The Cabinet of Ministers approves PrivatBank’s report on profit distribution
The Cabinet of Ministers has approved PrivatBank’s report, which reveals the distribution of net profit for 2023 and the amount of annual dividends. According to order № 370-r dated April 26, 2024, 80% of the net profit in the amount of 30.2 billion hryvnias will be directed to pay dividends to the state budget, 5% to the reserve fund, and 15% to cover accumulated losses from previous years.
This amount of dividends will be a record for the bank, with previous payments totaling 28 billion hryvnias for 2021 and 19 billion hryvnias for 2022. PrivatBank’s net profit for 2023 amounted to 37.8 billion hryvnias, which is 25% more than in 2022. According to the new legislation on banking taxation, it will pay significantly more income tax for 2023 — 26.8 billion hryvnias, compared to 5 billion hryvnias in the previous year.
