16:09 20.05.2020

PrivatBank will send almost UAH 25 bln of profit to state budget – govt resolution

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PrivatBank will send almost UAH 25 bln of profit to state budget – govt resolution

The Cabinet of Ministers of Ukraine has approved the distribution of profit of state-owned PrivatBank (Kyiv) for 2019, in particular, UAH 24.457 billion (75%) will be paid in dividends to the state budget, and UAH 6.522 billion will be allocated to cover losses from the previous years (20%), while the reserve fund will receive UAH 1.630 billion (5%).

The government approved the relevant decree without discussion on May 20.

As reported, at the end of April, the Cabinet of Ministers approved the norm for paying part of profit of state enterprises to the national budget for PrivatBank at the level of 75%.

On December 18, 2016, the government of Ukraine, referring to the proposal of the National Bank and the former shareholders of PrivatBank, decided to nationalize this largest financial institution in the Ukrainian market and poured more than UAH 155 billion into its capital.

According to the National Bank of Ukraine, as of January 1, 2020 PrivatBank ranked first among 75 operating banks in the country in terms of total assets (UAH 552.058 billion).

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