Postal Savings Bank doubled profit in first half of 2010

The Belgrade Postal Savings Bank, which operates under the control of the state, registered gross profit of 709 million dinars in the first six months of this year, which is 103.7% more than in the same period in 2009.

The bank's income from interests amounts to 1.71 billion dinars (nominal growth of 5.1%), while the income from fees and commissions grew by 8.6% and reached 2.24 billion dinars. The Postal Savings Bank also reduced expenditures based on write-off of investments and bookings from 411.2m to 238.9m dinars, which greatly contributed to the growth of final result when compared to the first half of the last year.

Trading in the shares of the Postal Savings Bank on the Belgrade Stock Exchange has been temporarily discontinued due to ongoing process of change in the status owing to the merger of Pančevo-based Privredna Banka and Postal Savings Bank. In early 2010, the Government of Serbia made the decision on merger of Postal Savings Bank and Pančevo-based Privredna Banka, while the initial plan also envisaged merger of Srpska Banka and two aforementioned banks, but that idea was later abandoned. Postal Savings Bank made the decision at the Shareholders' Assembly to issue the shares from the sixth issue, without public offering, in order to enable realization of the merger with the Pančevo-based bank.