State-owned PrivatBank reports net profit for 2022, pays out dividends

12 May, 07:15 PM
PrivatBank resumed the work of 41 branches (Photo:Пресслужба ПриватБанку)

PrivatBank resumed the work of 41 branches (Photo:Пресслужба ПриватБанку)

PrivatBank, one of Ukraine’s largest banks, posted a net profit of UAH 30.2 billion ($817 million) for 2022 – during the first year of Russia’s full-scale invasion, the bank said in a report on May 12.

The bank’s financial statements were audited by an independent external auditor.

According to the report, the bank's dividends to be paid to the state for the reporting period amounted to UAH 24.2 billion ($655 million), accounting for about 80% of the bank’s net profit.

In the past year, PrivatBank reopened 41 branches. The number of international transfers made through the bank increased by 16% and their total amount grew by 7%.

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The bank operates the largest and most accessible service network in Ukraine, consisting of 1,108 working branches, 6,405 ATMs, 10,120 self-service terminals, and 223,000 POS terminals.

In 2022, PrivatBank boosted lending to small- and medium-sized businesses by 25% from 2021, providing loans worth UAH 23.8 billion ($644 billion). In particular, the bank allocated loans under the state-run program Affordable Loans 5-7-9%.

Additionally, the bank issued new loans worth UAH 13.3 billion ($360 million) to the agricultural sector, increasing its agri-loan portfolio by 3.7 times. The bank also maintained credit lines for households.

Speaking in an interview with NV Business, Gerhard Boesch, the CEO of PrivatBank, attributed Ukrainian banks' significant revenue in 2022 to rates on deposit certificates of the National Bank of Ukraine. PrivatBank invested nearly UAH 100 billion ($2.7 billion) in these securities.

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