The total income of the top ten banks in Ukraine increased by 14 percent in the past year, reaching GBP 5.5 billion. The strongest performance came from state owned banks, with PrivatBank and Oschadbank leading the sector. According to Opendatabot, state owned banks accounted for 68 percent of the total income of the top ten, generating GBP 3.75 billion. PrivatBank alone contributed GBP 2.28 billion. Mikael Björknerth, Chairman of the Board of PrivatBank, described 2024 as a year of “growth, development, and resilience,” highlighting how challenges turned into opportunities that supported the Ukrainian economy.
Oschadbank recorded the highest increase among state owned banks, with income rising 1.6 times and profit tripling compared to 2023. Ukreximbank also saw significant growth, increasing its income by 40 percent. Meanwhile, Sense Bank struggled, with a 14 percent drop in income and a 24 percent decline in profit.
Foreign owned banks in Ukraine earned GBP 979 million, accounting for 18 percent of the total income of the top ten. However, their earnings saw a slight decline compared to the previous year. OTP Bank showed the best performance among foreign banks, with an 11 percent increase in profit. In contrast, Raiffeisen and Ukrsibbank saw their profits drop by 11 percent and 6 percent, respectively.
Private banks also experienced growth, with two of them generating GBP 774 million, which is 14 percent of the total income of the top ten. Universal Bank, known for its Mono banking platform, saw a 22 percent rise in income, while PUMB’s income increased by 14 percent. PUMB reported that 2024 was a highly successful year, with a 25 percent increase in key indicators and a 65 percent rise in retail lending.
Overall, 2024 was a year of stability and expansion for Ukrainian banks. State owned banks remained dominant, while private and foreign banks maintained steady operations despite economic difficulties caused by the ongoing war.
