PrivatBank has fallen off semi-annual profit Korrespondent.net

ПриватБанк обвалил полугодовую прибыль — Korrespondent.net

Assets PrivatBank during the reporting period increased by 5%

The decrease in profit is connected with formation of insurance reserves in the amount of UAH 8.7 billion to cover potential risks from the epidemic СOVID-19.

State PrivatBank in January-June decreased net profit by 23.5% compared to the same period of 2019 to 14 billion UAH. On Thursday, July 30, reported the press service of the Bank.

The decrease in profit is connected with formation of insurance reserves in the amount of UAH 8.7 billion to cover potential risks from the epidemic СOVID-19 and legal risks in litigation and arbitration proceedings with the former owners of PrivatBank, the report says.

Assets PrivatBank during the reporting period increased by 5%, which resulted in an increase in net interest income to 10.6 billion. Commission income remained at the level of 2019: 8.1 billion UAH.

The volume of customer funds in the Bank at the end of the first half compared to figures for the same period of 2019 rose 11%, to 268 billion.

PrivatBank has also declared that the additional costs of more than 300 million UAH in connection with the epidemic of the coronavirus, including special payments to staff offices and collection, working in a hard period of quarantine, the costs of protective materials and disinfection of 2,000 branches and 7,600 ATMs.

As reported, in late June, PrivatBank has transferred to the state budget of 24.5 billion UAH of dividends, that is, 75% in 2019. In just the last two years, PrivatBank has directed to the state budget UAH 36 bn.

korrespondent.net