March 15 (SeeNews) - Serbian lender Adriatic Bank has cut its share capital by 46% to 3.066 billion dinars ($27.9 million/25.6 million euro) by reducing the nominal value of its shares, the country's central securities depository and clearing house said.
As part of the move, the nominal value of each of Adriatic Bank's 11,343,217 shares dropped to 270.29 dinars ($2.5/2.3 euro) from 500 dinars, the clearing house said in a brief note on Thursday.
The bank is 100%-owned by private individual Alexander Shnaider.
Adriatic Bank was the 18th largest lender in terms of assets among 20 banks active in Serbia at the end of September, latest available central bank figures showed.
In January-September 2023, Adriatic Bank saw its net profit jump to 446 million dinars from 49 million dinars in the like period of 2022, according to latest central bank data. Still, the lender had an accumulated loss of 5.59 billion dinars at end-September.
(1 euro = 117.227 dinars)