Calculated and distributed: profits of state-owned banks have replenished not only the national budget

24 April 11:58

The government has approved the annual reports and remuneration reports of members of the supervisory boards of the main state-owned banks – Privatbank, Oschadbank and Ukreximbank. This is stated in the relevant government resolutions, "Komersant Ukrainian" reports.

The distribution of profits of these banks for 2024 has also been determined and approved.

How much and where will Privatbank allocate

80 percent of net profit in the amount of UAH 32,112.68 million will be used to pay dividends to the state budget.

5 percent of the net profit in the amount of UAH 2,007.04 million will be used to replenish the reserve fund.

15 percent of the net profit in the amount of UAH 6,021.13 million will be used to cover accumulated losses of previous years.

How much and where will Oschadbank transfer

50 percent of the net profit in the amount of UAH 3,946,589,499.21 will be used to pay dividends to the state budget.

5 percent of the net profit in the amount of UAH 394,658,949.92 will go to the reserve fund.

45 percent of net profit in the amount of UAH 3,551,930,549.29 will cover losses of previous years.

What about Ukreximbank’s profits?

Everything is simpler here. The government has decided to transfer the bank’s profits in full to the reserve fund to cover losses of previous years: this applies to the net profit of UAH 2,751,592,851.34 and the profit received from depreciation based on the results of the revaluation of fixed assets in the amount of UAH 178,177,321.3.

By the way, the Cabinet of Ministers decided not to pay dividends based on the results of Ukreximbank’s financial and economic activities in 2024.

The National Bank also shared its profits with the budget

A week ago, the Council of the National Bank of Ukraine approved the Consolidated Financial Statements and the Consolidated Management Report of the National Bank of Ukraine for 2024.

It was determined that in 2024, the NBU’s distributable profit amounted to UAH 102.7 billion. This amount will traditionally, in accordance with the Law of Ukraine On the National Bank of Ukraine, be partially allocated to the NBU’s general reserves until they reach 10% of the NBU’s average annual monetary liabilities (UAH 18.5 billion),

The rest – UAH 84.2 billion (UAH 84,158,469,950.24) – will be transferred to the State Budget of Ukraine.

How profitable was the banking system in 2024?

According to the NBU, Ukrainian banks earned almost UAH 104 billion in profit after tax last year. This is 20% more than in 2023. This was reported by the Opendatabot platform. the top 10 banks accounted for 85% of the total profit of all banks.

39% of the total profit of all banks was received by PrivatBank: uAH 40.14 billion after tax. At the same time, the bank paid a record UAH 40.86 billion in taxes to the budget, which is almost half of all tax revenues from banks.

In total, 7 state-owned banks earned UAH 67.19 billion (plus 23% by 2023). This is 65% of the total profit of the banking system. Oschadbank showed the largest increase, with its profit tripling year-on-year.

Banks with private capital earned UAH 14 billion after tax, which is 1.5 times more than in 2023 (UAH 9.4 billion). This group accounts for 13% of total profit.