National Bank of Ukraine names 5 most profitable banks in Q1 2024

MOSCOW. May 21 (Interfax) - State-owned PrivatBank again topped the list of Ukraine's most profitable banks in the first quarter of 2024, posting net profit of 13.856 billion hryvni, followed by Oschadbank with net profit of 4.856 billion hryvni, and Raiffeisen Bank's Ukrainian subsidiary with net profit of 2.526 billion hryvni, Ukrainian media said, citing the National Bank of Ukraine's ranking published on its website and on social media.

The five most profitable banks in the first quarter of 2024 also included state-owned Ukreximbank, which posted net profit of 2.474 billion hryvni, and private First Ukrainian International Bank with net profit of 2.133 billion hryvni.

The second five included the Credit Agricole bank with foreign capital (net profit at 2.16 billion hryvni) and state-owned Ukrgasbank (1.907 billion hryvni). Foreign banks' subsidiaries, Ukrsibbank and OTP Bank, were in eighth and ninth places with net profit of 1.699 billion hryvni and 1.556 billion hryvni, respectively.

Ukraine's tenth largest bank by net profit was Sense Bank (1.193 billion hryvni).

Universal Bank (mono) and Citi Ukraine posted net profit of 1.64 billion hryvni and 962.4 million hryvni, respectively, in the first quarter of 2024.

Three more Ukrainian banks posted net profit above 500 million hryvni in the first quarter of 2024. They are Kredobank (675.8 million hryvni), Pivdenny Bank (587.9 million hryvni) and A-Bank (505.7 million hryvni).

The list of Ukraine's unprofitable banks in the first quarter of the years was topped by Pravex Bank (76.7 million hryvni in losses), followed by a large gap by IndustrialBank (12.1 million hryvni), First Investment Bank (7.64 million hryvni) and Motor Bank (7.43 million hryvni). A court ordered the latter two to transfer their proceeds to the state as part of sanctions imposed on their majority owners.

Oxi Bank also reported losses of 3.41 million hryvni, Alpari Bank 2.56 million hryvni, Grant Bank 820,000 hryvni, and Portal Bank 670,000 hryvni in the first quarter of 2024.

The total net profit of Ukraine's 63 solvent banks stood at 40.52 billion hryvni in the first quarter of 2024.