PrivatBank sees UAH 1.604 bln of net loss in Jan-Sept
PrivatBank (Kyiv) saw net loss of UAH 1.604 billion in January-September 2017 compared with net profit of UAH 592 million a year ago, according to a financial report of the bank posted on its website.
The bank said that its net interest income grew by 43.8%, to UAH 4.959 billion. Not taking into account expenses on reserves, net interest loss totaled UAH 2.265 billion compared with UAH 2.714 billion of net interest profit a year ago.
Net fee income over the period grew by 23.4%, to UAH 7.015 billion.
Administrative and other operating expenses increased 23.4%, to UAH 7.986 billion.
Assets expanded by 23.5%, to UAH 253.387 billion, including an 8.6% rise in credits issued to clients, UAH 47.622 billion.
Acquisition of securities for UAH 32.253 billion contributed to growth of assets.
Funds of clients grew by 11.9%, to UAH 202.677 billion.
As reported, on December 18, 2016 the government at the suggestion of the NBU and PrivatBank shareholders, the largest of whom at that time were Ihor Kolomoisky and Hennadiy Boholiubov, decided to nationalize this largest financial institution in the Ukrainian market. The state received 100% of its capital, and PrivatBank was capitalized for UAH 116.8 billion.
In June 2017 Ukraine's Cabinet of Ministers decided to additionally funnel UAH 38.565 billion into the bank after an audit report by an independent audit firm, Ernst & Young.