Agrobanka to end year 2007 with loss in amount of 2.45 billion RSD

Agrobanka will end year 2007 with loss in amount of 2.45 billion RSD, although its profit equals 1.1 billion RSD.

Member of the Executive Board of Agrobanka, Branislav Pešić, said at the press conference that the loss was the result of filing of the debt of 3.5 billion RSD to International Bank for Rehabilitation and Development (IBRD), which is 25 years old.

According to the data provided by the Belgrade Stock Exchange, Agrobanka had net profit in amount of 276m RSD last year and its profit after the first six months of this year, with three-month temporary measures of the National Bank of Serbia, amounted to 129m RSD.

Pešić pointed out that the loss would be covered in 2008 from the premium of the bank, which currently amounts to 8.9 billion RSD, and from booking, which currently amounts to 550m RSD.

Agrobanka's advisor Budimir Vujačić estimated that the decline of value of stocks of Agrobanka to the accounting value was the result of unfriendly takeover of the bank, but he did not want to specify who pulled the threads. Vujačić, who is also President of broker company "AS Financial Center", said that the reasons for fall in price from 50,000 RSD per stock at the beginning of year 2007 to current 20,300 RSD per stock were not of economical and market nature.