Providing microcredits “Ukr Credit Finance” (TM “CreditKasa”) and “1 Safe Agency of necessary loans” (TM “MyCredit”) received the highest revenue among financial companies in 2023 – respectively UAH 3.12 billion and UAH 2.33 billion, the National Bank reported on its website.
The next three companies were formed by FC “E Groshi Kom”, “Miloan” and “Aventus Ukraine” (TM CreditPlus), whose revenue amounted from UAH 1.66 billion to UAH 1.46 billion.
According to the results of 2022, the leaders in terms of revenue were Finod LLC, engaged in currency exchange and deprived of all licenses by the National Bank in August 2023, and Novapey payment system, the data of which the National Bank stopped publishing after re-licensing of payment systems. The net income of these companies in 2022 amounted to respectively UAH 5.41 and 5.18 billion, while the places from third to fifth were taken by “Ukr Credit Finance”, “Aventus Ukraine” and “E Groshi com” with revenue from UAH 2.50 billion to UAH 1.27 billion.
According to the results of 2023, net income over UAH 1 billion was received by five more companies, of which only one is not from the microcredit market: the network of payment terminals FC “Kontraktovy Dom” (TM “Easypay”), which received UAH 1.38 billion.
Following with relatively close revenue figures – from UAH 1.33 billion to UAH 1.07 billion are Lineura Ukraine (TM “Credit7”), LLC “Maniveo Fast Financial Assistance” (Moneyveo), “Consumer Center” (TM “ShvidkoGroshi”) and “Advance Credit”, which demonstrated the highest growth dynamics by the previous year among the entire top ten – almost 37 times.
Among the leaders, the highest labor costs were incurred by “Consumer Center” – UAH 167.8 million, or 13.6% of revenue, while at “Avans Kredit” they amounted to UAH 29.3 million, or 1.8% of revenue.
According to the NBU data, in 2023 the profitability of companies improved dramatically: of the 40 largest representatives of the market, all, except for the State Mortgage Institution (SMI), ended the year with net profit, which totaled UAH 1.57 billion, while a year earlier there were 15 unprofitable companies.
The leader in net profit among financial companies for the past year was PJSC “Ukrfinzhytlo” – UAH 5.94 billion. It is followed by Ukr Credit Finance – UAH 202.7 million, the State Fund for Entrepreneurship Development, the operator of state support programs – UAH 177.7 million and Bizpozyka – UAH 177.1 million.
Slightly behind was Maniveo Fast Financial Aid, which earned UAH 167.7 mln, which allowed it to partially offset UAH 625.6 mln of the previous year’s net loss.
“Ukrfinzhytlo” also significantly outperformed all and in terms of assets – 60.89 billion UAH, owing the primacy in these two categories to its capitalization at the expense of government bonds.
Avior FC specializing in lending to agrarians is next – UAH 12.05 billion, whose revenue amounted to UAH 125.4 million last year.
The other eight companies in the top ten with assets from UAH 8.68 billion to UAH 3.55 billion had no revenue last year, while salary expenses and net profit were minimal.
Payment system NovaPay remained the leader in transfers of funds within the country by system in 2023, but the share of transfers made through it again decreased – to 32% from 35% at the end of the first half of 2023 and 45% for May-December 2022, according to the data of the National Bank of Ukraine (NBU)
Payment system Moneycom LLC “Swift Garant” for the year increased its market share to 17.57% from 2.51% in May-December 2022, jumping from seventh place in the ranking to second place, which was previously occupied by the payment system LEO, whose registration was revoked by the NBU in March last year.
In the second half of 2023, Moneycom also surpassed Financial World Ukrainian Payment System LLC, increasing its market share by 5.2 percentage points.
PrivatBank’s PrivatMoney moved from sixth to third place in the ranking, with its market share increasing from 2.61% in 2022 to 15.98% by the end of 2023. In particular, PrivatMoney’s market share increased by 10.3 p. p. in the second half of last year. This allowed the payment systems City 24 FC Phoenix, Financial World and Postal Transfer of Ukrposhta JSC, whose registration was revoked by the National Bank in the second half of 2023, to be ahead of the payment systems City 24 FC Phoenix, Financial World and Postal Transfer of Ukrposhta JSC.
As a result, “Financial World” for the year fell in the rating from the third place to the fourth, although its share increased from 12.72% to 15.00% (with a slight decrease of 0.6 p.p. in the second half of the year).
Rounding out the top five with 5.35% is Platiservice payment system of the same name LLC, which jumped from eighth place in the ranking in 2022 (1.74%). The company managed to bypass City 24 FC Phoenix, which took the seventh position with a share of 4.16% in 2023, positioned between Postal Transfer (5.34%) and LEO (1.48%).
In terms of participants, the share of NovaPay decreased to 32.23% (from 45.46% in 2022 and 35.58% in the first half of 2023), from fifth to second position went Swift Guarant, whose share increased from 3.79% to 20.66%, from fourth to third – FC Kontraktovy Dom with an increase in share from 9.92% to 13.06%, from sixth to fourth – PrivatBank with an increase in share from 2.61% to 12.36%. Ukrposhta with 5.35% (12.22%), which was second a year earlier, rounds out the top five.
According to the NBU, 844.55 million domestic transfers worth UAH 728.01 billion (or $19.9 billion in equivalent) were made in 2023, the average amount of one transfer within Ukraine amounted to UAH 862. For comparison for May-December 2022 transfers were 446.35 million for 292.6 billion UAH.
It is indicated that as of January 1 of this year, activities in the country were carried out by 35 systems of funds transfer, of which – 26 resident and nine non-resident.
The leaders of the Ukrainian insurance market in terms of collected net insurance premiums in January-September 2023 were: ARKS Insurance Company (UAH 2.378 billion), TAS Insurance Group (UAH 2.601 billion) and Unica Insurance Company (UAH 1.984 billion) (all based in Kyiv).
No. Name of IC Net premiums Growth rate Written premiums Growth rate Assets Reserves
1 ARX 2378 +6.8% 2760 +21.5% 5455 2838
2 TAS 2601 +54.7% 2542 +47.7% 3696 2486
3 UNIQ 1984 +9.4% 2381 +23.8% 4557 2114
4 VUSO 1693 +86.2% 2005 +78% 1726 1087
5 USG 1632 +17.2% 2243 -1.2% 3767 2312
6 INGO 1466 +34.6% 1993 +64.9% 3527 1889
7 Arsenal Insurance 1323 +5.3% 1599 +42.3 2383 1602
8 Universalna 1212 +48.3% 1463 +54.7% 2062 1121
9 PZU Ukraine 1109 +33.1% 1314 +42% 2065 1394
10 Oranta 927.8 +16.2% 1100 +29.6 1535 980.3
11 Guardian 844.5 +57.2% 1010 +60.5% 996.3 699.3
12 Knyazha VIG 825.5 +40.7% 1464 +68.9% 1758 1382
13 Premier Garant Profi 620.4 +26.9 617.5 +25.6% 180.2 19.7
14 Persha 487.4 +59.3% 599.4 +47.7% 926.9 639.9
15 Express Insurance 468.5 +12.5% 511.1 +68.5% 715 360.1
16 Colonnade Ukraine 355.1 +39% 450.2 65.4% 863 337.7
17 Euroins Ukraine 321.3 +9.3% 408 +22.1 1059 647.5
18 Alfa Garant 298.3 +24.2% 330.9 +37.6% 348.3 294
19 Oberig 293 +47.8% 275.1 +30.7% 278.3 186.8
20 UPSC 282.4 -63.9% 359.7 +0.2% 690.1 267
In the third quarter of 2023, state-owned PrivatBank once again topped the list of banks with the highest net profit with UAH 13 billion 623.5 million, followed by two other state-owned banks: Oschadbank with UAH 7 billion 338.2 million and the nationalized Sens-Bank with UAH 3 billion 440.5 million.
According to the data published by the National Bank of Ukraine on its website, the top five banks with the highest net profit in the third quarter also include two banks with foreign capital: Raiffeisen Bank – UAH 3 billion 17.1 million and Ukrsibbank – UAH 2 billion 98.9 million.
The second five banks were state-owned: the private Ukrainian FUIB – UAH 2 billion 4.4 million, the foreign subsidiary of OTP Bank – UAH 1 billion 893.4 million, the state-owned Ukreximbank – UAH 1 billion 619.2 million, and two other banks with foreign capital: Citibank – UAH 1 billion 469.7 million and Credit Agricole Bank – UAH 1 billion 299.3 million.
Universal Bank (mono) made almost the same net profit in July-September of this year – UAH 1 billion 294.4 million, while Kredobank, which follows, made a much smaller profit of UAH 594.6 million.
Two other banks made profits of over UAH 300 million in the third quarter: A-Bank – UAH 355.2 million and Ukrgasbank – UAH 325.0 million.
Of these 14 banks, only four have completed their reserves: Sense – UAH 548.0 million, while City, Raif and Credit Agricole – from UAH 30 million to UAH 20 million, while FUIB disbanded them by UAH 1 billion 413.4 million, Mono – UAH 1 billion 136.6 million, OTP, A-Bank and Ukrgas – from UAH 555 million to UAH 510 million.
The list of 7 unprofitable banks in the third quarter was headed by First Investment Bank of the sanctioned shareholders with a loss of UAH 33.0 million, while Credit-Dnipro and Privex-Bank also suffered similar losses of UAH 29.8 million and UAH 27.5 million, respectively.
Overall, in the third quarter, the net profit of 63 solvent banks amounted to UAH 42.33 billion, with provisions released by UAH 5 billion and total assets increasing by UAH 87.25 billion.
The three most profitable state-owned banks were the leaders in terms of asset growth: Privat – UAH 36.84 billion, Oschad – UAH 18.26 billion, and Sens – UAH 11.36 billion. This allowed Sens to return to the top ten banks by assets, from which it had fallen in June before the nationalization, and immediately to 8th place.
In the third quarter, Ukrexim’s assets decreased by UAH 15.65 billion, Pivdennyi’s by UAH 6.99 billion, and Ukrgas’s by UAH 1.54 billion, and 23 banks in total showed a decline in assets.
In the third quarter, banks increased their portfolio of government bonds by UAH 23.56 billion, with City – UAH 4.61 billion and Ukrgas – UAH 4.48 billion, followed by TAScombank, FUIB and IIB – from UAH 2.5 billion to UAH 2.1 billion.
In July-September, Ukrexim reduced its investments in domestic government bonds the most – UAH 2.45 billion, Sens – UAH 1.24 billion, Privat – UAH 0.7 billion, and First Investment Bank – UAH 0.48 billion.
Overall, PrivatBank remained the most profitable bank by a wide margin in the first nine months of this year, with UAH 43.37 billion, or 39.5% of the banking system’s net profit for the period.
In January-September, Oschad received UAH 14.18 billion in net profit, Raif – UAH 6.14 billion, FUIB – UAH 5.68 billion, Ukrsibbank – UAH 5.66 billion, Sens – UAH 5.58 billion, OTP Bank – UAH 4.75 billion, City – UAH 4.23 billion, and Ukrexim – UAH 3.60 billion.
Among the 12 banks whose net profit for the first nine months exceeded UAH 2 billion were Ukrgas – UAH 2.92 billion, Universal (mono) – UAH 2.86 billion, and Credit Agricole – UAH 2.29 billion.
In August this year, Ukrainian steelmakers increased steel production by 64.5% year-on-year to 602 thousand tons from 366 thousand tons.
At the same time, Ukraine took 20th place in the ranking of 63 countries that are major global producers of this product, compiled by the World Steel Association (Worldsteel).
According to Worldsteel, in August 2023, half of the top ten countries, except for Japan, South Korea, Germany, Turkey and Vietnam, recorded an increase in steel production compared to August 2022.
The top ten steel producing countries in August are as follows: China (86.41 million tons, up 3.2% by August 2022), India (11.904 million tons, up 17.4%), Japan (7.146 million tons, down 2.9%), the United States (6.980 million tons, up 1.1%), and the Russian Federation (6.4 million tons, up 8.9%), South Korea (5.583 million tons, down 5.9%), Germany (2.844 million tons, down 1%), Turkey (2.756 million tons, down 2.9%), Brazil (2.719 million tons, down 5.9%) and Vietnam (1.6 million tons, down 0.1%).
Overall, in August this year, steel production increased by 2.2% year-on-year to 152.619 million tons.
For the first eight months of 2023, the top ten steel-producing countries are as follows: China (712.930 million tons, up 2.6%), India (92.209 million tons, up 10.5%), Japan (58.366 million tons, down 3.8%), the United States (53.830 million tons, down 1.9%), and the Russian Federation (50.796 million tons, up 3.9%), South Korea (44.969 million tons, down 2.3%), Germany (24.328 million tons, down 4.2%), Turkey (21.599 million tons, down 12.1%), Brazil (21.335 million tons, down 8.3%), and Iran (19.672 million tons, down 1.1%).
In total, 63 countries produced 1 billion 256.378 million tons of steel in January-August, up 0.2% compared to the same period in 2022.
At the same time, Ukraine produced 4.032 million tons of steel in the first eight months of 2023, which is 22.3% lower than in January-August 2022. The country ranks 23rd in the first eight months of 2023.
As reported, in 2022, the top ten steel-producing countries were as follows: China (1.013 billion tons, down 2.1%), India (124.720 million tons, up 5.5%), Japan (89.235 million tons, -7.4%), the United States (80.715 million tons, -5.9%), and the Russian Federation (71.5 million tons, -7.2%), South Korea (65.865 million tons, -6.5%), Germany (36.849 million tons, -8.4%), Turkey (35.134 million tons, -12.9%), Brazil (33.972 million tons, -5.8%) and Iran (30.593 million tons, +8%).
In 2022, Ukraine ranked 23rd with the production of 6.263 million tons of steel (minus 70.7%).
In total, 64 countries produced 1 billion 831.467 million tons of steel in 2022, which is 4.3% less than in 2021.
In January-June 2023, VUSO Insurance Company (Kyiv) collected UAH 1.188 billion in gross premiums, which is 79.8% more than in the same period of 2022, the rating agency Standard-Rating reported in information on the confirmation of the company’s financial strength rating at the level of “uaAA” on the national scale.
According to the information on the RA website, in particular, revenues from individuals increased by 65.08% to UAH 825.974 million, and from reinsurers – by 47.44% to UAH 12.863 million. Thus, the share of individuals in the insurer’s gross premiums in the first six months of 2023 amounted to 69.50%, and the share of reinsurers amounted to 1.08%.
Insurance payments sent to reinsurers in the first half of 2023 increased by 7.10% to UAH 93.399 million compared to the same period in 2022. Due to the higher growth rate of gross written premiums compared to insurance payments sent to reinsurers, the reinsurer participation ratio in insurance premiums decreased by 5.34 p.p. to 7.86%.
The company’s net written premiums increased by 90.89% to UAH 1.095 billion, and earned premiums – by 82.25% to UAH 1.031 billion.
VUSO paid UAH 438.689 million to its clients in the first half of 2023, which is 99.34% higher than the volume of insurance payments and reimbursements for the same period in 2022. Thus, the level of payments increased by 3.61 percentage points to 36.91%.
In the first six months of 2023, despite a negative result from operating activities of UAH 9.6 million, the company received a net profit of UAH 1.580 million.
As of the reporting date, the company’s assets increased by 52.38% to UAH 1.544 billion, equity showed an increase of 51.42% to UAH 575.652 million, liabilities increased by 52.95% to UAH 978.531 million, cash and cash equivalents increased by 4.60% to UAH 458.628 million.
The RA also notes that as of the beginning of the second half of 2023, the company has formed a portfolio of investments in domestic government bonds in the amount of UAH 163.740 million, which increased the level of provision of the insurer with liquid assets, which together covered 63.60% of the company’s liabilities.
In addition, the balance of funds in the insurer’s centralized insurance reserve funds (MTIBU) amounted to UAH 257.517 million, including UAH 192.244 million of additional guarantee premiums, which had a positive impact on the company’s liquidity.
VUSO Insurance Company was founded in 2001. The company holds 50 licenses: 34 – for voluntary and 16 – for compulsory types of insurance, and is represented in all regions of Ukraine. It is a member of MTIBU and USIF, a participant of the Direct Claims Settlement Agreement and a member of the Nuclear Insurance Pool.
