Komercijalna banka (KMBN)
​Belgrade based Komercijalna Banka (KMBN) reported RSD 2.5bn in its 1Q17 net profit, which is much better versus RSD 1.4bn from 1Q16. The report is in line with the announcement from the bank. Improved net profit is a consequence of higher other revenues (RSD 625.7m vs. RSD 70.3m in 1Q 2016) and much better position with net provisioning. Actually, the bank posted RSD 72.8m in recoveries, which is much better versus RSD 492.1m provisioned in 1Q16. When speaking about core business, we see no major changes on a y/y basis. Net interest income arrived at RSD 3.3bn, down 3.7% y/y, while net F&C income arrived at RSD 1.2bn. The bank’s assets at the end of March stand at RSD 382bn, down 4.5% YTD. According to management, these are the first results of the reorganization of Komercijalna Banka, which has been implemented by the new management in the last year or so, in order to further strengthen the position of the bank on the Serbian market and in the region. The capital adequacy ratio (CAR) of Komercijalna banka stood at 26.97% the end of the first quarter, while its market share at the end of December was 12.3%. The bank booked a loss of RSD 8.06bn in 2016, versus a RSD 6.3bn loss in the previous year, as net expenses for impairment of financial assets and credit risk off-balance sheet items rose to RSD 14.9bn from RSD 13bn.
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