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With interest income of 50 million euros and a solid revenue from fees, accompanied by a steady growth in lending with corresponding increase in reserves, the total net profit for the first half of the year amounts to 29 million euros. A moderate and reasonable growth across all fronts, strengthening market position – these are the key points that will delight all shareholders of Stopanska Banka Skopje. And it’s worth noting that in these six months, the level of deposits and savings has increased by one billion denars. Stopanska Banka Skopje also has numerous beautiful new features for its customers.
Positive Financial Results for Stopanska Banka Skopje
Stopanska Banka Skopje has reported moderate growth in all vital parameters, improvement in market position, and an increase in credit portfolio. The bank is in step with its competitors and brings numerous positive news for its shareholders, enhancing attractiveness for future investors.
In the first six months of this year, the bank achieved outstanding net interest income. For the first time in its corporate history, net interest income exceeded 50 million euros. Compared to the same period last year, the result is better by 7.8 million euros. This demonstrates the bank’s commitment to growth and success in the financial sector.
Financial Situation of Banks in Macedonia
Within the context of the European landscape, the operational policies of the central bank, along with interest rates, greatly impact the performance of major banks. They are adept at managing their position in the financial system of Macedonia. The second largest revenue item reported a slightly weaker result compared to last year. Net commission and compensation income stood at 7 million euros, while other income totaled 4 million euros. Additionally, gains from exchange rate differences amounted to 1.28 million euros.
Overall, Stopanska Banka Skopje reported positive financial results for the first six months.
Financial Performance Analysis
Last year, the company generated net revenues of €62.5 million from all its activities. This is a commendable achievement! On the expense side, the biggest item is provisions for credit losses. However, this does not necessarily mean it will be a cost. It is just a provision that, if there are no risky credits, will strengthen revenues and ultimately profit. Due to its credit activity, the bank reserved €12.38 million in this period, slightly more than €1.5 million more than last year.
Employee Expenses
The second, and realistically the largest, expense item is the costs related to employees. The bank allocated a significant amount to this, but it is essential for its operations. Investing in human resources is crucial for the bank’s success and growth in the long run.
Financial Overview of Stopanska Banka Skopje
Stopanska Banka Skopje, a leading bank in North Macedonia, reported a profit of 29 million euros in the latest financial period. This represents a significant increase compared to the previous year.
The bank also increased its expenses, particularly in employee care, by one million euros. Despite this, the bank managed to pay a tax of 3.2 million euros to the state.
Looking at the balance sheet, it is evident that lending is steadily growing. By the end of June, the bank’s lending stood at over 1.5 billion euros. Net lending for the first six months of the year increased by 16.26 million euros compared to the same period last year.
Investments in State Bonds Increase
Last December, the investments in state bonds increased by almost 50 million euros. As of the end of June this year, this bank holds 233.5 million euros in our country’s bonds. The deposit base is at a level of 1.65 billion euros.
