PrivatBank reports record profit
25 October 2024 02:32
The net profit of state-owned PrivatBank in January-September this year totalled a record UAH 48.35 billion. This is 11.5% more than in the same period last year. This was reported by "Komersant Ukrainian" with reference to the bank’s press service.
According to the results of nine months, PrivatBank’s pre-tax profit reached UAH 64.01 billion. And its loan portfolio increased by 18.4%, exceeding UAH 108.99 billion as of the end of September.
“In the first nine months of 2024, the bank’s pre-tax profit reached UAH 64.01 billion, and net profit amounted to UAH 48.35 billion (11.5% yoy). Such financial results were made possible by customer confidence and an effective business model that allows us to stably generate net fee and interest income,” the statement said.
PrivatBank noted that the high quality of the loan portfolio results in almost zero expenses for the formation of additional provisions to cover credit risks.
“Operating expenses remain under close management control. In the first nine months of 2024, they increased by only 4.8% compared to the same period last year, which is significantly lower than the inflation rate,” the bank added.
It should be noted that from now on, when paying in a retail network abroad with a Mastercard card from PrivatBank, if necessary, you can get cash directly at the checkout, instead of looking for an ATM. When making a purchase in a store, you should ask the cashier if the service is available at that outlet.
It is worth noting that PrivatBank clients can reissue an existing payment card or open a new digital card in Privat24 and order international payment card delivery free of charge. This service is already available in 45 countries.
