By KYIV. Oct 31 (Interfax-Ukraine) – Kredobank (Lviv) earned UAH 1.509 billion in net profit in January-September 2023, while for the same period in 2022 this figure amounted to UAH 68.45 million, the bank’s quarterly report says.
According to it, in particular, Kredobank earned UAH 594.65 million in the third quarter, which is UAH 41.6 million less than in the second quarter, but 58 times higher than the net profit for the comparable period last year (UAH 10.09 million).
According to the report, net interest income, which amounted to UAH 1.45 billion for the first half of 2023, grew by another 61.5% in the third quarter – to UAH 2.34 billion, while in January-September 2022 it amounted to UAH 1.48 billion.
In particular, net interest income for the third quarter of this year (UAH 893.44 million) was twice as high as in July-September last year.
It is indicated that net commission income increased in the nine months of this year compared to last year’s results by 9.3% – to UAH 387.47 million, however, in the third quarter this figure was 5.7% less than in 2022 – UAH 128.3 million.
In January-September 2023, Kredobank increased reserves by only UAH 23.55 million compared to UAH 1.24 billion for the same period in 2022.
According to the report, since the second quarter of this year, the bank’s assets have grown by 6.8% and reached UAH 48.72 billion as of September 30. This growth is explained, first of all, by a significant increase in the volume of securities – from UAH 13.51 billion in the second quarter to UAH 16.5 billion in the third. At the same time, the volume of cash and funds in the NBU decreased from UAH 14.71 billion in June to UAH 13.68 billion at the end of September.
Loans and advances to customers increased slightly compared to the previous quarter – by 3.2% to UAH 12.43 billion, while the debt of other banks increased by 12.9% to UAH 4.36 billion
At the same time, Kredobank increased customer funds in July-September from UAH 39.38 billion in June to UAH 41.48 billion. During this time, the bank’s capital increased from UAH 5.08 billion to UAH 5.83 billion, including retained earnings from UAH 910 million to UAH 1.5 billion.
Kredobank was founded in 1990. Its sole shareholder is the largest bank in Poland – PKO Bank Polski S.A. According to the National Bank of Ukraine, as of September 1, 2023, Kredobank ranked 14th in terms of assets (UAH 52.05 billion) among 64 banks operating in the country.
