The largest state bank’s profits fell by more than 50%.

The net profit of the state-owned PrivatBank for the first nine months of 2022 amounted to UAH 13.8B. The bank said this is UAH 7.4B (54%) less than the result for last year’s corresponding period. Since the beginning of the war, the financial institution has introduced several measures to reduce the credit burden on clients. In addition, due to the decrease in the population’s solvency, especially in the occupied territories and war zones, the bank gathered UAH 9.4B in reserves for credit risks over the first three-quarters of the year. Perks and cancellation of commissions led to net commission income falling by UAH 2.7B compared to last year. Revenues from payments in retail trade networks were half the level of the previous year, with a relatively unchanged volume of transactions.