Oschadbank has published its annual financial report for 2023, confirmed by the external auditor and approved by the shareholder

Oschad has published its consolidated financial statements for 2023, approved by its shareholder, the Cabinet of Ministers of Ukraine. The financial results of Oschadbank's operations in 2023 were confirmed by the external auditor, the international Big Four audit company Ernst & Young Audit Services, with an unqualified opinion.

This means that the financial statements (presented in the report) reflect fairly, in all material respects, the financial position of the bank as of December 31, 2023, and financial results for 2023 in accordance with International Financial Reporting Standards (IFRS) and comply with the requirements of the Law of Ukraine "On Accounting and Financial Reporting in Ukraine" No. 996-XIV on financial reporting.

According to the statement of financial position, Oschadbank's assets amounted to UAH 346.5 billion at the end of 2023 (28.7% more than at the end of 2022, when it amounted to UAH 269.3 billion). According to the final results of 2023, Oschad received UAH 9.25 billion of profit before tax. This is the bank's historically best result. Net profit after tax amounted to UAH 5.98 billion. The dynamics of Oschadbank's key financial indicators indicate an improvement in the efficiency of its business model and the success of its war strategy. Oschad ranks second in terms of assets and profitability among Ukrainian commercial banks, and also holds the lead in terms of the number of branches.

Oschadbank's net interest income increased by 26% to UAH 19 billion, while net fee and commission income increased by 12% to UAH 6.6 billion. Due to efficient management of operating expenses in the context of the national currency devaluation, the bank managed to keep their volume at the previous year's level.

Operating profit (adjusted for revaluation and cost of risk) amounted to almost UAH 12 billion, which is one and a half times higher than the previous year. The final financial result was also affected by the revaluation of financial instruments in the securities portfolio and an increase in income tax.

In accordance with the decision of the Cabinet of Ministers of Ukraine, the net profit of Oschadbank for 2023 is distributed as follows:

• 30% of the net profit in the amount of UAH 1.8 billion to pay dividends to the state budget;
• 5% of net profit in the amount of UAH 299 million - to the reserve fund;
• 65% of net profit in the amount of UAH 3.9 billion to cover accumulated losses of previous years.

As a result of the shareholder's decision on profit distribution, Oschadbank has a regulatory capital adequacy ratio (N2) of 15.3% (with the NBU minimum requirement of 10%), with an absolute regulatory capital ratio of UAH 25.9 billion. Core capital adequacy ratio (N3) is 11.7% (with the NBU's minimum requirement of 7%).

The high values of profitability, capital adequacy, liquidity, and stable asset quality reflected in the annual financial report of Oschadbank for 2023 indicate its stability and high reliability for customers and partners.