Privat24 App Suffers Technical Disruption
Customers of Privat24, the mobile banking application, recently encountered login failures and endless loading screens due to a technical glitch. The issue prevented users from accessing their accounts, prompting immediate action from PrivatBank’s IT team to restore normal service. Such outages can shake customer confidence in digital banking platforms, especially as competition in the sector intensifies.
PrivatBank’s 2024 Financial Performance
In 2024, PrivatBank reported total revenue of UAH 122.63 billion, an 11% increase year-over-year. However, net profit fell by 28% to UAH 29.08 billion. Despite this decline, the bank remains the most profitable in Ukraine. Its tax burden for 2025 reached UAH 58.88 billion, representing 67% of pre-tax profit. Additional tax liabilities amount to UAH 37.5 billion in income tax after the bank ceased recognizing assets tied to its former owners.
Across Ukraine’s banking sector, the top institutions in the Opendatabot Index generated a combined revenue of UAH 304.27 billion last year, up 14% from the prior year. The ten leading banks accounted for 80% of the total revenue of all 60 Ukrainian banks. Meanwhile, five state-owned banks contributed 67% of the sector’s revenue, or UAH 202.89 billion.
Ukraine is also moving forward with plans to sell a 7% stake in PrivatBank through a public offering valued at UAH 18 billion (approximately $440 million). This so-called "people's IPO" will be conducted via digital platforms, a concept developed by former National Securities and Stock Market Commission head Ruslan Magomedov. The initiative signals a revitalization of the country’s capital markets and a push to attract fresh investment into the financial sector.
Technical failures in banking apps like Privat24 can significantly erode customer trust in financial institutions, particularly amid growing market competition.
At the same time, a successful public offering could be a pivotal move for PrivatBank, boosting transparency and drawing in new investors—factors that would likely strengthen Ukraine’s broader banking system.