Sberbank's Serbian unit H1 net profit grows

Sberbank Srbija is a unit of Austria-based Sberbank Europe, which is a banking group 100% owned by Sberbank Russia.

The mortgage loan portfolio of Sberbank Srbija rose by 43% year-on-year to 3.3 billion dinars, while the total value of loans to small and medium-sized enterprises (SMEs) increased by 34%, the bank said in a statement.

The deposits of households increased by 10% to 31.5 billion dinars and capital adequacy ratio (CAR) stood at 23.86% at the end of June, Sberbank Srbija said.

"The recorded profit derives from the synergy of numerous initiatives and projects that improve our offer and increase the efficiency of our business," CEO Marijana Vasilescu said in the statement.

The net income from fees and commissions of Sberbank Srbija rose by 10% on the year to 31.5 billion dinars in the first half of 2017.

In 2012, Sberbank acquired the entire capital of Austria's Volksbank International and thus became the owner of Volksbank Serbia. The bank then changed its name to Sberbank Srbija.

(1 euro = 119.132 dinars)