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Agroprosperis Bank 3Q 2020 results: sustainable growth and development

On October 28, Agroprosperis Bank published its official financial statements for the nine months of 2020. In a difficult time of quarantine restrictions and macroeconomic instability, the bank was able to improve performance and achieve the following results:

  • the bank's assets increased 1.5 times to UAH 1.68 billion
  • agribusiness financing increased by 36% to UAH 705 million
  • the volume of individual time deposits increased by 66% and reached UAH 280 million
  • the bank regularly reaffirmed the long-term national credit rating at uaAA and the deposit reliability rating at the highest level ua1
  • the bank on a permanent basis significantly exceeded the average level of NBU indicators in the banking system of Ukraine.

In the third quarter, the bank focused on expanding services and support for business clients. For 5 years Agroprosperis Bank has been financing only farmers, however, in the new conditions, realizing the increased need of Ukrainian business for affordable financing, the bank began to issue loans to small and medium enterprises in other industries. In order to further support its clients, Agroprosperis Bank has joined the state program "Available Loans 5-7-9%", under which small businesses can receive funds at 5%, 7% or 9% per annum or refinance previously issued loans with full interest compensation.

For private clients, in August Agroprosperis Bank launched AP bank online banking applications on Android and iOS platforms, and in September opened a new branch in Kyiv near Minska metro station in compliance with all sanitary norms and recommendations. It was the second branch successfully put into operation during quarantine period. Therefore, the bank has become even closer to its customers, expanding both the physical presence and online service capabilities.

The growth of the loan portfolio, which requires higher provision for reserves, as well as significant investments in new branches and online tools to support customers, temporarily reduced the bank's profitability in the reporting period. But for the 3rd quarter of the year the bank earned UAH 187,000 net profit and in general in 2020 year aims to achieve a positive result.

So, despite the impact and limitations of the pandemic, when the overall banking system has almost no positive dynamics, Agroprosperis Bank continues to grow steadily with maximum customer support in these difficult conditions.

Bank’s official financial statements for the 9 months of 2020 are available in the Documents and reporting section.

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