Page 48 - UKRRptJune18

develop it.
8.1.4 Bank news
Raiffeisen Bank Aval, the Ukrainian operation of Raiffeisen Group, is to pay UAH4.2bn ($161mn) in dividends for 2017 , the bank said in s statement on April 27. The bank's net profit for the past year amounted to UAH4.5bn, of which UAH700,000 will be used to pay dividends to the holders of preferential shares, and almost UAH223.5mn to the reserve fund of the bank.
PrivatBank repays debts and set to move into profit. On 20 May, PrivatBank, the largest state-owned bank in Ukraine – paid off refinance loans to the National Bank of Ukraine (NBU) in line with the schedule. It also paid UAH137mn of interest for the use of the funds provided by the regulator. As of 30 May 2018, the bank has paid UAH41.8bn of the NBU's refinancing loans received before the nationalization of the bank in 2016, The bank also paid and UAH14.8bn of interest. Nationalized in late 2016, PrivatBank in 2017 reduced the consolidated loss to UAH23.99bn from UAH176.64bn a year earlier expects to generate up to UAH8bn of profit starting from 2020.
The nationalized PrivatBank could be ready for the privatization no earlier than 2022 , Head of the supervisory board Engin Akcakoca has said. It would be premature to talk about the privatization of PrivatBank in 2020, as the approved strategy of the bank to implement this task is designed for the period until 2022.
Fitch Ratings has affirmed five Ukrainian foreign-owned banks'
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) at 'B-' with Stable Outlooks, Interfax-Ukraine reports. The banks are: PJSC Credit Agricole Bank (CAB); ProCredit Bank (Ukraine) (PCBU); PJSCCB PRAVEX-BANK (PXB); PJSC Alfa-Bank (AB); and Ukrsotsbank (USB). Simultaneously, Fitch has withdrawn all of USB's ratings for commercial reasons.
The European Bank for Reconstruction and Development (EBRD) is
48 UKRAINE Country Report June 2018 www.intellinews.com