PrivatBank reiterated today that loans issued to related parties accounted for just 17.7% of the bank’s total loan portfolio at the end of 2015. This figure meets the requirements of International Financial Reporting Standards (IFRS) and was confirmed by a PwC audit. Such loans by PrivatBank have historically not exceeded 20%, and any recent short-term increase has been the result of exchange rate fluctuations or reductions in the bank’s total portfolio.
PrivatBank Chief Executive, Oleksandr Dubilet, commented, “PrivatBank takes its obligations to its customers, the National Bank of Ukraine and all international standards very seriously. Using the methodology provided by the NBU, as of September 28, 2016, the related-party loans of the bank accounted for just 4.71% of the total loan portfolio.”