil-Bud.
Poznyaky-Zhil-Bud PrJSC was founded in 2002 and specializes in the construction of elite residential real estate, commercial real estate and social infrastructure.
According to the company’s website, its portfolio of completed construction projects includes residential and office complexes with an area of over 1 million square meters.
Since December 2015, Poznyaky-Zhytlo-Bud Corporation has been a part of the investment and development group of companies Taryan Group (Kyiv), established in 2011 by Artur Mkhitaryan, former president of Poznyaky-Zhytlo-Bud PrJSC.
PrJSC Prydniprovsky Plant (Dnipro), one of the largest dairy processing companies in Ukraine (Zlagoda and Lyubimchik brands), increased its net profit by 24% in 2023 compared to 2022, to UAH 165.116 million.
According to the company’s report in the NSSMC disclosure system, its revenue for the year increased by 22.8% to UAH 2.522 billion, assets by 37.1% to UAH 788.76 million, and debt obligations by 1.7 times to UAH 127.914 million. At the same time, the company increased its staff by 12 people to 932 employees.
At the annual meeting on April 19, the shareholders decided to pay UAH 4.340 million in dividends based on the company’s performance in 2023. The Supervisory Board of PrJSC Prydniprovsky Iron and Steel Works decided to draw up a list of persons entitled to receive dividends by June 1, 2024. The amount of dividends per 1 ordinary registered share is UAH 0.62. Dividends will be paid from June 1 to October 30 directly to shareholders, in particular, to individuals through the cash desk, and to legal entities to their bank accounts.
The Supervisory Board is confident that the payment of dividends will not worsen the company’s condition.
Prydniprovsky was founded in 1990 on the basis of Dnipropetrovs’k Hormone and Milk Plant No. 2. It manufactures products under the Zlagoda and Lyubimchyk brands. It includes: Vasylkivsky Cheese Plant, Tsarychansky Butter Plant, Pereshchepynsky Dairy Plant, and Novomoskovsky Fruit Fillers Production Shop. The company’s milk processing capacity exceeds 250 tons per day.
According to the Unified State Register of Legal Entities and Individual Entrepreneurs, the ultimate beneficiaries of Prydniprovsky Plant are Andriy Veretennikov (46.71%) and Tetiana Nenarochkina (43.42%), former deputy of the Dnipro City Council.
PrJSC United Mining and Chemical Company (UMCC), which has taken over management of Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipro region) and Irshansk Mining and Processing Plant (IGOK, Zhytomyr region), posted a net profit of UAH 30 million in January-March this year, compared to a loss in the same period last year.
According to the company’s press release on Monday, the company planned to make UAH 20 million in net profit in the first quarter.
According to Yegor Perelygin, First Deputy Chairman of the Board, the last months of 2023 were difficult, but despite this, the management managed to lay a strong foundation for 2024.
“We have made every effort to ensure that our titanium giant operates even in difficult military conditions. Numerous negotiations with contractors and expansion of the geography of end customers are our main task, which we are successfully implementing. We have successfully rebuilt our logistics and alternative supply routes. Today, the brand of the state-owned company UMCC is returning to the EU markets and strengthening in the US. We already have contracts in place for about 135,000 tons, and the planned volumes are more than 200,000 tons,” said Perelyhin.
He added that the company’s branches – IGOK and VMMC – are currently fully loaded in accordance with their plans. The required categories of employees are booked and there are no salary arrears.
At the same time, all work to stabilize the company’s operations is carried out in close cooperation between management and the State Property Fund. As a result, current issues are addressed in a more comprehensive manner, which demonstrates effective results.
The United Mining and Chemical Company started its actual operations in August 2014, when the Government of Ukraine decided to transfer the property complexes of Vilnohirsk Mining and Metallurgical Plant (VGMK, Dnipropetrovska oblast) and Irshansk Mining and Processing Plant (IGOK, Zhytomyrska oblast) to its management. On December 8, 2016, the state-owned enterprise was transformed into PJSC UMCC, and on December 26, 2018, it was transformed from PJSC to PrJSC.
UMCC used to sell its products to more than 30 countries. The main sales markets were the EU, China, Turkey, as well as the USA and African countries.
The pizza chain Domino’s Pizza Inc. reported an increase in net profit and revenue in the first quarter of 2024, both of which were better than market forecasts.
According to the company’s press release, its net profit in January-March amounted to $125.8 million compared to $104.8 million in the same period a year earlier. Earnings per share increased to $3.58 from $2.93.
Meanwhile, revenue increased by 6% to $1.085 billion from $1.02 billion.
Analysts surveyed by FactSet had on average forecasted earnings of $3.40 per share on revenue of $1.08 billion.
Comparable sales of Domino’s in the United States grew by 5.6% last quarter and by 0.9% globally, according to the report.
Domino’s share prices are up 4.6% in pre-market trading on Monday. Since the beginning of the year, the company’s capitalization has increased by 21% to $17.38 billion.
