By KYIV. Nov 13 (Interfax-Ukraine) – The net profit of the state-owned Oschadbank (Kyiv) for January-September 2023 amounted to UAH 14.18 billion, which is 6 times higher than this figure for the same period in 2022, according to the bank’s interim condensed report for the third quarter.
According to it, the net profit of the state bank for the third quarter amounted to UAH 7.34 billion, which is UAH 3.04 billion more than in the second quarter of this year, and UAH 560 million more than in the third quarter of last year.
According to the report, Oschadbank’s net interest income increased in January-September 2023 by 32.2% compared to the same period of the previous year – to UAH 13.89 billion, including in the third quarter the increase was 24.4% – to UAH 4.95 billion, which in turn is UAH 750 million more than in the second quarter of this year.
Net commission income for the nine months of this year increased by 24.8% compared to the results of 2022 – to UAH 5.07 billion, including for the third quarter by 0.3% – to UAH 1.75 billion. Meanwhile, for April-June this year, this figure was equal to UAH 1.65 billion.
A significant contribution to the improvement of the bank’s financial results was made by the dissolution of reserves for expected credit losses on assets: for nine months of this year it amounted to UAH 1.4 billion, including in the third quarter – UAH 160 million, while for the same period last year Oschadbank formed additional reserves of UAH 9.61 billion and UAH 4.20 billion, respectively.
The state bank also reports that its total profit for January-September of this year reached UAH 14.23 billion, which is 6.7 times higher than the comparable period in 2022. In the third quarter of 2023, total profit increased by 9.2% compared to the third quarter of last year and by 69.1% compared to the second quarter of this year.
According to the report, over nine months of 2023, the bank’s assets increased by 16.9%, reaching UAH 314.78 billion by September 30. This growth is explained by an increase in the volume of cash, funds in correspondent accounts and in the NBU from UAH 28.36 billion to UAH 62.56 billion. In addition, according to the report, the volume of investments increased by UAH 10.07 billion – to UAH 153.45 billion.
