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Montenegro's Lovcen Banka net profit dwindles in Q1

Jun 19, 2024, 10:14:03 AMArticle by Iskra Pavlova
share
June 19 (SeeNews) - Montenegro's blue-chip Lovcen Banka [MNSE:MFIK] said its net profit declined to 1.02 million euro ($1.09 million) in the first three months of 2024 from 3.33 million euro in the like period of last year.

Montenegro's Lovcen Banka net profit dwindles in Q1
Source: Lovcen Banka

The lender's net interest income shrank to 3.4 million euro in January-March, from 11.2 million euro in the first three months of 2023, while its net fee and commissions income dwindled to 377,000 euro from 2.7 million euro in the review period, Lovcen Banka said in a bourse filing last week.

Its total assets also fell, to 342 million euro at end-March, from 354 million euro a year earlier.

The bank's shares last traded on the Montenegro Stock Exchange on December 27, closing flat at 600 euro.

The single largest shareholder in Lovcen Banka is local company Zetagradnja with a 48.7% stake, bourse data showed on June 19. The second biggest is a group of private individuals who jointly control 21%, followed by German investment corporation Deutsche Investitions und Entwicklungsgesellschaft (DEG), part of KfW Group, with 11.6%, and Belgian investment fund Incofin cvso which owns 10%. The remainder belongs to a number of minority shareholders.

Lovcen Banka was one of 11 lenders active in Montenegro at the end of March.

It was cleared to start operations by the country's central bank in May 2014, emerging from Podgorica-based micro-credit institution MFI Kontakt, which had applied to be transformed into a bank and renamed.

($ = 0.933 euro)

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