Ukraine’s largest banks increased their combined revenue by 14% in 2025, underlining the sector’s resilience despite wartime pressures, though analysts say profits were also supported by lower tax burdens, reported Ukraine Business News.

The country’s top 10 banks generated a total of UAH304.3bn ($7.7bn) in income last year, accounting for roughly 80% of the total revenue of all 60 lenders operating in the market, according to analysts and central bank data.

State-owned institutions continued to dominate, with five banks responsible for 67% of total income, or UAH202.89bn, figures from the National Bank of Ukraine showed.

Market leader PrivatBank reported income of UAH122.63bn, up 11% year-on-year. However, its net profit fell by 28% to UAH29.08bn, reflecting shifting cost dynamics and provisioning.

Oschadbank retained second place, posting income of UAH41.68bn, up 13%, while its profit rose 12% to UAH16.63bn.

The strongest performance came from Universal Bank, which operates the “monobank” digital platform. Its income surged 40% to UAH27.2bn, while profit jumped 180%, marking the largest increase among the top lenders.

Austria’s Raiffeisen Bank slipped to fourth place, with income rising 8% to UAH23.63bn and profit climbing 150% to UAH10.74bn. FUIB held fifth position for a second consecutive year, reporting a 23% increase in income to UAH22.6bn and a doubling of profit to UAH8.05bn.

Analysts noted that last year’s profit growth was not driven solely by operational performance. According to the National Bank, income tax expenses in 2025 accounted for around 25% of pre-tax profit, compared with roughly 50% a year earlier, significantly boosting bottom-line results.