PrivatBank gets record revenue in 2018

Source : 112 Ukraine

The bank's annual revenue made almost 481 million dollars
08:33, 4 May 2019

PrivatBank has increased the net commission income almost twice, up to 571 billion 257 million dollars, which made the highest record. The annual report of the company E&Y outlined this, as the press service of PrivatBank reported.

 “The increase of active users of the bank up to 10% and the number of transactions both in offices and online allowed net commission income to increase up to 49% in comparison to 2017,” the report said.

Related: IMF, G7 concerned about court's decision on PrivatBank case

According to the report, the increase of the net commission income in 2018 made 14.7 percent  in comparison with 2017.

“Commissions form a great part of the income of the bank is the important factor of the stability of the business model: the net commission income covers the administrative expenses over 109%,” the report said.

Related: Poroshenko discusses with IMF Managing Director trials on denationalization of PrivatBank

Thus, PrivatBank appeared to be one of the best banks in Ukraine, the revenues of which exceeded over expenses in 2018.

In addition, according to the data of the National Bank of Ukraine, PrivatBank is the leader at the market of retail cashless transactions and it provides 42% of the commission income of the entire banking sector.

Earlier, on April 18, Kyiv-based court ruled that the nationalization of Privatbank in late 2017 was 'conducted with multiple law breaches.' The court, thus, granted the motion by Ihor Kolomoysky, the oligarch who appealed against the nationalization of the bank he had owned. District Administrative Court of Kyiv granted the claim of Kolomoysky, as he appealed against the National Bank of Ukraine and Ukraine’s Government on nationalization of PrivatBank.

Related: Oligarch Kolomoysky files five lawsuits against National Bank, PrivatBank

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