The Cabinet of Ministers distributed the benefits of PrivantBank: What will the money go for?

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Most of PrivatBank’s profit went to pay state budget dividends

Privatbank

The Cabinet of Ministers distributed the benefit of Privabank: to whom and to whom the money would go. Photo: cheline.com.ua

The Cabinet decided on the distribution of the net profit of the state-owned private bank from 2019 onwards. For this, the government developed and adopted some of the issues of the activities of Decreebank CB JSC.

By order of the Cabinet of Ministers, the following distribution of the bank’s net profit for 2019 and the target of the amount of annual dividend:

  • 75% of net profit in the amount of 24,456.88 million hrijnias – for payment of dividends to the state budget;
  • 1,630.45 million in the amount of UAH amounting to 5% – to the reserve fund;
  • To cover the accumulated losses of the last 6 years – 20% of net profit in the amount of UAH 6,521.83 million.

In January-March 2020, state-owned PrivatBank had a net profit of 10.4 billion, or 65.3% of the entire banking sector’s profit. In the first quarter, FUIB earned UAH 811 million, Credit Agricole Bank – UAH 386 million, Alpha-Bank – UAH 307 million.

The reference PAYSPACE magazine

Recall that PrivatBank introduced a credit holiday “housing on credit”, “auto by installments” and “loans secured by real estate” for borrowers who are experiencing difficulties due to the coronavirus epidemic. The bank will offer credit holidays to customers facing financial difficulties (dismissal, leave at their expense, etc.) due to quarantine restrictions.

Such customers have the right to defer all future payments until 31 July 2020, with the corresponding conclusion of additional agreements on loans or leases after the end of quarantine.

Read: Oschad, Privat, FUIB: Experts scuttled the forecasts of eight Ukrainian banks.


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