Home Business Insights & Advice IBOX BANK managed to take the 7th place among the banks in Ukraine, as well as to become one of the most profitable banks in Ukraine in 2022

IBOX BANK managed to take the 7th place among the banks in Ukraine, as well as to become one of the most profitable banks in Ukraine in 2022

by Sarah Dunsby
17th Feb 23 2:06 pm

The National Bank of Ukraine has named the most profitable banks in Ukraine by the end of 2022. According to the results of the first year of the war in Ukraine, only several banks managed to implement business models, which helped to increase their income.

According to the latest report of the National Bank of Ukraine, 46 banks in Ukraine are profitable while 21 banks reported losses. The rating of the most profitable banks is headed by the state PrivatBank, which earned more than UAH 30.2 billion over the specified period.

UKRSIBBANK (UAH 3.5 billion) and Citibank (UAH 2.8 billion) took the second and third places, respectively.

IBOX BANK is also among the ten most profitable banks. Despite the war, IBOX BANK managed to take 7th place while showing a profit of UAH 598 million over the past year.

Just a year ago, in February 2022, before the outbreak of the war in Ukraine, the Chairman of the Supervisory Board of IBOX BANK Alona Shevtsova congratulated the team on entering the Top 20 financial institutions in Ukraine. Despite the challenges that the Ukrainian banking sector had to face just two weeks later, IBOX BANK not only showed stability following the results of the hardest year in the modern history of Ukraine but also showed 2.5 growth.

At the same time, the bank, shareholders, management, and employees support the Ukrainian army and participate in a wide range of social projects and activities.

“Like all other people and businesses, we have to fight for the country and the future on our front. We donated more than 70 million UAH to the Armed Forces of Ukraine. We are currently expanding the list of our social projects throughout Ukraine. We can do this because we were able to fulfill the main task in the first days of the war. We retained the team, which is the key to our stability and growth. Such agility allowed us to make almost the same profit in the first year of the war as in 2021. In addition, we have found new friends, allies, and customers. The thing is that the entire country was united by a common misfortune. We have become stronger. We will restore the economy of the country while the stable state of the banking sector is eloquent proof of that,” says Alona Shevtsova.

During the last year, IBOX BANK continued to adhere to the transactional business strategy, continuing to develop other areas, launch new products, and improve existing ones while strengthening its position in the banking market. According to Alona Shevtsova, such stability was achieved thanks to a fast and flexible IT infrastructure.

Last year, IBOX BANK opened 33 new branches throughout Ukraine. In 2023, the bank plans to open eight more offices.

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