Today Agroprosperis Bank published its official financial statements for the six months of 2020.
The second quarter was a time of new challenges not only for the banking system of Ukraine, but also for the population and economies around the world, as the coronavirus pandemic and quarantine restrictions have made significant adjustments to the usual mode of operation and rhythm of life.
At Agroprosperis Bank, the Head office staff worked remotely during the quarantine. The process of transferring employees to remote work began on March 13 and was very successful, largely due to the coordinated work of IT professionals and the readiness of IT systems.
The bank has adapted its products and services. We launched an online banking for individuals, significantly improved overdrafts for legal entities and started to finance actively small and medium-sized businesses in all industries. Where possible, we moved away from collateral notarization. We also minimized clients' visits to the bank and went to them on their own for the documents in full compliance with quarantine measures. For those borrowers who found themselves in a difficult situation, we have developed the most suitable ways of the debt restructuring.
For the agricultural sector, in addition to the pandemic, another big challenge of this season was the difficult weather conditions, which threatened to lose a significant part of the harvest. Realizing this, our bank together with the leading insurance company ARX and the world-famous insurance broker Aon Ukraine promptly developed a simple and convenient crop insurance product for small and medium farmers.
Despite uncertainties and quarantine restrictions, Agroprosperis Bank continued to increase its performance in the second quarter. Thus, according to the official financial statements, our loan portfolio increased to UAH 773 million, and individual time deposits reached UAH 281 million. Our assets for the first half of the year increased by a third and amounted to almost UAH 1.5 billion.
We hope that the second half of 2020 year will be easier, more predictable and successful for us, our customers and for the country in general.