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PRIVATBANK GROUP ANNUAL REPORT 31 December 2019

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PRIVATBANK GROUP ANNUAL REPORT 31 December 2019 PRIVATBANK GROUP ANNUAL REPORT 31 December 2019 Translation from Ukrainian original PRIVATBANK GROUP Translation from Ukrainian original CONTENTS I. MANAGEMENT REPORT II. FINANCIAL STATEMENTS INDEPENDENT AUDITOR'S REPORT CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position . 1 Consolidated Statement of Profit or Loss and Other Comprehensive Income . 2 Consolidated Statement of Changes in Equity . 3 Consolidated Statement of Cash Flows . 4 Notes to the Consolidated Financial Statements 1 Introduction .........................................................................................................................................................................................................5 2 Operating Environment of the Group.................................................................................................................................................................5 3 Summary of Significant Accounting Policies .....................................................................................................................................................6 4 Critical Accounting Estimates, and Judgements in Applying Accounting Policies .........................................................................................18 5 New or Revised Standards and Interpretations that are Issued, but not yet Effective ..................................................................................19 6 Cash and Cash Equivalents and Mandatory Reserves ..................................................................................................................................20 7 Due from banks ................................................................................................................................................................................................22 8 Loans and Advances to Customers .................................................................................................................................................................23 9 Investment Securities .......................................................................................................................................................................................33 10 Right-of-Use Assets .........................................................................................................................................................................................34 11 Fixed Assets and Intangible Assets .................................................................................................................................................................35 12 Other Financial Assets .....................................................................................................................................................................................36 13 Other Assets .....................................................................................................................................................................................................36 14 Аssets Held for Sale .........................................................................................................................................................................................36 15 Due to the NBU ................................................................................................................................................................................................36 16 Customer Accounts ..........................................................................................................................................................................................37 17 Other Financial Liabilities .................................................................................................................................................................................38 18 Provisions and Non-financial Liabilities ...........................................................................................................................................................43 19 Share Capital and Other Reserve Funds ........................................................................................................................................................43 20 Interest Income and Expense ..........................................................................................................................................................................44 21 Charge for Impairment .....................................................................................................................................................................................44 22 Fee and Commission Income and Expense ...................................................................................................................................................45 23 Administrative and Other Operating Expenses ...............................................................................................................................................45 24 Income Taxes ...................................................................................................................................................................................................46 25 Segment Analysis.............................................................................................................................................................................................48 26 Financial Risk Management.............................................................................................................................................................................55 27 Management of Capital ....................................................................................................................................................................................68 28 Contingencies and Commitments ....................................................................................................................................................................69 29 Fair Value of Financial Instruments .................................................................................................................................................................70 30 Presentation of Financial Instruments by Measurement Category .................................................................................................................74 31 Related Party Transactions..............................................................................................................................................................................76 32 Changes in Liabilities Arising from Financial Activities ...................................................................................................................................79 33 Events After the End of the Reporting Period .................................................................................................................................................79 PRIVATBANK GROUP Translation from Ukrainian original Management report of JSC "PrivatBank" The nature of the business Joint Stock Company Commercial Bank PrivatBank (“PJSC PrivatBank” or “the Bank”) and its subsidiaries (together referred to as the “Group”) is a universal bank with a focus on the retail segment and selective presence in the corporate segment. The Group carries out its activities in accordance with the license of the National Bank of Ukraine (NBU) since March 1992. As at 31 December 2019, the Group has 30 departments and 1898 operating branches in Ukraine and the Cyprus branch. External environment The Group carries out the main part of its activities in Ukraine. According to a NBU report1, the banking sector of Ukraine operated in favorable macroeconomic conditions in 2019: the growth rate of deposits is sufficient to support lending, and the growth of banking services demand from business and individuals provides high profits. However, at the same time, Ukraine’s economy has certain characteristics that threaten its long-term stability. Such characteristics include, but are not limited by relatively low levels of liquidity in capital markets and a deficit in the balance of public finances and foreign trade. In September 2019, the international rating agency Fitch Ratings raised the long-term and short-term credit rating of Ukraine in foreign and national currencies from B- to B, and improved its outlook from stable to positive. The agency notes that Ukraine has demonstrated its ability to gain access to external budget financing on time, improving macroeconomic stability and reducing state debt, while reducing the election period has reduced political uncertainty. The renewal of solvency of the real sector of the economy continues. Companies of most sectors of the economy have increased operating profitability, thus normalized the debt leverage. At the same time, the criteria for assessing the solvency of borrowers have become stricter. As a result of 2019, economic activity remained at a rather high level - GDP growth is estimated at 3.3%, which is almost the same as in 2018. At the same time, the drivers of this growth have changed. Thus, the growth of the aggregate index of production of goods and services by major economic activities decelerated substantially - to 1.6% in total for 2019, and in the last months of the year it even has declined. First of all, it was
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