PrivatBank Shows Increased Profit Despite Challenging Economy in Ukraine

The Bank’s 2015 consolidated profit grows by 11.4 per cent, totals more than USD 11 million

Ukaine’s PrivatBank showed strong results in 2015 despite a turbulent Ukrainian economy.  According to the bank’s audited consolidated annual report that was recently published, the consolidated profit of PrivatBank for 2015 grew by 11.4 per cent compared to 2014 and totaled UAH 275 million (more than USD 11 million).

As per the financial statements prepared under International Financial Reporting Standards (IFRS) and audited by PricewaterhouseCoopers (PwC), one of the world’s leading auditing companies, the capital of PrivatBank Group as of the end of 2015 amounts to UAH 29,045 mln, and assets total UAH 247,934 mln. The bank’s capital adequacy ratio (CAR) according toBasel requirements improved from 13.7 per cent up to 14.9 per cent in 2015 and PrivatBank‘s CAR according to the regulatory requirements of the National Bank of Ukraine was 11 per cent (above the mandatory minimum of 10 per cent).

PrivatBank is the leader of the Ukrainian market and services a large portion of the Ukrainian economy. According to the GFK Ukraine research on banking services for individuals, at the end of 4Q2015 48.4 per cent of the total number of Ukrainian banking customers used PrivatBank services. More than a third of the Ukrainian respondents (39.2 per cent) considered PrivatBank their major bank. Additionally, the research indicated that 42.6 per cent of Ukrainian corporations use the PrivatBank‘s services.