You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Serbia's Komercijalna Banka estimates 2018 profit at 70 mln euro - CEO

Author Radomir Ralev
Serbia's Komercijalna Banka estimates 2018 profit at 70 mln euro - CEO Vladimir Medan; Source: Komercijalna banka

BELGRADE (Serbia), January 21 (SeeNews) - Serbia's Komercijalna Banka [BEL:KMBN] has put its 2018 consolidated profit estimate at about 8.35 billion dinars ($80.3 million/70.6 million euro), CEO Vladimir Medan said.

In 2018, the bank will record its highest profit for the last 10 years, having managed to reverse the trend of the last four years in which its market share decreased, Medan said in a video file posted on the website of news agency Tanjug on Sunday.

In a statement on the 30-month Policy Coordination Instrument-supported programme with the International Monetary Fund (IMF), the Serbian government said last year that it plans to complete the sale of Komercijalna Banka by the end of September 2019. The authorities will adopt a decision to initiate the privatisation of Komercijalna by end-February 2019 and the tender is expected to be launched by end-June 2019.

"The future ownership of the bank will depend on its shareholders. The task of the management is to generate a positive financial result and strengthen the bank," Medan said.

The government owns 41.74% of the capital of Komercijalna, while the European Bank for Reconstruction and Development (EBRD) controls a 24.43% shareholding interest. Komercijalna banka swung to a net profit of 8.117 billion dinars in 2017 from a 8.063 billion dinars loss in the previous year.

In October, the finance ministry invited international companies to submit letters of interest for the delivery of financial advisory services in the privatisation of Komercijalna Banka. The Serbian government plans to sell its entire shareholding interest in Komercijalna.

(1 euro = 118.351 dinars)