Banks in Serbia registered profit in amount of 11.02 billion RSD in first quarter of year 2008

According to the report of the National Bank of Serbia, the banks in Serbia registered profit (before taxation) in amount of 11.02 billion RSD in the first quarter of the year.

In 2007, the banks in Serbia realized gross profit worth 23.5 billion RSD, which is 42% more than in 2006. Eight banks registered losses, while 26 had positive financial result.

The capital of the banks reached 365 billion RSD at the end of the first quarter and it was 37 billion RSD or 11.1% larger than at the end of year 2007. The balance sum of the banking sector at the end of March amounted to 1,615.4 billion RSD and it was 53.6 billion RSD or 3.4% larger than at the end of year 2007.

At the end of the first quarter of this year, 34 banks were present on the market of Serbia since "Vojvođanska banka" merged with "National bank of Greece", that is, there was one bank less than at the end of the last year.

At the end of March, the organizational network of all banks comprised of 2,486 business units, offices, branch offices, windows, as well as agencies and exchange offices, which is 51 more than at the end of year 2007.

Local banking sector had total of 30,554 employees, 308 more than at the end of the last year.

Eight banks cut the number of employees - Vojvođanska banka dismissed 227 workers, while 26 banks increased the number of employees - Eurobank EFG Savings Bank hired 120 new workers, while ProCredit bank gave jobs to 117 people.

At the end of March, 20 banks were majority owned by foreign stockholders, six banks were majority owned by local physical and juristic perons, while eight banks were owned by the state.

According to the research conducted by Hypo Bank in Serbia, as the consequence of the strong competition on the banking market of Serbia, interest margins fell by 4.6% this year, while the incomes from fees went down by 2%. Also, the banks started to cut their operational costs in order to maintain profit.

Narodna banka Srbije Beograd

Vojvođanska banka a.d. Novi Sad

NATIONAL BANK OF GREECE S.A.-FILIJA

Eurobank Direktna a.d. Beograd

ProCredit Bank a.d. Beograd

Addiko bank ad Beograd

National Bank of Serbia

NBS

Vojvođanska banka

National Bank of Greece

Eurobank EFG Savings Bank

ProCredit bank

Hypo bank