January 12 (SeeNews) - Serbia's Direktna Banka Kragujevac said it swung to a profit of almost 2 billion dinars ($20.4 million/16.9 million euro) in the first nine months of 2017, from 247.5 million dinars loss in the prior-year period.
Direktna Banka's net interest income rose to 506.7 million dinars from 185.9 million dinars, while net fee and commission income rose to 191.2 million dinars from 154.3 million dinars, according to the financial statement of the lender for the first nine months of 2017, posted on the website of Serbia's central bank, NBS.
Net expenses for impairment of financial assets and credit risk off-balance sheet items increased to 489.3 million dinars in the first nine months of 2017 from 36.9 million dinars in the like period of the previous year.
The bank's loan portfolio amounted to 4.1 billion dinars, while deposits totalled 9.2 billion dinars at the end of September 2017.
Following are details of Direktna Banka's financial performance (in millions of dinars unless otherwise stated):
|
9-mo'17 |
9-mo'16 |
Loans |
13.484 bln |
2.626 bln |
Deposits |
19.211 bln |
6.743 bln |
Net fee and commission income |
191.2 |
154.3 |
Net interest income |
506.7 |
185.9 |
Net profit/loss |
1.985 bln |
-247.5 |
In February 2017, Direktna Banka acquired the entire capital of BNP Paribas' subsidiary Findomestic banka Beograd. Direktna Banka was established after Serbian entrepreneurs Andrej Jovanovic and Bojan Milovanovic acquired Serbian KBM banka from Slovenia's Nova Kreditna Banka Maribor (NKBM) in February 2016.
Greece's Piraeus Bank said earlier this year it agreed to sell its Serbian banking and leasing operations to Direktna Banka for a cash consideration of between 58 million euro ($70.3 million) and 61 million euro.
(1 euro = 118.648 dinars)