In the first three months of 2024, PrivatBank reduced its net profit by 14% to UAH 13.9 billion.
This is stated in the bank's message, reports Ukrainian News Agency.
According to the results of the 1st quarter of 2024, the net profit of PrivatBank is UAH 13.86 billion.
Under the conditions of an increase in the tax rate, as well as changes in macroeconomic conditions on both the domestic and international markets, the bank's profit for the first quarter of the year is 14% lower than for the same period in 2023.
The positive impact on the results of the first three months of 2024 has a partial liquidation of loan reserves as a result of the high quality of the loan portfolio.
At the same time, the bank's reinvestment of funds from repayments of domestic government loan bonds (in foreign currency) in bonds with a longer term required additional reserves for these securities.
The devaluation of the hryvnia during the first quarter of 2024 led to a negative revaluation of the bank's currency position, which was overshadowed by the positive result of the revaluation of indexed government bonds.
In general, revaluations affected the result of Q1 in the amount of UAH 1.4 billion.
PrivatBank also continues to increase the credit portfolio of individuals (+ UAH 5.9 billion or +10%).
The bank's total loan portfolio has increased by 2% since the beginning of the year despite significant seasonal repayments of agribusiness loans.
As the Ukrainian News agency earlier reported, in 2023, PrivatBank increased its profit by 25% year over year (UAH 30.3 billion) to UAH 37.8 billion.
In 2022, PrivatBank reduced its profit by 14% year over year (UAH 35.05 billion) to UAH 30.25 billion.
100% of PrivatBank belongs to the state represented by the Ministry of Finance.
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