Oschad transferred UAH 4.9 billion to the state treasury: UAH 4.2 billion of income tax and UAH 0.7 billion of dividends

A record amount of income tax, namely UAH 4.2 billion, was transferred by Oschadbank to the state budget. In addition, the bank made an advance transfer of the share of profit to be used to pay dividends based on the projected results of last year's activities in the amount of UAH 0.7 billion. This amount is approximately 50% of the dividends to be paid to the state by the bank for 2023.

As defined by the current legislation, the tax amount is 50% of the bank's profit before tax. In addition to the increase in the corporate income tax rate, the record amount of payments to the budget was due to the bank's successful operations in 2023. At the same time, the main result of Oschadbank's performance - operating profit - amounted to UAH 12 billion¹, which is more than one and a half times higher than the corresponding figure of the previous year.

Oschad ranks second in the banking system in terms of net assets and customer accounts, and first in terms of the number of branches, which is about 1,200. The bank's net profit in 2023, before annual adjustments, amounted to UAH 4.75 billion, and the return on equity was 16.7%¹ (in 2022–2.9%).

"Oschadbank's team is well aware that the state budget during the full-scale war needs our taxes and dividends as never before. That is why we have largely focused on raising revenues and prudent cost management. Last year was a record year for Oschad in many respects, but we are not going to rest on our laurels. Efficiency of work along with the stability of financial services will remain a priority on our agenda for 2024," said Sergii Naumov, Oschadbank Chairman of the Management Board.

_{[1] According to the management accounting of JSC Oschadbank.}