Ukrsibbank, one of Ukraine’s largest financial institutions, posted a net profit of UAH3.43bn in the first half of 2024, marking a 3.7% decrease from the same period last year, Ukrainian media reported on Thursday, 8 August, citing the bank’s latest quarterly report.

The bank’s net profit for the second quarter of 2024 also fell, dropping 4.9% year on year to UAH1.73bn.

Despite the decline in profit, Ukrsibbank saw a slight increase in its net revenue from banking operations, which edged up 0.7% to UAH7.21bn ($175mn) in the first half of the year. The bank's net interest income rose by 1.5% to UAH6.01bn, while net commission income grew by 3.4% to UAH0.84bn.

Ukrsibbank’s assets grew by 15.5%, or UAH22.02bn ($535mn), in the first six months of the year, reaching UAH163.94bn at the end of June. This growth was largely driven by an increase in funds held in correspondent accounts at other banks, which surged from UAH28.65bn to UAH42.26bn. Additionally, mandatory reserves and short-term deposits at the National Bank of Ukraine (NBU) rose from UAH11.89bn to UAH15.36bn, and cash holdings increased from UAH1.91bn to UAH2.31bn.

A significant boost also came from the bank’s investments in securities, which skyrocketed from UAH2.60bn to UAH87.88bn ($2.1bn). Ukrsibbank’s investments in NBU deposit certificates slightly declined by 0.3% to UAH35.46bn, while its holdings in the Finance Ministry's domestic bonds increased by 23.6% to UAH23.23bn.

Conversely, loans and advances to customers decreased by 7.4% to UAH10.41bn ($253mn) during the period.

Client funds at Ukrsibbank grew significantly, reaching UAH141.07bn ($3.4bn) at the end of June, up from UAH119.62bn at the start of the year. However, funds from other banks decreased from UAH1.45bn to UAH1.28bn.

Ukrsibbank’s liabilities also grew, rising from UAH124.55bn ($3bn) at the beginning of the year to UAH143.14bn at the end of June. Meanwhile, the bank’s capital increased by 19.8% to UAH20.80bn, with retained earnings rising from UAH11.49bn to UAH13.19bn.

As of June 1, Ukrsibbank ranked as the seventh largest of Ukraine's 63 operating banks by total assets, according to data from the NBU.