RBV reports RSD 14.5 million losses

Razvojna Banka Vojvodine (Development Bank of Vojvodina - RBV), which operates under the control of AP Vojvodina, has announced a negative financial result for the previous business year.

RBV's losses in that period reached RSD 14.5 billion, which is an enormous increase given that its 2011 losses were at RSD 579 million.

Revenues from interests dropped 13.5 percent to RSD 2.9 billion, whereas revenues from fees and commissions fell by nearly RSD 600 million to RSD 546 million.

The value of RBV's assets decreased 27 percent at the end of 2012 to nearly RSD 26 million.

RBV shares today hit a record low in the last 12 months. With the current share price of RSD 177, RBV's market cap is at RSD 572 million (EUR 5.1 million).