January 3 (SeeNews) - Montenegro’s Hipotekarna Banka [MNG:HIBP] expects to record an operating profit of 4 million euro ($4.5 million) in 2021, local daily Pobjeda quoted CEO Esad Zaimovic as saying.
"Every year we invest a certain part of the profit in the bank's reserves, which will increase by about 2.5 million euro this year," Zaimovic said in an interview for Pobjeda, published on Sunday.
Hipotekarna Banka's deposits grew by 28% to 540 million euro in 2021, Zaimovic said.
Last year was marked by the end of the asset quality review (AQR) process under European Central Bank standards which showed that Hipotekarna Banka's additional reserves were twice as much as the average for the Montenegrin banking system, Zaimovic noted.
"Only 2.2% of the total portfolio are loans that are more than 90 days late as of September 30, which is a decrease compared to the end of 2020, when they amounted to 2.39%," he added.
Hipotekarna Banka [MNG:HIBP] posted a net profit of 5.0 million euro in the first nine months of 2021, up from 3.7 million euro in the like period of last year.
($ = 0.8805 euro)
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