Banks earn a record UAH 122.7 billion in 10M; profit makes UAH 12.8 billion in October

In the first ten months of 2023, solvent banks received UAH 122.701 billion in net profit; in October, the profit amounted to UAH 12.846 billion.

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

The incomes of banks for ten months amounted to UAH 365.268 billion, and expenses amounted to 242.567 billion.

At the same time, interest income amounted to UAH 248.589 billion, and interest expenses amounted to UAH 84.346 billion.

Commission income amounted to UAH 79.211 billion, and commission expenses amounted to UAH 37.850 billion.

As the Ukrainian News agency earlier reported, in the first nine months of 2023, solvent banks earned UAH 109.9 billion in net profit year over year, up to UAH 7.4 billion.

The main factor in the profitability of the sector remains the growth of interest income, primarily from highly liquid assets.

Deductions to reserves for losses from active operations decreased by 94.2% year over year.

The return on capital of the sector as of October 1, 2023, was 56.9% compared to 4.3% a year ago.

The Verkhovna Rada introduced temporary taxation of banks' excess profits.