Ukraine's PrivatBank reports 2.7-fold y/y jump in net profit in January-June

Ukraine's PrivatBank reports 2.7-fold y/y jump in net profit in January-June
By bne IntelliNews July 16, 2019

Net profit of Ukraine's largest lender PrivatBank, nationalised in late 2016, jumped by 2.7 times to UAH18.3bn ($310mn) in January-June, the lender said in a statement e-mailed to bne IntelliNews on July 12.

According to the statement, PrivatBank's net interest income stood at UAH9.8bn, net commission income reached UAH8.5bn in the first half of 2019.

The bank was nationalised in late 2016 owing to an alleged hole of UAH148bn ($5.6bn) in its balance sheet because of related-party financing. In 2017, the then central bank governor Valeriya Gontareva said the post-nationalisation audit of the bank had found that 100% of the corporate portfolio had been made to related parties.

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