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PrivatBank resulted in the first half of 2020 with net profit of UAH 14 billion.According to the bank's press service, following the results of 6 months of the year PrivatBank has formed provisions in the amount of UAH 8.7 billion to cover possible risks due to the COVID-19 pandemic and legal risks, which in turn affects the profit indicators in the reporting period.

The bank's investment portfolio for the first half of the year, in addition to other securities, includes domestic bonds, the value of which, when repaid, depends on the expected exchange rate of the US dollar against the hryvnia. During the period of market instability, this indicator significantly increased the value of domestic bonds and provided 14.7 billion revenues being one-off and extremely volatile.

At the same time, it offset losses from exchange rate fluctuations in the amount of UAH 4.9 billion. These losses are the result of a risky policy of managing assets and liabilities before nationalization, as a result of which the value of liabilities in US dollars significantly exceeds the value of the relevant assets.

According to the press service, the assets of PrivatBank as at the first half of 2020 increased by 5% compared to the corresponding period of 2019, which led to an increase in net interest income to UAH 10.6 billion. Net commission income remained at the level of 2019 and amounted to UAH 8.1 billion.

The amount of customers' funds in the bank as at the first half of the year compared to last year increased by 11% to UAH 268 billion. The number of active individuals clients of PrivatBank for the first half of the year increased by 1.6 million, the client base of entrepreneurs increased by 100 thousand.

The fight against the consequences of the pandemic led to an increase in the bank's costs: additional costs amounted to more than UAH 300 million, including special payments to branch staff and cash transportation who worked during the strict quarantine, the cost of protective materials and disinfection of 2,000 branches and 7,600 ATMs, purchase of medical equipment including 27 pulmonary ventilation devices for Ukrainian hospitals.

Also, PrivatBank on its own initiative and for the support of customers reduced lending interest rates for 60 thousand Ukrainian entrepreneurs and provided credit holidays for more than 6.5 thousand entrepreneurs whose business was significantly affected by the pandemic.

As reported earlier, in June PrivatBank fully transferred to the state budget 24,5 billion UAH of the dividends directed on payment to the shareholder of the bank – the state of Ukraine. According to the Bank's Annual Report, its net profit for 2019 amounted to UAH 32,6 billion – of this negative result of government bonds revaluation made UAH -1,5 bln and UAH 6,5 bln was based on positive FX revaluation.

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