Business

Every fifth bank in Ukraine is operating at a loss: what’s happening on the market

As of the end of 2024, the Ukrainian banking system showed contradictory results: on the one hand, record amounts of income taxes, and on the other hand, one in five banks in Ukraine is operating at a loss. This was reported by Komersant ukrainskyi with reference to data from Opendatabot.

According to Opendatabot and the National Bank of Ukraine, banks paid UAH 44.52 billion in income tax in 11 months of 2024, which is 70% more than in the same period in 2023.

Despite the high profits of leading banks, 18% of banks in Ukraine remain unprofitable. According to Opendatabot, in 2024, 11 banks suffered losses totaling UAH 388 million. Among them are two state-owned banks, Motor Bank and PIN Bank, which are the most unprofitable among seven state-owned financial institutions.

As a reminder, the state-owned banks in Ukraine are PrivatBank, Oschadbank, Ukreximbank, Ukrgasbank, Sens Bank, PIN Bank and Motor Bank. Motor Bank joined this group in September 2024.

Previously [Kommersant] reported earlier that PrivatBank continues to lead in terms of earnings. Its profit is 41% of the total profit of banks. MTB Bank showed the largest growth – 13 times over the year, up to UAH 603.59 million.