The annual profits of PrivatBank amounted to 12.8 billion hryvnias in 2018.
In 2018, PrivatBank increased its net commission income by one and a half time – to 15.2 billion UAH, which was the main factor in obtaining record profits. This is reported in the Bank’s Annual Report, confirmed by the auditing company E&Y, reported to the press service of PrivatBank.
“The increase in the number of active customers by 10% and the growth in transaction volumes, both in branches and online channels, allowed an increase in net fee and commission income by 49% compared with 2017,” the document says.
According to the report, the increase in net commission incomes with an increase in operating expenses by 14.7% compared with 2017 provided 2018 profit in the amount of 12.8 billion hryvnias.
“The commissions form a significant part of the bank’s profit and are an important factor in the sustainability of the business model: the bank’s net commission income covers administrative expenses by 109%,” reports PrivatBank.
Thus, in 2018, PrivatBank turned out to be one of the best in Ukraine in terms of the excess of income over expenditure, reaching 45%.
Also, the message reminds that according to the National Bank of Ukraine, PrivatBank occupies a leading position in the market of retail non-cash transactions and provides 42% of the commission income of the entire banking sector.