Banks boosting record-breaking profits by 13% to UAH 94 billion in 7M

Banks continue to build record-breaking profits, which increased by 12.55% to UAH 93.6 billion in 7 months.

This follows from a statement by the National Bank of Ukraine (NBU), the Ukrainian News agency reports.

In the first seven months of 2024, solvent banks received a record UAH 93.62 billion in net profit.

This is 12.55% more than the profit for the same period in 2023 (UAH 83.2 billion).

During the reporting period, banks' interest income increased by 20% and interest expenses - by 22%.

Commission income and expenses increased by 12% and 18%, respectively.

Among the revenues, the result from revaluation and purchase and sale operations (growth was 36%), as well as the return of written-off assets (growth was 34%), grew the fastest.

As the Ukrainian News agency earlier reported, the government's bill on tax increases will provide for a 50% tax on banks' profits in 2024.

In the first half of 2024, banks received a net profit of UAH 79.041 billion, which is a record for the corresponding period.