Ukrainian banks increase profit by 27%, assets by 4.2% in Jan-May

MOSCOW. June 27 (Interfax) - Ukraine's banks saw their net profit grow by 26.8% to UAH67.97 billion in the first five months of 2024 on revenue up 19% to UAH204.53 billion, Ukrainian media reported, citing the National Bank of Ukraine (NBU).

Accrued profit tax on the sector grew to UAH16.5 billion in the five months from UAH10.36 billion a year earlier.

Banks' assets grew by 4.2% to UAH3.069 trillion as of June 1 from UAH2.945 trillion as of January 1, 2024. This included UAH893.186 billion in foreign currency assets, up from UAH830.820 billion as of January 1.

Cash increased to UAH86.667 billion from UAH79.218 billion, and funds held in the NBU grew to UAH227.240 billion from UAH213.489 billion.

Loans to customers rose to UAH1.071 trillion as of June 1 from UAH1.025 trillion as of January 1. Banks' liabilities grew to UAH2.727 trillion from UAH2.649 trillion.

In May alone, banks' net profit rose 37.7% month-on-month to UAH15.9 billion, primarily thanks to a nearly tenfold increase in gains from revaluation and purchase-sale transactions, to UAH5.03 billion.

Revenue grew by 13.4% to UAH44.54 billion in May, as interest income rose 3.1% to UAH29.58 billion and commission income increased by 0.7% to UAH9.02 billion.

The sector's expenses rose 3.2% to UAH28.63 billion in May, with interest and commission expenses increasing by 0.7% and 0.3%, respectively, to UAH10.07 billion and UAH4.5 billion.

The banking sector's provisioning plunged to UAH82 million in May from UAH529 million in April.

There were 63 banks operating in Ukraine as of June 1.

The official exchange rate was UAH40.65/$1 on June 26.