The Ukrainian banking system demonstrates extremely high financial results, even against the background of the war with the Russian Federation. In 10 months of 2024, the net profit of banks exceeded UAH 125 billion, which was a record in the history of independent Ukraine. At the same time, the government is already planning to force banks to share its revenues by raising taxes.
According to the Chairman of the Verkhovna Rada Committee on Finance Danylo Hetmantsev, record profits of Ukrainian banks are due to the following factors:
- Liquidity surplus. Significant budget deficit, which is funded mainly by international assistance, provided the inflow of currency into the banking system.
- High interest margin. The difference between banks' income from active transactions and the cost of raising funds remains significant.
- Investments in government securities. Banks earn money with risk -free assets such as domestic government bonds (T -bills) and deposit certificates.
Net interest income (CPD), which is the main source of income, increased by 17.4% in 10 months in 2024, reaching UAH 192.8 billion, which is 69% of the banking system.
According to the NBU, UAH 62 banks earned UAH 117.63 billion in profit for 9 months of 2024. The most revenue received:
- PrivatBank : UAH 48.35 billion (41% of the total profit of banks).
- Raiffeisen Bank : UAH 6.15 billion.
- PUMB : UAH 5.18 billion.
Significant increase was recorded by MTB Bank , whose profit increased 13 times a year, to UAH 603.59 million.
Against the backdrop of record financial indicators, the government initiated raising taxes for banks. Bill No. 11416-D provides an increase in the bank's income tax rate up to 50% in 2024. According to estimates, this will bring to the budget UAH 58 billion in 2024 and UAH 137 billion in 2025.
Getmantsev considers this decision justified as it will allow you to direct additional funds for defense financing. At the same time, he noted that potential problems with banks' capitalization may arise next year.
The National Bank critically evaluates the idea of another tax increase of up to 50%. NBU Chairman Andriy Pyshny noted that such a step can adversely affect the stability of the banking system and limit its ability to lending. The NBU proposes another mechanism for raising funds in the budget - by expanding the program of buying bonds by banks, avoiding the issue funding.
The lush also stressed the need to keep the balance, because even with high income of banks, this sector remains sensitive to the risks caused by war.
