PrivatBank triples net profit in nine months of 2023 compared to last year’s result
The net profit of state-owned PrivatBank (Kyiv) for January-September 2023 amounted to UAH 43.37 billion, which is 3 times higher than this figure for the same period in 2022, according to the bank’s unconsolidated report for the third quarter.
According to it, in particular, the net profit of the state bank for the third quarter amounted to UAH 13.62 billion, which is UAH 82 million less than in the second quarter, and at the same time UAH 6.08 billion higher than its figure for the comparable period last year.
According to the report, PrivatBank's net interest income increased in January-September 2023 by 64.5% compared to the previous year - to UAH 43.18 billion, including in the third quarter an increase of 40.7% - to UAH 15.32 billion, which in turn is UAH 1.2 billion less than in the second quarter of this year.
Net commission income for the nine months of this year increased by 25% compared to the results of 2022 – to UAH 17.45 billion. However, in the third quarter this figure was 1.5% less than in April-June this year, but 1.3% more than in the third quarter of 2022 – UAH 5.81 billion.
A significant contribution to the improvement of the bank’s financial results was made by the reduction in losses from utility reduction for the nine months of this year to UAH 72 million, while for the same period last year this figure was UAH 17.34 billion. According to the report, for July-September, UAH 697 million of profit was even received from this item, compared to UAH 51 million in the previous quarter and UAH 9.73 billion of loss in the third quarter of last year.
PrivatBank also reports that its total profit for January-September of this year reached UAH 49.52 billion, 3.5 times higher than the comparable period in 2022. However, in the third quarter of 2023, total profit decreased by 42% compared to the second quarter and amounted to UAH 13.63 billion, exceeding the total profit for the third quarter of 2022 by 43%.
According to the report, over the first nine months of 2023, the bank’s assets increased by 12%, reaching UAH 605.26 billion by September 30.
