Eurobank Serbia successful despite the volatile economic situation
27 July 2015.
PROFIT EXCEEDS ONE BILLION DINARS IN SIX MONTHS
Belgrade, July 23, 2015 – In the first six months of this year, despite the volatile economic circumstances in the region, Eurobank Serbia recorded a profit of RSD 1.5 bn, expanded its financial services portfolio and further strengthened its partnership with existing clients.
The profit of RSD 1.5bn is 83% higher than that realized in the same period last year (RSD 0,8 bn). The improved performance is driven by lower interest expenses and reduced impairment charges due to the stabilisation of NPLs and successful remedial management efforts.
Eurobank remains highly liquid and well-capitalised, with a capital base of RSD 45bn which is among the highest in the country. Capital adequacy (including retained earnings) is around 21%, significantly higher than the prescribed regulatory level of 12%.
“These good business results reflect the trust of our clients and confirm once again the robustness of our longer-term business strategy through which we are back to sustainable profitability” mentioned Mr. Filippos Karamanolis, President of the Executive Board of Eurobank Serbia.
Eurobank has been operating in Serbia since 2003 and remains among the leading foreign investors and financial institutions in the country, offering a wide range of standard and innovative products and services to retail and corporate clients. Eurobank Serbia is a fully independent legal entity that operates under local legislation and the supervision of the National Bank of Serbia.
The Bank also has an extensive Corporate Social Responsibility programme, having invested so far more than EUR 4m in projects related to education, public health, the environment, inclusive society and culture.