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Bank of China Serbian arm reduces 9-mo after-tax loss

Author Radomir Ralev
Bank of China Serbian arm reduces 9-mo after-tax loss Source: Bank of China

BELGRADE (Serbia), December 12 (SeeNews) - Bank of China's Serbian unit, established in January 2017, recorded an after-tax loss of 102.1 million dinars ($967,200/868,800 euro) in the first nine months of 2019, versus a loss of 306.3 million dinars in the like period of last year.

Bank of China Serbia a.d. Beograd recorded a net interest income of 130.5 million dinars in the period under review, versus a net interest expense of 151,000 dinars in January-September 2018, according to the interim unaudited financial statement of the bank posted on its corporate website.

The bank's loan portfolio amounted to 7.716 billion dinars, while deposits stood at 8.511 billion dinars at the end of September.

In January 2017, Bank of China appointed former NBS governor Dejan Soskic and former Serbian economy minister Zeljko Sertic as management board members of Bank of China Serbia a.d. Beograd. Slavisa Aleksic, former manager at Findomestic Banka and Astra Banka, was appointed as executive board member.

Bank of China Hungary owns the entire capital of Bank of China Serbia a.d. Beograd. The Serbian unit of Bank of China supports Chinese and Serbian companies jointly entering third markets and also offers services to retail customers.

(1 euro = 117.515 dinars)