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Serbia's Komercijalna Banka to book record-high profit in 2019 - CEO

Author Radomir Ralev
Serbia's Komercijalna Banka to book record-high profit in 2019 - CEO Vladimir Medan; Source: Komercijalna banka

BELGRADE (Serbia), November 27 (SeeNews) – Serbian blue-chip lender Komercijalna Banka [BEL:KMBN] expects to book a record-high profit of about 75 million euro ($83 million) this year, CEO Vladimir Medan said on Wednesday.

The net profit of Komercijalna Banka for the first ten months of 2019 amounted to 7.744 billion dinars ($72.5 million/65.8 million euro), up 10% on the year, Medan said in a video file posted on the website of Tanjug news agency.

Komercijalna Banka posted a record-high consolidated net profit of 8.38 billion dinars in 2019, while its assets rose by 10% to 440 billion dinars on a consolidated basis.

On Tuesday, Serbia's government acquired 34.58% of the ordinary shares in Komercijalna Banka [BEL:KMBN] held by the European Bank for Reconstruction and Development (EBRD) and IFC Capitalization Fund for a total of 217 million euro. After the transaction, Serbia's government owns 83.23% of the ordinary shares of Komercijalna Banka which it will be able to offer for sale in the ongoing process for privatisation of the bank.

($ = 117.611 dinars)

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