Halkbank announces RSD 208 m profit in 1Q16

Halkbank, former Cacanska Banka, reported RSD 208.5m in 1Q16 net profit, which is much better versus RSD 71,9 m loss from 1Q15.

An improvement in bottom line arrived on the back of absence of net provisioning for the period – in 1Q15 it arrived at RSD 240m, while for 1Q16 we have RSD 98.6m gain at this field. Net interest income in 1Q16 arrived at RSD 271.2m, down 1.9% y/y, while net F&C income decreased 2.4% y/y to RSD 126.6m. The bank’s assets grew 0.2% YTD to RSD 32bn. As for remembrance, the bank was acquired by Turkish peer at a price near RSD 9,000 per share, while current market price is at RSD 4,822 per share.