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Privatbank to transfer 90% of profit in dividends to state

Privatbank to transfer 90% of profit in dividends to state
Photo: Sofiya Havrylyuk

PrivatBank, Ukraine's largest state-owned bank in terms of assets, will pay dividends for 2018 to its shareholder, the state represented by the Finance Ministry, in the amount of 11.52bn hryvnyas, which is 90% of net profit, the bank said on Thursday.

According to the bank's annual report confirmed by the auditing company E&Y, its net profit in 2018 amounted to 12.846bn hryvnyas, compared with 0.406bn hryvnyas a year earlier.

The report indicates that 30.75bn hryvnyas in interest income includes 11.36bn hryvnyas received from investment securities, the overwhelming majority of which are government bonds received by the bank as part of capitalization during its nationalization in December 2016. A year earlier, interest income from investment securities was 10.72bn hryvnyas from 24.49bn hryvnyas in the bank's total interest income.

PrivatBank's net assets at the beginning of 2019 were estimated at 278.12bn hryvnyas, liabilities were 246.55bn hryvnyas, and PrivatBank's capital was 31.58bn hryvnyas. Over the past year, its net assets increased by 9.6%, liabilities grew by 7.2%, and capital expanded by 33.2%.

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