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Serbian Komercijalna banka's Q1 profit surges, beats target

Author Radomir Ralev
Serbian Komercijalna banka's Q1 profit surges, beats target Author: Komercijalna Banka. License: All rights reserved.

BELGRADE (Serbia), April 18 (SeeNews) - Serbia's Komercijalna banka [BEL:KMBN] said on Tuesday its profit rose to 2.483 billion dinars ($21.4 million/20.1 million euro) in the first quarter of 2017 from 1.4 billion dinars in the first three months of the previous year.

The profit exceeds the target set in the business plan for the first quarter of 2017 by 1.524 billion dinars and Komercijalna banka expects to maintain the positive trend through the rest of the year, the lender said in a statement.

"These are the first results of the reorganisation of Komercijalna banka, which has been implemented by the new management in the last year or so, in order to further strengthen the position of Komercijalna banka on the Serbian market and in the region," the president of the bank, Vladimir Krulj, said in the statement.

The capital adequacy ratio (CAR) of Komercijalna banka stood at 26.97% at the end of the first quarter, significantly above the regulatory limit of 12% set by Serbia's central bank (NBS). 

"In this way, Komercijalna banka proved to be a very stable bank and one of the leaders on the market in Serbia, as well as in the region," the CEO of the bank, Alexander Picker, noted. 

Komercijalna banka also said it had a market share of 13% at the end of March 2017 and was the second biggest bank in Serbia.

The bank booked a loss of 8.063 billion dinars in 2016, versus a 6.3 billion dinar loss in the previous year, as net expenses for impairment of financial assets and credit risk off-balance sheet items rose to 14.9 billion dinars from 13 billion dinars.

(1 euro = 123.670 dinars)

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