Ukrainian PrivatBank doubles its net profit in 2023
State-owned PrivatBank has announced its financial results for 2023, reporting a pre-tax profit of almost UAH 72.8 billion ($2 billion), more than double that of the previous year.
The bank increased its net retail loan portfolio by 39% to over UAH 60 billion ($1.6 billion) and its net corporate loan portfolio by 23% to over UAH 30 billion ($800 million). Deposits grew by 18% to over UAH 85 billion ($2.2 billion).
This growth resulted in an increase in net interest income by UAH 16.7 billion ($445 million). Net fee and commission income also increased by 20%. The growth in business resulted in an increase in operating expenses of only 8%.
The quality of the loan portfolio is gradually improving, resulting in significant savings. In 2023 they will decrease by UAH 11.8 billion ($315 million) compared to 2022.
Earlier, PrivatBank auctioned off the rights to a credit portfolio of more than 80,000 consumer loans at reduced price through the OpenMarket platform (setam.net.ua).
Read also: PrivatBank launches Envelopes, service for collecting donations, as Monobank reacts ironically
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Read the original article on The New Voice of Ukraine
