The net profit of Ukrsibbank (Kyiv) in January-September 2023 amounted to UAH 5.66 billion, which is 2.7 times higher than the same period in 2022, according to the bank’s unconsolidated report for the third quarter.
According to the report, the bank’s net profit for the third quarter amounted to UAH 2.10 billion, which is UAH 0.28 billion more than in the second quarter and UAH 0.72 billion more than in the comparable period of the previous year.
According to the report, Ukrsibbank’s net interest income increased by 60.1% year-on-year to UAH 9.07 billion in January-September 2023, including a 20.9% increase to UAH 3.15 billion in the third quarter, which is UAH 0.10 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 9.2% to UAH 1.23 billion compared to the results of 2022. However, in July-September, this figure was 7.2% lower than last year, but 7.4% higher than in the second quarter of this year – UAH 0.41 billion.
Overall, net income from operating activities increased by 2.6 times year-on-year, while impairment loss decreased from UAH 2.43 billion in the first nine months of 2022 to UAH 0.25 billion, including only UAH 0.01 billion in the third quarter.
According to the report, in the first nine months of 2023, the bank’s assets grew by 22.7%, reaching UAH 133.09 billion by September 30.
This growth is mainly due to a significant increase in investments in securities – from UAH 45.76 billion to UAH 70.34 billion, mandatory reserves and short-term placements with the NBU – from UAH 5.32 billion to UAH 12.52 billion.
At the same time, the amount of the financial institution’s funds on correspondent accounts, loans and overnight deposits with banks decreased from UAH 34.57 billion to UAH 33.33 billion, as well as cash from UAH 2.7 billion to UAH 2.03 billion.
As for loans and advances to customers, they declined significantly in January-September this year, by 34.7% to UAH 9.62 billion. On the contrary, loans and advances to banks increased by 5.5% to UAH 0.40 billion since December 2022.
The loan portfolio of legal entities decreased by 32.8% to UAH 9.27 billion (excluding allocations to provisions) compared to the same period in 2022, and that of individuals by 32%.
In the first nine months of 2023, Ukrsibbank’s customer accounts increased by 20.1% to UAH 112.50 billion, and equity increased from UAH 13.10 billion to UAH 18.77 billion.
According to the National Bank of Ukraine, as of September 1, 2023, Ukrsibbank ranks 7th in terms of total assets (UAH 73.97 billion) among 64 operating banks in the country. In the third quarter, its network of outlets decreased by 8 to 222 points.
