May 23 (SeeNews) - Serbia's Direktna Banka Kragujevac said it swung to a profit of 1.9 billion dinars ($18.8 million/16.1 million euro) in 2017 from 278.6 million dinars loss in the previous year.
Direktna Banka's net interest income rose to 823 million dinars from 285.2 million dinars, while net fee and commission income rose to 320 million dinars from 219 million dinars, according to the financial statement of the lender for 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 681.6 million dinars in 2017 from 64.9 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 December 2017.
Following are details of Direktna Banka's financial performance (in millions of dinars unless otherwise stated):
|
2017 |
2016 |
Loans |
17.044 bln |
4.063 bln |
Deposits |
21.827 bln |
8.670 bln |
Net fee and commission income |
320.0 |
285.2 |
Net interest income |
823.0 |
218.9 |
Net profit/loss |
1.902 bln |
-279.0 |
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 and 61 million euro.
(1 euro = 118.138 dinars)