The National Bank of Ukraine (NBU) expects to transfer UAH 42.7 billion of profits to the State Budget in 2020. This exceeds the amount prescribed in the Law of Ukraine On the State Budget by UAH 2 billion.
The independent audit company, Ernst & Young, has already approved NBU consolidated financial statements for the last year.
According to the Ernst & Young opinion, NBU consolidated financial statements were accurate and in all material respects reflected the financial standing of the regulator as at the end of 31 December 2019, as well as the results of its operation, its cash flows and changes in its equity according to International Financial Reporting Standards (IFRS).
The NBU’s Consolidated Financial Statements for 2019 have been sent to the NBU Council for approval.
The NBU Council is to approve the final indicators. Afterwards, NBU financial statements for 2019 will be released on NBU website, and the schedule for transferring profits to the State Budget for 2020 will be agreed with the Ministry of Finance of Ukraine.
For reference:
The consolidated financial statements are prepared according to IFRS and include information on assets, liabilities, and capital of the NBU, its subsidiariy and associated companies, total revenue and cash flows, as well as material accounting policies and additional information on the NBU’s operation and financial risk management.
According to the Law of Ukraine On the National Bank of Ukraine, the NBU shall transfer to the State Budget of Ukraine the amount of profit before distribution set out in the annual financial statements verified by the auditor and approved by the NBU Council.