IBOX BANK Has Taken a Strong Position Among the Top-10 Most Profitable and Stable Banks in Ukraine
Kyiv, Ukraine--(Newsfile Corp. - November 21, 2022) - The IBOX BANK first transactional bank managed to reach the Top 10 of the most profitable banks in Ukraine. This information was published in the report of the National Bank of Ukraine on the results of three quarters of 2022.
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During this period, the Ukrainian banking system earned UAH 7.4 billion in net profit. This is significantly less compared to the same period last year.
The drop in profits is caused by the formation of reserves for non-performing liabilities. However, the majority of banks continue to show and declare profits. Only 23 financial institutions have significant losses.
Privat Bank remains the most profitable bank in Ukraine. This financial institution earned almost UAH 14 billion. The state Oschadbank received UAH 2.7 billion in profit, while Raiffeisen Bank got UAH 2.4 billion.
The year of 2022 was a successful one for IBOX BANK as well. This financial institution focuses on transactional business.
"Keeping all the current conditions in mind, we need to implement a technological strategy for the future, providing an unprecedented level of adaptability and sustainability. Despite the war, we have continued the process of the full-fledged digitalization of business processes. We are actively implementing new technologies, and we are not going to stop. Today we have employed more than 100 new employees, opened 28 new branches, and plan to open 13 more branches by the end of the year," said Alona Shevtsova, shareholder and the Chairman of the Supervisory Board of IBOX BANK.
Top 10 banks by profit in January-September 2022 (according to the NBU, UAH million):
- Privatbank - 13,828.2
- Oschadbank - 2,712.7
- Raiffeisen Bank - 2,394.8
- Ukrsibbank - 2,098.7
- Citibank - 1,506.1
- Universal Bank - 877.8
- Pivdenny Bank - 340.5
- IBOX BANK - 289,6
- Vostok Bank - 160.6
- Credit Dnepr Bank - 143.6
The shareholders of IBOX BANK have chosen the position of exceptional economic patriotism and invested all of last year's income in the bank's capital. In addition, starting from February 28, 2022, the authorized capital of the financial institution was increased by half a billion hryvnia. Already in March, thanks to investments, IBOX BANK showed significant growth and became one of the second-tier banks.
In August 2022, the Rating Committee of the "Expert-Rating" rating agency updated the long-term credit rating of IBOX BANK to the highest level of uaAAA according to the national scale.
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