Serbia’s Komercijalna Banka Q1 net profit rises, lending helps
, NewsSerbian lender Komercijalna Banka’s net profit almost double to 2.48 billion dinars ($22.56 million) in the first quarter due to higher lending, new digital products and improved debt collection through the courts, it said on Monday.
Net profit at Serbia’s second-largest bank in the first-quarter last year was 1.4 billion dinars.
The bank ended 2016 with an 8.06 billion dinars loss, partly due to provisions against bad loans which had totalled 25 percent of its lending.
The Serbian government is due to sell its 41.7 percent stake in Komercijalna Banka this year. In 2015 Nomura was appointed to advise on the sale.
The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), part of the World Bank group, own 24.4 and 10.1 percent stakes respectively.
Komercijalna Banka has a 12.9 percent market share in terms of assets, trailing behind Banka Intesa, part of Italy’s Intesa Sanpaolo.
Chief Executive Alexander Picker said management’s primary task in the privatisation process was to maintain and increase bank’s value.
LATEST NEWS
- May 11, 2023 Mining Industry, Science and Communications, bridging the gaps
- May 11, 2023 Communicating Energy, new tech industries communications
- May 9, 2023 Serbia economy briefing: Transformation of “Elektroprivreda Srbija”
- April 24, 2023 Without sustainable mining, there is no renewable future
- March 25, 2023 Europe revives mining to reduce dependence on the import of key raw materials, the advantages of Serbia as materials supplier
- March 8, 2023 Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- February 28, 2023 Serbian exploitation miner Belkalhan could become EU primary supplier of Graphite critical raw material
- February 28, 2023 Calcite/calcium carbonate premium quality supplier from Serbia opening supply contracts for 24,25, pharmaceutical/chemical/food processing industry opportunity for JV
- February 16, 2023 Serbian Belkalhan calcite & graphite mining developer invites JV partners for joint critical raw materials exploitation
- February 15, 2023 Petroprocess to modernize EPS power plant CEMS system with state of the art equipment
- June 8, 2023 Serbia, The credit activity of banks towards the non-monetary sector continued to slow down
- June 8, 2023 The Government of Serbia has defined a quota in the market premium system for solar power plants
- June 8, 2023 Serbia, Chinese Zijin Copper is expanding: it owns a five percent stake in Belt and Road Institute
