Pivdenny Bank continues to increase its net profit in Q3 2019
According to the results of January-September 2019, the bank's net profit amounted to UAH 244.4 million, which is 31.3 % more than in the same period of 2018.
Profit growth compared to last year was achieved by increasing the following indicators: interest income – by 7.7 %; commission income – by 9.5 %; currency transactions – by 15.0 %. It should be noted that the increase in the volume of income was accompanied by an increase in the quality of the loan portfolio, at the expense of which expenses on reserves for credit losses decreased by 50.9 %.
As of the beginning of 2019, the assets of Pivdennyi Bank increased by 1.6 % to UAH 25.3 billion. The bank continues to consistently reduce the share of foreign currency loans, replacing them with national currency loans, which contributes to improving asset quality and profitability. Since the beginning of the year, the corporate loan portfolio in UAH increased by 18.2 %, in foreign currency – decreased by 5.9 %. During this period, the bank's liabilities increased by 0.7 % (up to UAH 22.6 billion), its equity – by 10.1 % (up to UAH 2.8 billion).
The reliability of Pivdenny Bank, confirmed by many years of experience, has contributed to a significant increase in clients' funds. Thus, in the first nine months of 2019, national currency balances on current accounts of natural persons increased by UAH 195.6 million (by 18.6 %), and on term accounts of natural persons – by UAH 316.0 million (by 15.4 %).
In September 2019, the bank allocated UAH 300.7 million in profit for 2016-2018 to increase its authorised capital, which will allow the financial institution to provide a sound foundation for further growth and achievement of strategic goals.
According to the National Bank of Ukraine, as of 1 October 2019, by volume of assets, Pivdennyi Bank ranks 13th among 76 operating banks.