Banks in Kosovo over 65m euros in profit for five months

So says a Kosovo Central Bank report.

According to this report only until May 2023, banks have managed to secure net profits of no less than 65m euros.

The CEC emphasises that these big profits are due to high interest rates in loans, as well as high utility tariffs (comes from non-interest), which in 2022 almost all have increased in the name of high inflation that is ruling in Kosovo and the region, Klonkosova conveys. tv

The report says that in the month MayThe total revenues in the sector were worth 157.5m euros.

Of them, a total of 118.1 million were in interest only.

While the total expenses of this sector for this period were 91.6m, interest expenditures were worth only 13.3m euros. Meanwhile, effective interest rates in May remained at 6.5 per cent.

The interest rate for loans given to family economies in this period was 6.1 percent the same as in AprilAnd for those consumer ones, it remained the same as in April at 6.5 percent, while that for nonfinancial corporations was raised by 6.8 percent from 6.5 percent this month. On the other hand, the total amount given for loans by May of this year amounted to 4 billion and 643.3m from 4 billion and 562.8m euros worth in April, Kankosova notes. tv

Of all this amount, 1 billion 747.2m euros were loans to family economies, another 2 billion 864.9 million for non-financial corporations and 15.6m euros for other financial corporations.

And citizens' deposits preserved in commercial banks in the country, by the end of May 2023, reached 5 billion of 604.3m euros, up from 5 billion and 575.0 million in value in April. Currently, the total value of banking sector assets in the country is 6 billion of 806.4m euros.

We remember that even during 2022, net profit of these banking institutions in the country had reached over 140.3m euros, thus exceeding the year's average of 80m to 100m euros. Otherwise, in our country there are currently totaling 12 commercial banks, 9 of which are foreign capital banks.