During the first quarter of 2017 Piraeus Bank AD Belgrade generated pre-tax profits of 223.8 million dinars, which significantly exceeds planned profits for this operational period.
– The achieved results are a consequence of continuous care for clients and the constant improving of products and services in line with market demands. An individual approach and commitment to each client is what we are recognised for and the segment in which we profile ourselves as a bank. The result of that is growth in all areas of business – said Piraeus Bank CEO Vojislav Lazarević.
The most important indicator of the trust of Piraeus Bank’s clients is reflected in the balance sheets of the credit and deposit portfolios, which recorded significant growth during the first quarter of 2017. The largest increase, totalling more than 10 per cent, was recorded by dinar cash loans intended for retail clients.
Compared to the first quarter of 2016, net loans recorded an increase of 15.4 per cent, while net gains from interest increased by 8.4 per cent. The level of operational expenses remained stable, which contributed to a significant increase in the ratio of revenue to total costs.
The bank’s liquidity position was strong throughout the year, with liquidity indicators significantly above the prescribed level. Piraeus Bank’s capital adequacy at the end of the first quarter was 28.7 per cent, which is significantly above the regulatory limit of 12 per cent, which is prescribed by the National Bank of Serbia.
In the past year Piraeus Bank significantly reduced the percentage of non-performing loans (NPL), while their continued decrease, to around 11 per cent, is expected by the end of 2017.