The National Bank of Ukraine (NBU) has published updated data on citizens’ deposits in banks that are members of the Individual Deposit Guarantee Fund (FGVFO). As of June 2024, the total amount of deposits of Ukrainians in banks reached 1 trillion 295 billion hryvnias. Of them, more than a third (35.1%) are kept in currency – US dollars and euros.
According to NBU data, as of July 1, 2024, 62 banks participating in the FGVFO had 68.5 million deposits belonging to both individuals and individual entrepreneurs (FPOs).
Distribution of deposits by currency
Ukrainians keep most of their savings in the national currency. 58.3 million deposits account for 840 billion hryvnias. Much less is kept in currency – 455 billion hryvnias, which are distributed among 10.2 million deposits.
Difference in interest rates
Deposit rates vary significantly depending on the currency. In June 2024, the average interest rate on new hryvnia deposits was 10.7% per annum. At the same time, banks offered only 1.1% per annum for currency deposits. Despite such a low rate, the strengthening of the dollar by 8% since the beginning of the year has compensated for the difference in interest.
Leaders in terms of deposits
The NBU also published a rating of banks by the number and amount of deposits:
- PrivatBank – the largest bank in the country has 24.2 million depositors, and the total amount of deposits reaches 490.8 billion hryvnias.
- Oschadbank – the state bank has 12.9 million depositors with deposits amounting to 201.4 billion hryvnias.
- Universal Bank – 8.5 million depositors trust this bank with their 92.1 billion hryvnias.
Among the banks of foreign banking groups:
- Raiffeisen Bank has 2.8 million depositors with deposits amounting to 72.9 billion hryvnias.
- Ukrsibbank serves 2.2 million depositors who keep 60 billion hryvnias.
Real profitability of hryvnia assets
NBU Chairman Andriy Pishnyi noted that today the real profitability of hryvnia assets, including deposits and bonds of the domestic state loan (OVDP), remains positive. The average rate on hryvnia deposits is 12.9%, after tax – 10.3%. The projected inflation for 2024 is 8.5%, and for 2025 – 6.6%. This means that hryvnia deposits protect the savings of Ukrainians against inflation.
