PrivatBank to transfer almost US$1 bln to budget for 2019

The Cabinet of Ministers, Ukraine's government, has approved the largest Ukrainian state-owned PrivatBank's annual report for 2019 and the net profit distribution procedure, according to which the bank is to transfer 75% of its net profit, or UAH 24.46 billion (US$919.9 million), to the national budget.

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The relevant decision was made at a meeting on Wednesday.

In addition, 5%, or UAH 1.63 billion (US$61.3 million), will be funneled into the reserve fund, and 20%, or UAH 6.52 billion (US$245.2 million), will be spent on covering losses accumulated in previous years.

The Cabinet also approved a report on bonuses to be paid to members of the bank's Supervisory Board for the past year.

UNIAN memo. PrivatBank (Dnipro) has been operating on the Ukrainian market since 1992 and is the largest bank in terms of assets. The bank has been in state ownership since December 2016.

PrivatBank posted UAH 32.6 billion (US$1.2 billion) in net profit in 2019.