PrivatBank’s profit in 2020 fell by seven billion

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PrivatBank’s profit in 2020 fell by seven billion

01.02.2021 News

PrivatBank’s profit for 2020 amounted to UAH 25.3 billion, which is UAH 7.3 billion less than a year earlier. The bank’s press service announced preliminary results of last year’s work on Thursday, January 27.

PrivatBank noted that last year, in connection with the pandemic, they formed special reserves, which amounted to more than ten billion hryvnias and covered legal risks. This is what negatively affected the net profit for the year.

The bank’s net loan portfolio fell by 8% to UAH 55 billion. The bank explained this by the ban on increasing credit limits during quarantine and the tightness of credit requirements for consumers.

Other results of the year include a reduction in lending rates for small and medium-sized businesses, which received UAH 8.9 billion in financing during the year.

Revenue from customer service amounted to UAH 27.2 billion.

In addition, PrivatBank received UAH 15.8 billion non-recurring income through the repayment of IGLBs. This served to compensate for the deficit from exchange rate fluctuations, which was at the level of 7.5 billion UAH, the press service explained.

The bank’s administrative and operating expenses increased by 19% last year, and the amount of customer funds – by 29% and amounted to UAH 309.5 billion. At the end of the year, the number of customers of the bank increased by 1.2 million among individuals, and by 122 thousand among entrepreneurs. Experts say these were record numbers.

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