Komercijalna Banka turned profit of 2 billion dinars in first nine months of 2010

Komercijalna Banka achieved a significantly better final result in the first nine months of this year than in the same period in 2009, while the value of revenues nominally grew a bit.

In the first nine months, Komercijalna Banka registered an income from interests in amount of 11.28 billion dinars, which means it nominally grew by only 4.5%, while incomes from fees and commissions grew by 11.2% and amounted to 3.17 billion dinars. Komercijalna Banka also registered exceptionally high expenditures in the first nine months on the basis of differences in exchange rates and they amounted to 7.66 billion dinars and were 2.9 times higher than in the same period last year. The profit before taxation turned by this largest domestic bank dominantly owned by the state amounted to 1.99 billion dinars and was 66.7% bigger than in the first nine months in 2009.

The assets of Komercijalna Banka at the end of September amounted to 253.9 billion dinars, which represents a 23.7% growth when compared to the end of the last year. This solid growth of the assets is, to a great extent, a result of Komercijalna Banka's closed recapitalization, which was finished in early 2010 when foreign finance institutions invested 120 million euros in the capital of this second largest banking institution in Serbia. The highest government officials have recently announced that this recapitalization should also be followed by the state, from the funds collected from the sale of Telekom, in order not to lose the status of dominant shareholder upon the conversion of priority shares.