Komercijalna Banka's profit reached 1.4 billion dinars in first half of 2010

Komercijalna Banka in Belgrade registered nominal growth of business in the first six months of this year and significant growth of assets thanks to, first of all, closed recapitalization of this banking institution at the beginning of 2010.

Komercijalna Banka's income from interests amounted to 7.4 billion dinars, 5.8% more than in the first six months of 2009, while its income from fees grew by 2.3% and reached 2 billion dinars. This banking institution, which operates under control of the state, turned the gross profit of 1.4 billion dinars, which is 60.3% more than in the first half of last year. Just like all other banking institutions, Komercijalna Banka significantly increased expenditures due to exchange rate differences: they were 2.2 times larger than in the first six months of 2009 and reached 6.36 billion dinars. On the last day of June, the assets of Komercijalna Banka amounted to 243.8 billion dinars, which represents a nominal growth of 18.8% since the beginning of the year.

A great contribution to the growth of assets was given by the bank's recapitalization in January 2010. On that occasion, total of 479,819 preferred, convertible shares were issued, which is 55% of the bank's existing issue of common shares. The largest number of shares (40.2%) that can be converted into common shares as of January 1st, 2013, was bought by the EBRD. IFC bought 35.5%, German DEG procured 16.1%, while Swed fund took over 8% of shares from the new issue. As the government officials announced on that occasion, the state is offered the possibility to recapitalize Komercijalna Banka within next three years and keep the current ownership share.