War is not an obstacle: Ukrainian banks set a historic record in 2023

Despite the continuation of full -scale fighting that cannot but put pressure on the economy, Ukrainian banks continue to make a profit. The profit of Ukrainian banks between January and August 2023 amounted to UAH 95. 1 billion. This is almost 12 times more than in the same period last year (UAH 8. 4 billion). This is evidenced by the data of the National Bank of Ukraine. As it is noted, the current level of bank's profit is record in history.

Before that, the highest in eight months was the net profit of banks before the war - in 2021 income amounted to UAH 45. 6 billion compared to UAH 32. 6 billion in 2020 and UAH 44. 3 billion in 2019. At the same time, banks' profit for August this year is at the same time It decreased to UAH 11. 9 billion - from UAH 15. 5 billion in July. The NBU noted that it is only the fifth largest monthly in 2023. The net interest income of banks in 8 months of 2023 amounted to UAH 129. 3 billion, increasing by 40.

8%, and the net commissions amounted to UAH 33. 4 billion. Compared to the previous month, the net interest income of banks increased by only 1% to UAH 17. 91 billion, and net commissions - by 2. 1%, up to UAH 3. 92 billion. The NBU added that the profit of banks in August decreased because of the eight months of this year, the deduction in reserves amounted to UAH 6. 5 billion, while for eight months last year - UAH 89. 4. 4 billion, income tax - respectively UAH 17 billion respectively and UAH 3. 8 billion.

Recall that from September 15, 2023, the National Bank reduced the discount rate from 22% to 20% per annum. According to NBU Chairman Andriy Pyshny, further slowdown in inflation and the ability of the regulator to maintain the course stability make it possible to continue the cycle of reducing the rate and maintain sufficient attractiveness of savings in UAH.