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Intellinews - Serbia Banking Sector Report - February 2013

  • March 2013
  • -
  • Emerging Markets Direct Media Holdings
  • -
  • 33 pages

Total gross assets of Serbia’s banking sector rose by a nominal 9% to RSD 3.16tn (EUR 27.8bn) as of end-2012, with their growth speeding up from 5.9% a year earlier. Total loans to companies and households rose by a nominal 10.1% to RSD 1.75tn at end-2012, and total corporate and household deposits expanded by 11.1% to RSD 1.42tn.

All three growth rates as of the end of last year outpace slightly the depreciation of the Serbian dinar against the euro over the period. On the other hand, the three growth rates are slower that annual CPI inflation in December (12.2%), which means real growth was negative.

The share of NPLs of total gross loans was 18.6% at end-2012, down 0.4 pps y/y and 1.3 pps q/q.

The capital adequacy ratio of Serbia’s banking sector was 16.4% at end-September 2012, continuing a downward trend, which started in 2011.

The central bank said the liquidity of the sector was satisfactory at end-September 2012.

The pre-tax profit of Serbia’s banking sector decreased by 52.3% on the year to RSD 12bn in Jan-Sep, but the full-year performance in 2012 may have been better than the one in 2011.

After undergoing a five-month receivership and reporting a loss of RSD 29.7bn for 2011, Serbian commercial bank Agrobanka saw its licence revoked on May 25, 2012. Some of Agrobanka’s assets and liabilities were transferred to the newly created bridge bank Nova Agrobanka. Eventually, some assets and liabilities of the bridge bank were assumed by healthy local lender Postanska Stedionica in late October.

In August, the Serbian parliament adopted amendments to the central bank law despite criticisms from the IMF and the World Bank, among others, that the new texts are weakening the institution’s independence. Incumbent central bank governor Dejan Soskic resigned and was replaced by Jorgovanka Tabakovic, until then a vice president of Serbia Progressive Party, a member of the ruling coalition.

Table Of Contents

Intellinews - Serbia Banking Sector Report - February 2013
EXECUTIVE SUMMARY

Regional Overview
Unicredit says CEE banking sector keeps showing good profitability.
Western banks deleveraging vis-a-vis Emerging Europe moderates in Q3 2012
Fitch says new CEE action plan not likely to boost bank lending in short-term.

Serbia Banking Sector Structure
Foreign banks control 74% of Serbia's banking assets
Top 5 banks account for 47% of total assets

Regulations, Policies and Governing Bodies

Macroeconomic Overview
Banking Sector Developments in 2012
Total assets up by nominal 9% in 2012, but real growth is negative
Total loans up 10.1% at end-2012
Corporate, household deposits up 11.1% at end-2012
Foreign assets rise, liabilities drop at end-2012
NPLs drop to 18.6% of total gross loans at end-2012
Capital adequacy ratio drops to 16.4% at end-Sep 2012.
Banks' pre-tax profit drops 52.3% y/y in Jan-Sep 2012.

Market News
Telenor plans to set up or buy commercial bank in Serbia.
Austria's Erste Bank interested in buying Hypo's Serbian unit.
First Gulf Bank plans to open unit in Serbia - Serb FinMin.
Unnamed Turkish lender interested in Serbia's Privredna Banka - report.
NLB Banka Belgrade raises capital by EUR 45mn.
Erste Bank Serbia maiden EUR 13mn bond issue starts secondary trading on Nov 30.
Austria's Hypo Alpe-Adria-Bank launches sale of SEE units.
Serb c-bank revokes licence of Nova Agrobanka, oks its merger into local lender.
Serbia's Vojvodina to help troubled lender via EUR 131mn bond issue.
Belgium's KBC to divest Serbian unit as it focuses on core markets.
Citibank to boost its activities in Serbia and the region - Serb govt.
EBRD, Erste Bank Serbia launch EUR 10mn loan facility to support MSMEs.
FC lends Societe Generale Srbija EUR 70mn to support agribusiness.
Hungary's OTP plans to buy another bank in Serbia.

Leading Market Players
Banca Intesa a.d. Beograd
Komercijalna Banka A.D. Beograd
Unicredit Bank Srbija a.d. Beograd
Comparative Matrix Top 3 Banks in Terms of Assets



List of Tables and Figures

Table 1 Banks in Serbia, by total net assets as of Sep 30, 2012
Table 2 Capital adequacy of the Serbian banking sector (in RSD bn)
Table 3 Banca Intesa Balance Sheet, 2008-2012 (in RSD th)
Table 5 Banca Intesa Key Ratios
Table 6 Komercijalna Banka Balance Sheet, 2008-2012 (RSD th)
Table 7 Komercijalna Banka Income Statement, 2008-2012 (RSD th)
Table 8 Komercijalna Banka Key Ratios
Table 9 Unicredit bank Srbija Balance Sheet, 2008-2012 (in RSD th)
Table 10 Unicredit bank Srbija Income Statement, 2008-2012 (in RSD th)
Table 11 Unicredit bank Srbija Key Ratios
Table 12 Comparative Matrix, in RSD bn, as of Dec 31, 2012

Figure 1 Key policy rate, annual inflation, %
Figure 2 Total assets of Serbian banking sector, RSD bn, end-of-period
Figure 3 Total assets to GDP, %
Figure 4 Nominal loan growth, % y/y
Figure 5 Pre-tax profit of Serbian banking sector, RSD bn
Figure 6 Interest rates in 2012, %
Figure 7 KMBN, RSD/share

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