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Home/News/Societe Generale Serbia: Profit up 35.2%, at RSD 8.2 billion

Societe Generale Serbia: Profit up 35.2%, at RSD 8.2 billion

Profit after tax of Societe Generale banka Srbija at the end of 2018 reached 8.2 billion dinars (69 million euros).

This represens an increase by 35.2 percent in comparison to 2017, the bank announced on Tuesday.

This attained one of the highest income growth on the domestic banking market, the financial institution has stated.

At the consolidated level, which includes related entities Sogelease Srbija and Societe Generale Osiguranje, net profit was achieved in the amount of 8.6 billion dinars (72.3 million euros).

“In the business year 2018, Societe Generale banka Srbija continued to strengthen its market share and to broaden its presence by increasing its retail and corporate lending volumes,” said Maria Rousseva, president of the Executive Board of Societe Generale banka Srbija.

The bank’s operations, she added, were even more efficient last year, with more diversity and more focus on customer experience.

“At the same time, with great care and in accordance with the needs of our clients, we developed our digital services, modernized and reorganized work processes in branches, by implementing a new business concept. In 2019 too, we strive to be the best bank in our relation with clients, with a view of additionally fulfilling their expectation and to justify their trust“, said Rousseva.

Total assets of Societe Generale banka Srbija amount to 316 billion dinars (2.7 bln euros) in 2018 – an increase of 9.8 percent.

Societe Generale banka Srbija has consolidated its position as second largest banks in activities with individuals – the segment posts a 4.2 percent increase of placements in 2018, as the result of growth during the year in the segment of cash and housing loans, as well as in the Small Business segment, a press release said.

There has also been continuous dynamical growth in the mid-size company segment (by 22 percent), with overall increase of consolidated lending in Corporate Division by 16.9 percent in comparison to the previous year.

Stable operations and sustained growth of income in the past years have consolidated Societe Generale Srbija at the fourth position by assets, and at the third place by volume of lending.

Furthermore, these past few years, Societe Generale Srbija has been achieving excellent commercial results, good cost control, as well as positive effect from net cost of risk, which is the result of improved quality of the credit portfolio and of activities aimed at resolving the non-performing loans portfolio.

Substantial growth was achieved in the leasing portfolio – by 20 percent, the bank concluded in its statement.

Source; B92