NBU to pay US$2.4 bln in 2018 profit to budget

The relevant schedule for the funds transfer is to be agreed with Ukraine's Finance Ministry.

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The National Bank of Ukraine (NBU) in 2019 will channel UAH 64.88 billion, or US$2.4 billion, as part of its profit for 2018, into the national budget.

Read alsoUkraine's banking system boosts net profit by almost 52% in Q1

"The National Bank's 2018 profit subject to distribution totals UAH 68.46 billion [US$2.6 billion]. One part of the profit in the amount of UAH 3.57 billion [US$133.8 million] will be used to increase the central bank's reserve aggregate... The other part, that is UAH 64.9 billion [US$2.4 billion] will be transferred to Ukraine's national budget in 2019," the regulator's press service said, referring to the decision by the NBU Council to approve the NBU's consolidated financial statements for 2018.

The relevant schedule for the said funds transfer is to be agreed with Ukraine's Finance Ministry, it said.

The NBU's net interest income, after the release of last year's reserves, stood at UAH 34.9 billion (US$1.3 billion), which was 22.8% down from 2017.

At the same time, forex rate fluctuations affected the regulator's performance in 2018. Foreign currency revaluation for the first time since 2013 became negative, amounting to UAH 2.2 billion (US$82.4 million), which is associated with the strengthening of the hryvnia rate to foreign currencies.

A surplus from the revaluation of debt securities to their market value amounted to UAH 6.7 billion (US$251 million) against UAH 2.7 billion (US$101 million) in 2017.

In turn, the NBU's administrative expenses and those associated with printing banknotes and minting coins, etc. stood at UAH 3.78 billion (US$141.6 million) in 2018, which was 5.3% up against 2017.

As UNIAN reported earlier, operating banks' net profit in Ukraine in 2018 totaled UAH 21.7 billion (US$813 million), which was a record high over Ukraine's independence.

The previous time when the banking system posted profit was four years ago, it reported UAH 1.4 billion (US$52.5 million at the current forex rate) in net profit in 2013.

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