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N. Macedonia's Stopanska Banka Skopje H1 net profit hit by impairments

Author Mario Tanev
N. Macedonia's Stopanska Banka Skopje H1 net profit hit by impairments Photo: Stopanska Banka Skopje / All rights reserved.

SKOPJE (North Macedonia), August 22 (SeeNews) - North Macedonia-based lender Stopanska Banka Skopje [MSE:STB] said on Thursday that its net profit dropped to 1.05 billion denars ($18.9 million/17.1 million euro) in the first half of 2019 from 1.72 billion denars in the same period of 2018, dragged down by a rise in impairments.

Stopanska Banka Skopje booked net impairments of financial and non-financial assets of 417.1 million denars in the January-June period of 2019, while it reversed impairments of 169.5 million denars in the comparable period of last year, figures from the bank's interim financial statement showed.

Depreciation and amortisation costs remained unchanged year-on-year at 68.5 million denars.

Personnel expenses edged up to 420.1 million denars in the review period from 413.5 million denars the year before, while other operating expenses grew to 508.8 million denars from 456.9 million denars.

Net interest income decreased to 1.82 billion denars in the first six months of the year from 1.90 billion denars in the like period of 2018, while net fee and commission income rose to 537.1 million denars from 498.2 million denars.

The lender's assets increased to 94.4 billion denars at the end of June from 90.5 billion denars at the end of 2018. 

Loans and advances to customers other than banks increased to 64.7 billion denars at the end of June from 63.7 billion denars six months earlier, while deposits from customers other than banks rose to 78.4 billion denars from 76.0 billion denars.

Stopanska Banka Skopje is part of the National Bank of Greece group.

(1 euro = 61.56 denars)