PrivatBank ends 2020 with net profit of UAH 25.3 bln after UAH 32.6 bln in 2019

PrivatBank, according to preliminary results for 2020, saw UAH 25.3 billion in profit, which is UAH 7.3 billion less than a year earlier, acting chairperson of the Management Board of PrivatBank Anna Samarina said at a press conference in Kyiv on Wednesday.

She said that at the end of the year, the bank created reserves of UAH 10.2 billion to cover possible risks due to the COVID-19 pandemic and legal risks, which affected the net profit indicators.

"In total, the bank saw UAH 27.2 billion of profit from customer service and banking operations in 2020. This is a significant result, especially in a crisis," Samarina said.

According to her, the active development of the digital services system of the #cashless network allowed PrivatBank to increase net fee and commission income by 3% in 2020 amid a slowdown in business activity, to UAH 18.8 billion.

Net interest income grew by 10% thanks to cheaper resources, to UAH 21.6 billion, and operating expenses rose by 19%, to UAH 17.2 billion thanks to increased investment in the safety of employees and customers.

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