Last year, banks in Ukraine earned 100% more than before the beginning of the war and almost completely paid off their refinancing debts.

In 2023, Ukrainian banks produced almost ₴160B in pre-tax profit, 100% more than before the start of the full-scale invasion. Banks will have to pay a tax of half their total profit – more than ₴73B.

At the same time, the profit is still 12% higher than before the start of the full-scale invasion. At that time, 71 banks earned a profit of ₴77.53B. As well, 88% of the total profit – ₴75.94B – was accounted for by 10 banks, and their income tax amounted to ₴63.18B.

For comparison, in 2021, the total tax was approximately one-twelfth of last year’s amount, ₴6.37B or 7.6% of the profit. In total, only seven banks out of 63 ended the year with losses, with a total amount of ₴245M.

In addition, according to the NBU, as of January 1, 2024, banks’ debt for refinancing loans decreased by ₴35.66B (-93.5%) compared to January 1, 2023.