Freworks in Belgrade on Tuesday, January 9 2024 (Photo: PrintScreen YouTube)
The net profits of banks in Serbia in 2023 were RSD122.2 billion, while the majority of banks made record profits and the average yield on bank capital was 15 percent, the June annual edition of the Finansije TOP 2023/24 publication released by the Biznis i Finansije economic monthly shows.
The main reason for last year's jump in profits was net interest which grew by 52 percent to RSD227.6bn. Representatives of the financial sector envisage that inflation in Serbia will be tamed soon, but that it was not realistic to expect any cheapening of consumer prices, including the prices of financial products.
In addition to the surge in interest on loans and modestly priced deposits, net income stemming from fees generated a solid RSD77.3 billion or 11 percent more than in 2022.
In the first quarter of 2024 banks achieved RSD43.3 billion in profits which is an increase of 29 percent year-on-year but it is not likely that this rate of growth will continue until the end of the year, the Finansije TOP edition says.
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