On 13 April 2018 the Council of the National Bank of Ukraine (the NBU Council) approved the consolidated financial statements of the NBU for 2017 signed the previous week by NBU Governor Yakiv Smolii and Director General of PJSC Deloitte & Touche USC, certified auditor YevhenZanoza.
The NBU’s balance-sheet total reached UAH 1,027 billion by late 2017.
In 2017, the NBU’s net income accounted for UAH 65.9 billion. A major source of the regulator’s revenues and earnings came from interest income, mainly returns on Ukrainian securities and loans issued by Ukrainian banks. At the same time most the NBU incurred interest expenses associated with issuing certificates of deposit and repaying the IMF loans. Over this year substantial impairment allowances were released. Consequently, net interest income following impairment allowances release accounted for UAH 45.2 billion.
The NBU’s expenses (net of interest expenses and fee and commission paid) were UAH 3.6 billion. These funds were used to print banknotes and mint coins, personnel expenses, provisions for contingent liabilities and also administrative expenses.
The NBU’s profit and loss account in the previous year was UAH 62.3 billion.
The NBU’s distributable profit for 2017 amounted to UAH 45.9 billion. UAH 1.3 billion from said profit will be allocated for the NBU general reserves in line with the Law of Ukraine On the National Bank of Ukraine. The remaining UAH 44.6 billion will be paid to the state budget in 2018. The respective schedule for transferring the share of the NBU distributable profit for 2017 to the state budget for 2018 was approved with the Ministry of Finance of Ukraine. Since these funds are allocated to the Ministry of Finance for budgetary spending of the current year, there will be no additional impact on the inflation rate.
Consolidated Financial Statements for 2017.
For reference
The consolidated financial statements are compiled in line with the International Financial Reporting Standards (IFRS) and details information on the NBU’s assets, liabilities, equity, its subsidiaries and associated companies, total income and cash flow, as well as statutory accounting policies and additional information on the NBU’s operating and financial risk management.
The independent auditor's report states an unmodified opinion, i.e. the NBU’s consolidated financial statements in all material aspects presented credible information on the NBU’s financial standing, profits and losses, and cash flow.