UniCredit’s Serbian branch reported a substantial net profit of nearly €109 million (RSD 12.7 billion) for the first half of 2024, reflecting a 40% increase from just under €79 million (RSD 9.1 billion) during the same period last year. According to their semi-annual financial report, the bank’s net interest income climbed about 20% year-on-year to €114 million, while net fee income grew by around 30% to €40 million.
Operating profit rose more than 38% from the previous year to €127 million. Meanwhile, operating expenses increased by less than 2% to €40 million. By the end of June, customer loans had reached €3.1 billion, up over 6% from the previous year, and deposits had grown by approximately 14% to €4 billion.
As per the latest data from the National Bank of Serbia, UniCredit is the fourth largest bank in the country by assets. The central bank’s report at the end of March listed UniCredit’s assets at €5.4 billion, whereas the most recent semi-annual report estimates them slightly lower at €5.2 billion. On the global stage, UniCredit SpA has raised its full-year net income target, following a boost in revenue from fees and loans during the second quarter. The total net income of Italy’s second-largest bank experienced a double-digit increase to €2.7 billion, exceeding forecasts.
CEO Andrea Orcel is focused on further improving performance after last year’s record profits, leveraging higher interest rates and a commitment to efficiency.
