Since the war, Ukrainian banks have built up reserves and increased profitability.

In 2022 the banking sector accumulated UAH 119B in their collective accounts. This is a 35-fold jump compared to the UAH 3.4B accumulated in 2021, according to data from opendatabot. Only 10% of banks suffered losses in January 2023. The remaining financial institutions earned the highest monthly amount to date since the war began, UAH 14.7B. This is more than twice as much as in the relatively peaceful January of 2022. At that time, Ukrainian financial institutions’ total profit amounted to UAH 7.1B. Almost all the 67 banks that operated in January ended the month with a positive balance. Only seven financial institutions recorded losses. The top 10 banks consistently earn the lion’s share of the entire system’s profits. In the first month of this year, these top financial institutions earned 90% of the total profit of UAH 13B. All four state banks were profitable in the first month of 2023 and earned UAH 9.4B (64% of total profit).