Serbian Banking Srpsko Bankarstvo

Udruženje banaka Srbije

specijalni broj Srpsko bankarstvo

2017Serbian Banking

SRPSKO BANKARSTVO U 2017. SERBIAN BANKING IN 2017

Beograd, 2018.

Bankarstvo

Special edition 2018/ Specijalno izdanje za 2018. The 47th year of publishing / 47. godina izdanja

Publisher / Izdavač Udruženje banaka Srbije p.u. / Association of Serbian Banks b.a. 11000 Beograd, Bulevar kralja Aleksandra 86 [email protected] www.ubs-asb.com

Editor-in-Chief / Glavni i odgovorni urednik Prof. dr Veroljub Dugalić

Publishing Council / Izdavački savet Prof. dr Veroljub Dugalić, Association of Serbian Banks / Udruženje banaka Srbije dr Milko Štimac, Financial markets consultant / Konsultant za finansijska tržišta dr Nataša Kožul, Independent expert and investment banking consultant / Samostalni ekspert i konsultant za investiciono bankarstvo Siniša Krneta, Belgrade Stock Exchange / Beogradska berza Gordana Dostanić, AMS Insurance / AMS osiguranje dr Slađana Sredojević, Association of Serbian Banks / Udruženje banaka Srbije dr Milan Brković, Association of Serbian Banks / Udruženje banaka Srbije dr Vesna Matić, Association of Serbian Banks, retired / Udruženje banaka Srbije, u penziji Svetlana Pantelić, Association of Serbian Banks, retired / Udruženje banaka Srbije, u penziji

Editorial Board / Redakcioni odbor Prof. dr Veroljub Dugalić, Association of Serbian Banks / Udruženje banaka Srbije Prof. Roger Claessens, R.J. Claessens & Partners Prof. dr Emilija Vuksanović, Faculty of Economics Kragujevac, retired / Ekonomski fakultet Kragujevac, u penziji Prof. dr Radovan Kovačević, Faculty of Economics Belgrade / Ekonomski fakultet Beograd Prof. dr Žarko Lazarević, Institute of Contemporary History Ljubljana / Inštitut za novejšo zgodovino Ljubljana Prof. dr Slobodan Lakić, Faculty of Economics Podgorica / Ekonomski fakultet Podgorica Prof. dr Nebojša Savić, FEFA - Faculty of Economics, Finance and Administration / FEFA - Fakultet za Ekonomiju, Finansije i Administraciju Prof. dr Goran Pitić, FEFA - Faculty of Economics, Finance and Administration / FEFA - Fakultet za Ekonomiju, Finansije i Administraciju Prof. dr Dragana Gnjatović, Kragujevac University / Univerzitet u Kragujevcu Prof. dr Vesna Aleksić, Institute of Economic Sciences Belgrade / Institut ekonomskih nauka Beograd Prof. dr Miloš Živković, Faculty of Law Belgrade / Pravni fakultet Beograd Prof. dr Vladimir Vučković, Fiscal Council Republic of Serbia / Fiskalni savet Republike Srbije Prof. dr Miloš Božović, Faculty of Economics Belgrade / Ekonomski fakultet Beograd Prof. dr Violeta Todorović, Faculty of Economics Kragujevac / Ekonomski fakultet Kragujevac dr Jelena Minović, Institute of Economic Sciences Belgrade / Institut ekonomskih nauka Beograd dr Aleksandra Mitrović, Faculty of Hotel Management and Tourism, Vrnjačka Banja / Fakultet za hotelijerstvo i turizam, Vrnjačka Banja Prof. dr Mlađan Mrđan, EBS Business School, Wiesbaden dr Boštjan Ferk, Institute for Public-Private Partnership, Ljubljana / Inštitut za javno-zasebno partnerstvo, Ljubljana Prof. Vincent O'Brien, eBSI dr Jitka Pantuckova, Ohridska banka ad Ohrid Prof. dr János Száz, Institute for Training and Consulting in Banking, Budapest dr Aaron Presnall, Jefferson Institute, Washington Doc. dr Džafer Alibegović, Faculty of Economics Sarajevo / Ekonomski fakultet Sarajevo Prof. dr Nikolay Nenovsky, CRIISEA, Université de Picardie Jules Verne, Amiens, France dr Zlata Lukić - Editor / Urednik Bojana Nešić - Technical Editor / Tehnički urednik Nikola Marković - Technical Editor Assistant / Asistent tehničkog urednika Jelena Nikitović - Secretary / Sekretar Sonja Grbić - Translator and English Proofreader / Prevodilac i lektor za engleski jezik

Print / Štampa Čugura Print Beograd CONTENTS

VEROLJUB DUGALIĆ, SECRETARY GENERAL OF THE ASSOCIATION OF SERBIAN BANKS A WORD OF INTRODUCTION 6 BANKING SECTOR OF SERBIA IN 2017 ANALYSIS OF THE FINANCIAL POSITION AND FINANCIAL RESULT 8 NATIONAL BANK OF SERBIA 38 ASSOCIATION OF SERBIAN BANKS 40 ADDIKO BANK A.D. BELGRADE 42 AIK BANK A.D. BELGRADE 44 BANCA INTESA A.D. BELGRADE 46 POSTAL SAVINGS BANK A.D. BELGRADE 48 BANK OF CHINA SRBIJA A.D. BELGRADE 50 CRÉDIT AGRICOLE SERBIA A.D. NOVI SAD 52 DIREKTNA BANKA A.D. KRAGUJEVAC 54 EXPOBANK A.D. BELGRADE 56 ERSTE BANK A.D. NOVI SAD 58 EUROBANK A.D. BELGRADE 60 HALKBANK A.D. BELGRADE 62 JUBMES BANKA A.D. BELGRADE 64 KOMERCIJALNA BANKA A.D. BELGRADE 66 MTS BANKA A.D. BELGRADE 68 NLB BANK A.D. BELGRADE 70 ОPPORTUNITY BANK A.D. NOVI SAD 72 OTP BANKA SRBIJA A.D. NOVI SAD 74 PIRAEUS BANK A.D. BELGRADE 76 PROCREDIT BANK A.D. BELGRADE 78 RAIFFEISEN BANK A.D. BELGRADE 80 SBERBANK SERBIA A.D. BELGRADE 82 SOCIETE GENERALE BANK SERBIA A.D. BELGRADE 84 SRPSKA BANKA A.D. BELGRADE 86 TELENOR BANK A.D. BELGRADE 88 UNICREDIT BANK SERBIA A.D. BELGRADE 90 VOJVOĐANSKA BANKA A.D. NOVI SAD 92 VTB BANK A.D. BELGRADE 94 SECURITIES COMMISSION OF REPUBLIC OF SERBIA 96 BELGRADE STOCK EXCHANGE 98

8 SADRŽAJ

VEROLJUB DUGALIĆ, GENERALNI SEKRETAR UDRUŽENJA BANAKA 7 UVODNA REČ BANKARSKI SEKTOR SRBIJE U 2017. GODINI 9 ANALIZA FINANSIJSKE POZICIJE I FINANSIJSKOG REZULTATA 39 NARODNA BANKA SRBIJE 41 UDRUŽENJE BANAKA SRBIJE 43 ADDIKO BANK A.D. BEOGRAD 45 AIK BANKA A.D. BEOGRAD 47 BANCA INTESA A.D. BEOGRAD 49 BANKA POŠTANSKA ŠTEDIONICA A.D. BEOGRAD 51 BANK OF CHINA SRBIJA A.D. BEOGRAD 53 CRÉDIT AGRICOLE SRBIJA AD NOVI SAD 55 DIREKTNA BANKA A.D. KRAGUJEVAC 57 EXPOBANKA A.D. BEOGRAD 59 ERSTE BANK A.D. NOVI SAD 61 EUROBANK A.D. BEOGRAD 63 HALKBANK A.D. BEOGRAD 65 JUBMES BANKA A.D. BEOGRAD 67 KOMERCIJALNA BANKA A.D. BEOGRAD 69 MTS BANKA A.D. BEOGRAD 71 NLB BANKA A.D. BEOGRAD 73 OPPORTUNITY BANKA A.D. NOVI SAD 75 OTP BANKA SRBIJA A.D. NOVI SAD 77 PIRAEUS BANK A.D. BEOGRAD 79 PROCREDIT BANK A.D. BEOGRAD 81 RAIFFEISEN BANKA A.D. BEOGRAD 83 SBERBANK SRBIJA A.D. BEOGRAD 85 SOCIETE GENERALE BANKA SRBIJA A.D. BEOGRAD 87 SRPSKA BANKA A.D. BEOGRAD 89 TELENOR BANKA A.D. BEOGRAD 91 UNICREDIT BANK SRBIJA A.D. BEOGRAD 93 VOJVOĐANSKA BANKA A.D. NOVI SAD 95 VTB BANKA A.D. BEOGRAD 97 KOMISIJA ZA HARTIJE OD VREDNOSTI REPUBLIKE SRBIJE 99 BEOGRADSKA BERZA

9 A WORD OF INTRODUCTION

Dear readers,

n front of you is the special issue of Bankarstvo Journal which, traditionally, for the thir- Iteenth time, reviews the banking sector of Serbia’s operations in the previous year. The banking sector of Serbia will be presented through articles sent in by the banks, National Bank of Serbia, Securities Commission, Belgrade Stock Exchange and the Association of Serbian Banks, as well as through the Analysis of Financial Position and Financial Result of the Banking Sector, which is annually prepared by the ASB and is the introductory segment of the special issue of Bankarstvo Journal. In the previous year, the trend of consolidating the banking sector of Serbia continued, which resulted in five banks changing owners. Alpha Bank Serbia a.d. Belgrade changed its owner at the beginning of the year, when it was taken over by AIK Bank a.d. Belgrade. Marfin Bank a.d. Belgrade was sold to Ekspobanka a.d. Belgrade, while Direktna banka a.d. Kragujevac now owns Findomestik bank a.d. Belgrade. Jugobanka Jugbanka a.d. Kosovska Mitrovica went into bankruptcy, its business portfolio being taken up by Postal Savings Bank a.d. Belgrade. As a reminder, in 2007 there were 33 banks operating on the market, while, ten years later, there is a total of 28 banks. This year’s special issue of Bankarstvo Journal contains the data and the overview of 27 banks, i.e. all banks operating on the Serbian market save one, since Mirabank a.d. Belgrade decided not to participate this year either. This outstanding response proves that the banks have recognised the point and significance of such a publication, which displays in one place the overall development and dynamics of the banking sector of Serbia in the previous period, and which also provides each bank with the opportunity to individually present its business results. We would like to use this opportunity to wholeheartedly thank all our associates from the banks and other presented institutions who took part in the preparations and submission of articles, since without their help and contribution to painting a comprehensive picture of the banking sector in Serbia in 2017, this special issue of Bankarstvo Journal could never have been published.

Prof. Dr Veroljub Dugalic

Secretary General Association of Serbian Banks

10 UVODNA REČ

Poštovani čitaoci,

red Vama je specijalni broj časopisa Bankarstvo u Pkome, sada već tradicionalno, trinaesti put po redu objavljujemo prikaz poslovanja bankarskog sektora Sr- bije u godini za nama. Kako izgleda bankarski sektor Srbije u 2017. godini saznaćete iz priloga koje su dostavi- le banke, Narodna banka Srbije, Komisija za hartije od vrednosti, Beogradska berza i Udruženje banaka Srbije, kao i iz Analize finansijske pozicije i finansijskog rezultata bankarskog sektora zemlje, koju UBS priprema sva- ke godine i koja predstavlja uvodni deo specijalnog broja časopisa Bankarstvo. U prethodnoj godini nastavljen je trend konsolidacije bankarskog sektora Srbije, te je tako kod pet banaka do- šlo do promene vlasništva. Alpha Bank Srbija a.d. Beograd je početkom godine prva promenila vlasnika, kada ju je preuzela AIK banka a.d. Beograd. Prodata je i Marfin banka a.d. Beograd, koja je prešla u ruke Ekspobanke a.d. Beograd, dok je Direktna banka a.d. Kragujevac novi vlasnik Findomestik banke a.d. Beograd. Jugobanka Jugbanka a.d. Kosovska Mitrovica otišla je u stečaj, a njen poslovni portfolio preuzela je Banka Poštanska štedionica a.d. Beograd. Pod- sećanja radi, 2007. godine na bankarskom tržištu poslovale su 33 banke, dok ih deset godina kasnije ima ukupno 28. Ovogodišnji specijalni broj Bankarstva sadrži podatke i prikaz 27 banaka, odnosno svih banaka koje posluju na tržištu Srbije osim jedne, pošto je Mirabank a.d. Beograd i ovoga puta odlučila da izostane. Ovako sjajan odziv svedoči o tome da su banke prepoznale suštinu i zna- čaj ovakve publikacije, u kojoj se na jednom mestu može pratiti sveobuhvatan razvoj i dinami- ka bankarskog sektora Srbije u proteklom periodu, a koja ujedno daje mogućnost svakoj banci da pojedinačno predstavi svoje poslovne rezultate. Koristimo priliku da se ovim putem srdačno zahvalimo svim našim saradnicima iz banaka i ostalih predstavljenih institucija koji su učestvovali u pripremi i dostavljanju priloga, jer bez njihove pomoći i doprinosa sklapanju kompletne slike bankarskog sektora Srbije u 2017. godini, ovaj specijalni broj časopisa Bankarstvo ne bi ni mogao da bude objavljen.

Prof. dr Veroljub Dugalić

generalni sekretar Udruženje banaka Srbije

11 BANKING SECTOR OF SERBIA IN 2017 Analysis of the Financial Position and Financial Result

The still modest rates of economic growth in the conditions of pronounced and stimulating macroeconomic and financial stability are the basic characteristics of the environment in which the banking sector of Serbia operated in 2017. In addition, the improvement of the framework for further resolution of the inherited issue of NPLs in the banking sector of Serbia was continued.

Figure 1 - Main Indicators of Macroeconomics Trends 12.0 12 11.6

10 8.3 8 7.9 6 4.7 4 3.5

2 1.5 2.8 0.8 2.0* 0 -1.8 -2

-4

-6 -6.5 -8 2014 2015 2016 2017

GDP Industrial production - physical volume Export *MFRS estimate Source: Ministry of Finance of the RS, Public Finance Bulletin, December 2017

The estimated trends of the GDP, as a synthetic indicator of the country’s economic and financial position in 2017 (real growth of 2%, according to the Ministry of Finance’s estimate) compared to the previous eight years, when this indicator oscillated around 1, moving from the positive zone into the negative zone and vice versa, is a solid result, yet far from satisfactory. It stands to remind us of the complexity of the economic sector’s position and warns of the need for parallel and continuous actions in several segments, to continue stimulating a stronger and more stable economic growth. The economic activity throughout the entire 2017 recorded a higher percentage of growth than in the previous year, with an upward trend culminating in the last quarter, when the contribution to the quarterly GDP growth rate on the revenues side amounted to 2.5%. The growth of the total industrial production (3.5% at the end of 2017, compared to the end of 2016) was the main contributor to this trend of economic activity indicators in 2017, along with the results achieved in the services

12 BANKARSKI SEKTOR SRBIJE U 2017. GODINI Analiza finansijske pozicije i finansijskog rezultata

Još uvek skromne stope ekonomskog rasta u uslovima veoma izražene i podsticajne makroekonomske i finansijske stabilnosti predstavljaju osnovne karakteristike uslova u kojima je poslovao bankarski sektor Srbije u 2017. godini. Pri tome, nastavljeno je unapređenje okvira za dalje rešavanje nasleđenog pitanja NPL-ova u bankarskom sektoru Srbije.

Slika 1 - Osnovni indikatori makroekonomskih kretanja 12,0 12 11,6

10 8,3 8 7,9 6 4,7 4 3,5

2 1,5 2,8 0,8 2,0* 0 -1,8 -2

-4

-6 -6,5 -8 2014. 2015. 2016. 2017.

BDP Industrijska proizvodnja - ﬁzički obim Izvoz *Procena Ministarstva finansija Izvor: Ministarstvo finansija RS, Bilten javnih finansija, decembar 2017.

Procenjeno kretanje BDP-a kao sintetičkog indikatora privredne i finansijske pozicije zemlje u 2017. godini (realan rast od 2% prema proceni Ministarstva finansija) u odnosu na period od prethodnih osam godina kada je ovaj indikator oscilirao oko jedinice, prelazeći iz pozitivne zone u zonu minusa i obrnuto, predstavlјa solidan rezultat, koji je, ipak, daleko od zadovolјavajućeg. On nas pod- seća koliko je pozicija privrednog sektora kompleksna i upozorava na neophodnost da se paralelnim i kontinuiranim delovanjem u više segmenata i dalјe podstiče snažniji i stabilniji privredni rast. Privredna aktivnost tokom cele 2017. godine beleži viši procenat rasta u odnosu na prethodnu, sa uzlaznim trendom koji kulminira u poslednjem kvartalu kada je doprinos kvartalnoj stopi rasta BDP-a na prihodnoj strani iznosio 2,5%. Ovakvom kretanju indikatora privredne aktivnosti u 2017. godini najviše su doprineli rast ukupne industrijske proizvodnje (3,5% na kraju 2017. u odnosu na kraj 2016. godine), kao i rezultati ostvareni u sektoru usluga i u oblasti građevinarstva. Pozitivan

13 sector and in the field of construction. A positive contribution comes from net taxes, while agriculture retains a negative impact and reduces the growth rate by 0.7 percentage points.1 Improving the competitive position of the economy, the steady and growing inflow of foreign direct investments, primarily in export-oriented companies, resulted in the significant growth in exports and the volume of foreign trade.2 The export growth rate in 2017 was by 0.4 percentage points higher compared to the previous year and amounted to 12%. Exports of basic metals, metal products, coke and petroleum products were the main contributors to this trend of export growth. Imports recorded a growth rate of 13.8%, which is 3.2 times higher than in 2016.3

Figure 2 - Non-Performing Loans (NPLs) and Systemic Risk

70 67.9

60 56.2 51.8 50

40 29.7 30 22.3 21.9 20 17.2 13.8 11.7 9.3 10.0 10 10.4 10.1 5.9 8.6 4.4 0 2013 2015 2016 2017 NPLs/GDP NPLs/Banking sector’s assets NPLs/Capital NPLs/Total loans

Source: Association of Serbian Banks, Bilbon database

The systemic approach to solving the problem of NPLs, defined by the NBS Action Plan for Im- plementation of the NPL Resolution Strategy, started to yield more serious results, and the positive trends of the implemented measures in the financial/banking sector in 2017 are confirmed by the macroeconomic indicators of how burdened the banking sector is with non-performing loans. Namely, all four indicators recorded a downward trend in 2017 compared to the end of 2016. This was particularly reflected in the indicators of how burdened the banking sector is with non-performing loans (NPLs to GDP ratio), which was drastically reduced from 11.9%, to 4.4% at the end of 2017. The positive effect of financial consolidation, as an important segment of economic growth, is reflected in the fact that, for the first time since 2005, both indicators of the fiscal position have been positive. The total fiscal surplus in 2017 amounted to 1.2% of GDP, which represents an adjustment by 2.4% of GDP in relation to 2016. During the fourth quarter of 2017, the primary (1% of GDP) and the overall (2.4% of GDP) fiscal deficit was recorded, but at a significantly lower level compared to the same quarters of the previous years.4

1 Republic of Serbia, Ministry of Finance, Macroeconomic and Fiscal Analysis and Forecasting Sector, Current Macroeconomic Developments, March 2018, www.mfin.gov.rs 2 Ibid. 3 Republic of Serbia, Ministry of Finance, Bulletin of Public Finance no. 160, December 2017, www.mfin.gov.rs 4 Ibid.

14 doprinos dolazi i od neto poreza, dok polјoprivreda zadržava negativan uticaj i smanjuje stopu rasta za 0,7 p.p.1 Pobolјšanje konkurentske pozicije privrede, stabilan i rastući priliv stranih direktnih investicija, pre svega u izvozno orijentisane kompanije, rezultirali su značajnim rastom izvoza i obima spolјno- trgovinske razmene.2 Stopa rasta izvoza u 2017. godini veća je za 0,4 p.p. u odnosu na prethodnu godinu i iznosi 12%. Ovakvom trendu rasta izvoza najviše je doprineo izvoz osnovnih metala, me- talnih proizvoda, koksa i derivata nafte. Uvoz je zabeležio stopu rasta od 13,8%, što je čak 3,2 puta više nego u 2016.3

Slika 2 - NPL-ovi i sistemski rizik

70 67,9

60 56,2 51,8 50

40 29,7 30 22,3 21,9 20 17,2 13,8 11,7 9,3 10,0 10 10,4 10,1 5,9 8,6 4,4 0 2013. 2015. 2016. 2017. NPL/BDP NPL/aktiva bank. sektora NPL/kapital NPL/ukupni krediti

Izvor podataka: Udruženje banaka Srbije, Bilbon baza podataka

Sistemski pristup rešavanju problema NPL-ova, definisan Akcionim planom Narodne banke Srbije za sprovođenje Strategije za rešavanje problematičnih kredita u Republici Srbiji, počeo je da daje ozbilјnije rezultate, a pozitivne trendove primenjenih mera u finansijskom i bankarskom sektoru tokom 2017. godine potvrđuju makroekonomski indikatori opterećenosti bankarskog sektora problematičnim kreditima. Naime, sva četiri indikatora zabeležila su silazni trend u 2017. godini u odnosu na kraj 2016. godine. Ovo je posebno izraženo kod indikatora opterećenosti privrednog sektora problematičnim kreditima (koeficijent NPL-ova prema bruto domaćem proizvodu), koji je sa 11,9% na kraju 2016. godine drastično smanjen na 4,4%. Pozitivan efekat finansijske konsolidacije, kao bitan segment ekonomskog i privrednog rasta, odražava se u tome što su, po prvi put od 2005. godine, oba pokazatelјa fiskalne pozicije pozitivna. Ukupan fiskalni suficit u 2017. godini iznosio je 1,2% BDP-a, što predstavlјa prilagođavanje od 2,4% BDP-a u odnosu na 2016. godinu. Tokom četvrtog kvartala 2017. godine ostvaren je primarni (1% BDP-a) i ukupni (2,4% BDP-a) fiskalni deficit, ali na znatno nižem nivou u odnosu na iste kvartale prethodnih godina.4

1 Republika Srbija, Ministarstvo finansija, Sektor za makroekonomske i fiskalne analize i projekcije, Tekuća makroekonomska kretanja, mart 2018. www.mfin.gov.rs 2 Ibid. 3 Republika Srbija, Ministarstvo finansija, Bilten javnih finansija br. 160, decembar 2017. www.mfin.gov.rs 4 Ibid.

15 The public debt of the Republic of Serbia, at the central government level, amounted to EUR 23.2 billion at the end of 2017, i.e. 61.5% of the estimated GDP for 2017. This indicator recorded a downward trend in the share of GDP compared to the previous year (71.9%).5

Figure 3 - Indicators of Serbia's external position

in % 120 113.3* 103.1 106.8 100 97.7

80 77.3 78.3 76.5 69.9

40 29.7 31.0 29.5 27.1 20

0 2014 2015 2016 2017 External liquidity indicators - FX reserves/GDP External solvency indicators - external debt/GDP Openness of economy - (exports+imports)/GDP

*NBS estimate Source: National Bank of Serbia, Inflation of Serbia's External Position, March 2018, www.nbs.rs

The external position of Serbia measured by the synthetic indicators demonstrates the following: • The indicator of external liquidity of Serbia (FX reserves to GDP ratio) recorded a slight decline at the end of 2017 compared with the end of the previous year (lower by 2.4 percentage points), • The indicator ofexternal solvency of Serbia (external debt to GDP ratio) also recorded a slight decline at the end of the III quarter of 2017, compared to 2016, while • The indicator of the economy’s openness (imports + exports to GDP ratio) was higher by 6.5 percentage points at the end of 2017 compared to the end of 2016, according to the NBS estimate.

Monetary Policy and Economic Growth The monetary stability of the system was fully preserved, and the monetary policy instruments were used to clearly signal and stimulate the growth of lending activity. Inflation, as in the previous year, remained low and stable in 2017, and moved within the allowed deviation from the NBS target (3% +/- 1.5 percentage points). The average inflation rate during the year amounted to 1.9%, which was determined first of all by the increasing prices of fruit, mobile telephony services, tobacco, soft drinks, firewood and tourist arrangements.6 Disinflationary factors in the domestic environment during 2017 were registered as positive effects of the country’s fiscal consolidation, the relative stability of the exchange rate and a longer period of low inflationary expectations, especially in the financial and economic sectors. As a result of the still present deflation- ary pressures, in December 2017, the NBS kept the benchmark interest rate at 3.50%.

5 Ministry of Finance, Public Debt Management, State Debt and Structure of Public Debt, February 2018, www. javnidug.gov.rs 6 Republic of Serbia, Ministry of Finance, Department for Macroeconomic and Fiscal Analyses and Forecasts, Current Macroeconomic Developments, March 2018, www.mfin.gov.rs

16 Javni dug Republike Srbije, centralni nivo vlasti, na kraju 2017. godine iznosio je 23,2 mlrd. evra, odnosno 61,5% procenjenog BDP-a za 2017. godinu. Ovaj indikator zabeležio je silazni trend odnosu na prethodnu godinu (71,9%).5

Slika 3 - Indikatori eksterne pozicije Srbije

у % 120 113,3* 103,1 106,8 100 97,7

80 77,3 78,3 76,5 69,9

40 29,7 31,0 29,5 27,1 20

0 2014. 2015. 2016. 2017. Indikatori eksterne likvidnosti - devizne rezerve/BDP Indikatori eksterne solventnosti - spoljni dug/BDP Indikatori otvorenosti ekonomije - (izvoz+uvoz)/BDP

* Procena NBS Izvor podataka: Narodna banka Srbije, Indikatori eksterne pozicije Srbije, mart 2018. godine, www.nbs.rs

Eksterna pozicija Srbije merena sintetičkim indikatorima pokazuje sledeće: • indikator eksterne likvidnosti Srbije (odnos veličine deviznih rezervi u odnosu na veličinu BDP-a) beleži blagi pad na kraju 2017. u odnosu na kraj prethodne godine (niži je za 2,4 p.p.), • Indikator eksterne solventnosti (spolјni dug prema BDP-u) na kraju trećeg kvartala 2017. godine u odnosu na kraj 2016. godine takođe beleži blagi pad, dok je • indikator otvorenosti ekonomije (odnos izvoz+uvoz prema BDP-u), prema proceni NBS, na kraju 2017. godine veći za 6,5 p.p. u odnosu na kraj 2016.

Monetarna politika i privredni rast Monetarna stabilnost sistema u potpunosti je očuvana, a instrumentima monetarne politike da- vani su jasni signali i podsticaji za rast kreditne aktivnosti. Inflacija je, kao i u prethodnoj godini, u 2017. godini ostala niska i stabilna, i kretala se u granicama dozvolјenog odstupanja od cilјa NBS (3% +/- 1,5 p.p.). Prosečna stopa inflacije tokom godine iznosila je 1,9%, što je bilo opredelјeno, pre svega, povećanjem cena voća, usluga mobilne telefonije, duvana, bezalkoholnih pića, drva za ogrev i turističkih aranžmana.6 Dezinflatorni faktori u doma- ćem okruženju tokom 2017. godine registrovani su kao pozitivni efekti fiskalne konsolidacije zemlјe, relativna stabilnost deviznog kursa i duži period niskih inflacionih očekivanja, posebno u finansijskom i privrednom sektoru. Kao rezultat i dalјe prisutnih deflatornih pritisaka, u decembru 2017. godine NBS je zadržala referentnu kamatnu stopu na nivou od 3,50%.

5 Ministarstvo finansija, Uprava za javni dug, Stanje i struktura javnog duga, februar 2018. www.javnidug.gov.rs 6 Republika Srbija, Ministarstvo finansija, Sektor za makroekonomske i fiskalne analize i projekcije, Tekuća makroekonomska kretanja, mart 2018. www.mfin.gov.rs

17 Figure 4 - Interest Rates No. Interest rate 2014 2015 2016 2017 1. Benchmark interest rate 8.00% 4.50% 4.00% 3.50% 2. BEONIA 9.45% 2.61% 3.04% 2.27% BELIBOR 3. 9.91 - 9.79% 3.03 - 4.03% 3.00 - 3.66% 2.52 - 3.24% (depending on maturity) Aggregate average weighted interest 4. rate on NBS securities for open 6.98% 3.46% 2.82% 2.83% market operations Source: Statistical Bulletin of the NBS, December 2017, www.nbs.rs

Interest rates at the interbank money market (BEONIA and BELIBOR) in general followed the stable trends throughout the year. The average weighted interest rate on total bank loans in 2017 recorded a drop compared with its level at the end of the previous year as a result of the further alleviation of the monetary policy measures. The factors which also affected such trends of interest rates included the low interest rates in the Eurozone and the stronger competition among the banks. The average weighted interest rates on new dinar loans granted to the corporate sector in Decem- ber 2017 amounted to 4.75%, and on new dinar loans granted to the retail sector 10.6%. The level of average weighted interest rates on retail loans was largely determined by the interest rates on granted cash loans. In December 2017 the average weighted interest rate on newly-granted retail loans indexed in the foreign currency amounted to 4.20%, and on loans granted to non-financial legal entities and indexed in the foreign currency to 2.85%.7

Figure 5 - Average Weighted Interest Rates on Total Loans and Deposits in %, annual level 12

10 9.44

8 7.30 5.63 6 5.18

4 4.18 2 3.10 1.84 2.04 0 2014 2015 2016 2017

Total bank loans (retail and non-ﬁnancial sector)* Total deposits in banks (retail and non-ﬁnancial sector)** * Including loans by type, maturity and purpose - newly granted ** Including all deposits by maturity - newly acquired Source: Statistical Bulletin of the NBS, December 2017

The average weighted interest rate on total bank deposits was in 2017 higher than in the previous year by 0.2 percentage points.

7 Statistical Bulletin of the NBS, December 2017

18 Slika 4 - Kamatne stope R.br. Naziv kamatne stope 2014. 2015. 2016. 2017. 1. Referentna kamatna stopa 8,00% 4,50% 4,00% 3,50% 2. BEONIA 9,45% 2,61% 3,04% 2,27% BELIBOR 3. 9,91 - 9,79% 3,03 - 4,03% 3,00 - 3,66% 2,52 - 3,24% (u zavisnosti od ročnosti) Zbirna prosečno ponderisana kamatna 4. stopa na HoV kojima NBS obavlјa 6,98% 3,46% 2,89% 2,83% operacije na otvorenom tržištu Izvor podataka: Statistički bilten NBS, decembar 2017. godine, www.nbs.rs

Kamatne stope na međubankarskom tržištu novca (BEONIA i BELIBOR) generalno su pratile stabilan trend tokom 2017. godine. Prosečno ponderisana kamatna stopa na ukupne kredite banaka u 2017. godini zabeležila je pad u odnosu na nivo koji je imala na kraju prethodne godine i rezultat je dalјeg ublažavanja mera monetarne politike. Faktori koji su takođe uticali na ovakvo kretanje kamatnih stopa su niske kamatne stope u zoni evra i jača konkurencija između banaka. Prosečno ponderisane kamatne stope na novoodobrene dinarske kredite privredi u decembru 2017. godine iznosile su 4,75%, a na novoodobrene dinarske kredite stanovništvu 10,6%. Na visi- nu prosečno ponderisane kamatne stope na kredite odobrene stanovništvu najveći uticaj imale su kamatne stope na odobrene gotovinske kredite. U decembru 2017. godine prosečno ponderisana kamatna stopa na novoodobrene kredite stanovništvu indeksirane u stranoj valuti iznosila je 4,20%, a na novoodobrene kredite nefinansijskim pravnim licima indeksirane u stranoj valuti 2,85%.7

Slika 5 - Prosečno ponderisane kamatne stope na ukupne kredite i depozite

u %, godišnji nivo 12

10 9,44

8 7,30 5,63 6 5,18

4 4,18 2 3,10 1,84 2,04 0 2014. 2015. 2016. 2017.

Ukupni krediti banaka (stanovništvo i neﬁnansijski sektor)* Ukupni depoziti banaka (stanovništvo i neﬁnansijski sektor)**

* * Obuhvaćeni krediti po vrsti, ročnosti i namenama - novoodobreni poslovi ** Obuhvaćeni su svi depoziti po kriterijumu ročnosti - novoodobreni poslovi Izvor podataka: Statistički bilten NBS, decembar 2017. godine

Prosečno ponderisana kamatna stopa na ukupne depozite kod banaka u 2017. godini viša je u odnosu na prethodnu za 0,2 p.p.

7 Statistički bilten NBS, decembar 2017. godine

19 The FX rate of the dinar against the euro recorded the rather balanced and stable movements in the course of 2017, thus confirming the trend of a relatively stable FX rate in the past five years. Such a trend of the FX dinar rate considerably contributed to the maintenance of low and stable inflation, but also of the inflationary expectations within the country’s financial and corporate sector, which have been kept at the low level for quite a long time. The nominal and real appreciation of the FX rate of the dinar against the euro at the end of 2017, compared to 2016, amounted to 4%. Lending activity of banks in 2017 was characterised by the growth of total bank lending, which was realised despite the write-offs of NPLs, which exceeded those from the previous year. Thus, at the end of 2017, the gross accounting value of total loans granted to public enterprises, companies, entrepreneurs, households and the public sector is RSD 1.8 billion, or EUR 15.3 million. Corporate loans recorded growth on the basis of increased lending to companies, and the continued growth was noted in loans to households, primarily determined by the approval of cash loans (including refinancing loans).

Figure 6 - Total Bank Loans at the End of 2017 (Gross Accounting Value) Position at the end of the period, in RSD million / EUR million

Sector Curr. 2016 2017 Index (4/3)

1 2 3 4 5 RSD 106,176 81,740 77 Public enterprises EUR 860 690 80 RSD 831,787 881,511 106 Companies EUR 6,737 7,441 110 RSD 38,708 39,773 103 Entrepreneurs EUR 313 336 107 RSD 714,502 782,715 110 Retail EUR 5,789 6,607 114 RSD 31,899 29,212 92 Public sector EUR 258 247 96 RSD 1,723,072 1,814,951 105 Total EUR 13,955 15,320 110 The middle FX rate as of 29.12.2017, EUR 1 = RSD 118.4727 / The middle FX rate as of 31.12.2016, EUR 1 = RSD 123.4723 Source: Association of Serbian Banks, Bilbon database

Financial Position The financial position of the banking sector of Serbia in 2017 recorded some positive trends: • The balance sheet size of the banking sector of Serbia at the end of 2017 was higher by 4% in nominal terms, compared to the year before, thus amounting to RSD 3,367,528 million (EUR 28,425 million).

20 Devizni kurs dinara prema evru beleži prilično ujednačeno kretanje i tokom 2017. godine i po- tvrđuje trend relativno stabilnog kursa dinara prema evru u poslednjih pet godina. Ovakvo kretanje deviznog kursa dinara značajno je doprinelo održavanju niske i stabilne inflacije, ali i, dugoročno posmatrano, niskom nivou inflacionih očekivanja u finansijskom i privrednom sektoru zemlјe. Nominalna i realna aprecijacija deviznog kursa dinara prema evru na kraju 2017. godine u odnosu na kraj 2016. godine iznosila je 4%. Kreditnu aktivnost banaka u 2017. godini obeležio je rast ukupnih kreditnih plasmana banaka, koji je ostvaren uprkos otpisima problematičnih kredita, koji su nadmašili one iz prethodne godine. Tako na kraju 2017. godine bruto knjigovodstvena vrednost ukupnih kredita odobrenih javnim preduzećima, privrednim društvima, preduzetnicima, stanovništvu i javnom sektoru iznosi 1,8 milijardi dinara, odnosno 15,3 miliona evra. Krediti privredi zabeležili su rast po osnovu povećanog kreditiranja privrednih društava, a nastavlјen je i rast kredita stanovništvu, određen pre svega odobravanjem gotovinskih kredita (uklјučujući i kredite za refinansiranje).

Slika 6 - Ukupni krediti na kraju 2017. godine (bruto knjigovodstvena vrednost) stanje na kraju perioda, u mil. din. / mil. evra

Sektor Valuta 2016. 2017. Indeks (4/3)

1 2 3 4 5 RSD 106.176 81.740 77 Javna preduzeća EUR 860 690 80 RSD 831.787 881.511 106 Privredna društva EUR 6.737 7.441 110 RSD 38.708 39.773 103 Preduzetnici EUR 313 336 107 RSD 714.502 782.715 110 Stanovništvo EUR 5.789 6.607 114 RSD 31.899 29.212 92 Javni sektor EUR 258 247 96 RSD 1.723.072 1.814.951 105 Ukupno EUR 13.955 15.320 110 Srednji kurs na dan 29.12.2017. godine 1 evro = 118,4727 din. / srednji kurs na dan 31.12.2016. godine 1 evro = 123,4723 din. Izvor podataka: Udruženje banaka Srbije, Bilbon baza podataka

Finansijska pozicija Finansijska pozicija bankarskog sektora Srbije u 2017. godini beleži izvesne pozitivne trendove: • Bilansna veličina bankarskog sektora Srbije na kraju 2017. godine nominalno je veća za 4% u odnosu na kraj prethodne godinu i iznosi 3.367.528 miliona dinara (28.425 miliona evra).

21 Figure 7 - Total Assets, Liabilities and Capital of the Banking Sector of Serbia in RSD million / EUR million

Item Curr. 31.12.2016 31.12.2017 Index

1 2 3 4 4/3 RSD 3,245,990 3,367,528 104 Total assets EUR 26,289 28,425 108 RSD 2,611,706 2,702,254 103 Total liabilities EUR 21,152 22,809 108 RSD 634,283 665,274 105 Capital EUR 5,137 5,615 109 The middle FX rate as of 29.12.2017, EUR 1 = RSD 118.4727 / The middle FX rate as of 31.12.2016, EUR 1 = RSD 123.4723 Source: Association of Serbian Banks, Bilbon database

In addition to the expected growth of lending activity, another significant factor for the further strengthening of the banking sector’s financial position through increasing profitability as the primary source of capitalisation and financial strength, is a much more intense work on the restructuring of economic entities, as the leading clients of commercial banks. The operation of companies in the zone of high business risk directly generates the credit risk, and unless some radical changes are undertaken in this respect, the effects of selling non-performing loans and clearing the banks’ balance sheets will only be short-lived. The sale of non-performing loans by banks during 2017 is another factor which considerably affected the trends of the balance sheet size of banks and the banking sector overall. However, this measure will yield a positive effect in 2018 only if the excess liquidity generated thereof gets profitably invested into loans or high-ranked securities. The success of this business challenge depends not only on the quality of risk management in banks, but primarily on the systemic undertakings aimed at the restructuring of the economy.

Figure 8 - Indicators of Balance Sheet Assets Quality and Safety in %

2014 2015 2016 2017

Standard NPLs ratio * 21.5 21.9 17.2 10.0 NPLs coverage by provisions 113.3 114.0 131.4 133.2 Capital adequacy ratio 20.0 20.9 21.8 22.6 Structure of assets А+B+C 80.3 80.4 84.4 89.9 Sector liquidity indicator 2.2 2.1 2.1 2.0 * NPLs / Total loans Source: National Bank of Serbia, www.nbs.rs

• Measured by the quality indicators of the banking sector’s balance sheet structure, however, the financial position of the banking sector at the end of 2017 still remained satisfactory (clas- sification of balance sheet assets and off-balance sheet items; capital adequacy ratio, liquidity). The quality of balance sheet assets and off-balance sheet items structure from the previous years was kept in 2017 as well, in terms of a high share of higher-ranked balance sheet assets and off-balance sheet items (A, B, C), amounting to 89.9%, in the total classified assets at the end of the year.

22 Slika 7 - Ukupna aktiva, obaveze i kapital bankarskog sektora Srbije u mil. din. / mil. evra

Element Val. 31.12.2016. 31.12.2017. Indeks

1 2 3 4 4/3 RSD 3.245.990 3.367.528 104 Ukupna aktiva EUR 26.289 28.425 108 RSD 2.611.706 2.702.254 103 Ukupne obaveze EUR 21.152 22.809 108 RSD 634.283 665.274 105 Kapital EUR 5.137 5.615 109 Srednji kurs na dan 29.12.2017. godine 1 evro = 118,4727 din. / srednji kurs na dan 31.12.2016. godine 1 evro = 123,4723 din. Izvor podataka: Udruženje banaka Srbije, Bilbon baza podataka

Osim očekivanog rasta kreditne aktivnosti, za dalјe jačanje finansijske pozicije bankarskog sektora kroz rast profitabilnosti kao primarnog izvora kapitalizacije i veće finansijske snage, bitan činilac je daleko intenzivniji rad na restrukturiranju privrednih subjekata, kao vodećih klijenata poslovnih banaka. Poslovanje preduzeća u zoni visokog poslovnog rizika direktno generiše kreditni rizik, te ukoliko se na ovom planu ne učine korenite promene, to će i efekti prodaje NPL-ova i čišćenja bilansa banaka biti kratkog roka. Prodaja problematičnih potraživanja banaka tokom 2017. godine je takođe kriterijum koji je veoma uticao na kretanje bilansne veličine banaka i sektora u celini. Ova mera, međutim, pozitivan efekat u 2018. godini daće samo ukoliko viškovi likvidnosti nastali po ovom osnovu budu profitabilno plasirani u vidu kredita ili hartija sa visokim rejtingom. Uspeh ovog poslovnog izazova ne zavisi samo od kvaliteta upravlјanja rizicima u bankama, već pre svega od sistemskih zahvata na planu restrukturiranja privrede.

Slika 8 - Indikatori kvaliteta bilansne aktive i sigurnosti u %

2014. 2015. 2016. 2017.

Standardni NPL koeficijent* 21,5 21,9 17,2 10,0 Pokrivenost NPL-ova rezervama 113,3 114,0 131,4 133,2 Koeficijent adekvatnosti kapitala 20,0 20,9 21,8 22,6 Struktura aktive A+B+V 80,3 80,4 84,4 89,9 Pokazatelј likvidnosti sektora 2,2 2,1 2,1 2,0 * NPL / ukupni krediti Izvor podataka: Narodna banka Srbije, www.nbs.rs

• Merena indikatorima kvaliteta bilansne strukture bankarskog sektora, finansijska pozicija bankarskog sektora na kraju 2017. godine i dalјe je zadovolјavajuća (klasifikacija bilansne i vanbilansne aktive, koeficijent adekvatnosti kapitala, likvidnost). Kvalitet strukture bilansne aktive i vanbilansnih stavki iz prethodnih godina zadržan je i u 2017. godini, u smislu visokog učešća više rangirane aktive, bilansne i vanbilansne (A, B, V) od 89,9% u ukupno klasifikovanoj aktivi na kraju godine.

23 Figure 9 - Structure of Total Classified Balance Sheet Assets and Off-Balance Sheet Items in %

31.12.2015 31.12.2016 30.09.2017

A 50.6 52.5 54.0 B 22.0 22.9 24.5 C 7.8 9.0 9.6 D 3.8 3.1 2.9 E 15.9 12.5 9.1 Total 100.0 100.0 100.0 D and E (% of total assets) 19.6 15.6 12.0 Source: National Bank of Serbia, www.nbs.rs

This indicator can be considered rather satisfactory in the context of the recorded problems in the corporate sector and the increased credit risk exposure of banks. Nevertheless, it should be taken cautiously, bearing in mind the high credit risk that the banks are still exposed to due to the overall position of the corporate sector.

Figure 10 - Non-Performing Loans (NPLs) (Gross Accounting Value) in RSD million / EUR million Index Item Curr. 31.12.2015 31.12.2016 31.12.2017 2017/2016 RSD 1,919,659 1,908,842 1,965,640 103 Total loans EUR 15,783 15,460 16,592 107 RSD 420,669 328,991 197,581 60 NPLs EUR 3,459 2,664 1,668 63 Share of NPLs in total loans 21.9% 17.2% 10.0% 58 The middle FX rate as of 29.12.2017, EUR 1 = RSD 118.4727 / The middle FX rate as of 31.12.2016, EUR 1 = RSD 123.4723 Source: Association of Serbian Banks, Bilbon database

• The ratio of non-performing loans (NPLs) at the banking sector level, as a percentage of NPLs in the total granted loans portfolio, at the end of 2017 amounted to 10%. This indicator recorded a significant decline in relation to the end of the previous year by 7.2 percentage points, mostly as a result of the sale of NPLs, when the banks noticeably cleared their portfolios from the risk- bearing assets, thus boosting their liquidity. Broken down by sectors, the largest percentage of non-performing loans has been recorded in the structure of total loans granted to companies (10.97%) and in the structure of total loans granted to entrepreneurs (10.93%), followed by the share in the total loans granted to public enterprises (6.40%) and households (5.63%). Both indicators recorded a decline compared to the end of the previous year.

24 Slika 9 - Struktura ukupno klasifikovane bilansne i vanbilansne aktive u %

31.12.2015. 31.12.2016. 30.09.2017.

A 50,6 52,5 54,0 B 22,0 22,9 24,5 V 7,8 9,0 9,6 G 3,8 3,1 2,9 D 15,9 12,5 9,1 Ukupno 100,0 100,0 100,0 G i D (u % ukupne aktive) 19,6 15,6 12,0 Izvor podataka: Narodna banka Srbije, www.nbs.rs

Ovaj pokazatelј može se smatrati vrlo dobrim u kontekstu evidentiranih problema u privrednom sektoru zemlјe i povećanoj izloženosti banaka kreditnom riziku. Ipak, trebalo bi ga prihvatiti opre- zno, imajući u vidu visok kreditni rizik kome su banke i dalјe izložene zbog stanja u privrednom sektoru.

Slika 10 - Stanje NPL-ova (bruto knjigovodstvena vrednost) u mil. din. / mil. evra Indeks Element Val. 31.12.2015. 31.12.2016. 31.12.2017. 2017/2016. RSD 1.919.659 1.908.842 1.965.640 103 Ukupno odobreni krediti EUR 15.783 15.460 16.592 107 RSD 420.669 328.991 197.581 60 Problematični krediti EUR 3.459 2.664 1.668 63 Učešće problematičnih kredita 21,9% 17,2% 10,0% 58 u ukupnim kreditima Srednji kurs na dan 29.12.2017. godine 1 evro = 118,4727 din. / Srednji kurs na dan 31.12.2016. godine 1 evro = 123,4723 din. Izvor: Udruženje banaka Srbije, Bilbon baza podataka

• Koeficijent problematičnih kredita (NPL-ova) na nivou bankarskog sektora, kao procenat uče- šća ovih kredita u portfoliju ukupno odobrenih kredita, na kraju 2017. godine iznosi 10%. Ovaj indikator zabeležio je značajan pad u odnosu na kraj prethodne godine od 7,2 p.p., uglavnom kao rezultat prodaje problematičnih kredita kojom su banke značajno očistile svoje portfolije od rizične aktive i pobolјšale likvidnost. Po sektorskoj strukturi posmatrano, najveće učešće NPL-ova zabeleženo je u strukturi ukupnih kredita odobrenih privrednim društvima (10,97%) i preduzetnicima (10,93%), a zatim sledi učešće u ukupnim kreditima odobrenim javnim preduzećima (6,40%), odnosno stanovništvu (5,63%). Svi indikatori beleže pad u odnosu na kraj prethodne godine.

25 Figure 11 - Sectors with the Highest Percentage of Non-Performing Loans (NPLs) in %

Gross share of NPLs in gross loans approved to: 31.12.2016 31.12.2017

1 2 3 Companies 17.64 10.97 Public enterprises 14.25 6.40 Entrepreneurs 24.37 10.93 Households 9.17 5.63 Source: Association of Serbian Banks, Bilbon database

In the structure of total gross non-performing loans at the sector level, the highest share is recorded by: - Non-performing loans granted to corporate clients – business companies and public enterprises (total of RSD 101,906 million/EUR 860.2 million) with 51.6%, followed by - Non-performing loans granted to retail clients (RSD 44,083 million/EUR 372.1 million) with 22.3%, and - Non-performing loans granted to non-profit legal entities in bankruptcy (RSD 39,232 million/EUR 331.1 million) with 19.9%. • Total liabilities at the sector level recorded a nominal growth by 3% at the end of 2017 compared to the end of the previous year. The share of total liabilities in the structure of balance sheet liabilities at the end of the year amounted to 80.2%. • Total deposits at the end of 2017 amounted to RSD 1,980,592 million (EUR 16,717 million) and, compared to the position at the end of the previous year, they are nominally higher by 3.1%. Corporate deposits at the end of 2017 amounted to RSD 704,697 million (EUR 5,948 million) and noted a growth of RSD 41,995 million (EUR 354.5 million) in relation to the previous year. Retail deposits at the end of 2017 amounted to RSD 1,275,895 million (EUR 10,770 million) and, compared to the previous year, they were higher by RSD 17,864 million (EUR 150.8 million).

Figure 12 - Currency Structure of Banks’ Deposit Potential in RSD million

31.12.2016 % of share 31.12.2017 % of share

1 2 3 4 5 RSD + currency clause index 370,304 55.9 402,081 57.1 Corporate deposits Foreign currency 292,398 44.1 302,616 42.9 Total 662,702 100.0 704,697 100.0 RSD + currency clause index 187,076 14.9 201,472 15.8 Retail deposits Foreign currency 1,070,955 85.1 1,074,424 84.2 Total 1,258,031 100.0 1,275,895 100.0 Source: Statistical Bulletin of the NBS, December 2017, www.nbs.rs

The currency structure of corporate deposits recorded a more even proportion – FX deposits account for 42.9%, and dinar deposits for 57.1% of total deposits, while the currency structure of retail deposits has kept the long-standing proportion – FX deposits account for 84.2%, and dinar deposits for only 15.8% of total deposits. • Total capital of the banking sector at the end of 2017 amounted to RSD 665,274 million (EUR 5,615 million) and recorded a slight nominal growth compared to the end of 2016. In the structure of total capital, equity as the dominant position at the end of 2017 amounted to RSD 402,703 million (EUR 3,399 million), which is by RSD 1,190 million (EUR 10 million)

26 Slika 11 - Sektori sa najvišim procentom NPL-ova u % Učešće bruto problematičnih kredita u bruto 31.12.2016. 31.12.2017. kreditima odobrenim: 1 2 3 Privrednim društvima 17,64 10,97 Javnim preduzećima 14,25 6,40 Preduzetnicima 24,37 10,93 Stanovništvu 9,17 5,63 Izvor: Udruženje banaka Srbije, Bilbon baza podataka

U strukturi ukupnih bruto NPL-ova na nivou sektora najveće učešće imaju: - problematični krediti odobreni privredi – privredna društva i javna preduzeća (ukupno 101.906 miliona dinara, odnosno 860,2 miliona evra) sa 51,6%, zatim - problematični krediti stanovništvu (44.083 miliona dinara, odnosno 372,1 miliona evra) sa 22,3%, i - nefinansijska pravna lica u stečaju (39.232 miliona dinara, odnosno 331,1 miliona evra) sa 19,9%. • Ukupne obaveze na nivou sektora zabeležile su nominalni rast od 3% na kraju 2017. godine u odnosu na kraj prethodne. Učešće ukupnih obaveza u strukturi bilansne pasive na kraju godine iznosi 80,2%. • Ukupni depoziti na kraju 2017. godine iznose 1.980.592 miliona dinara (16.717 miliona evra) i u odnosu na stanje na kraju prethodne godine nominalno su veći za 3,1%. Depoziti privrede na kraju 2017. godine iznose 704.697 miliona dinara (5.948 miliona evra) i be- leže rast za 41.995 miliona dinara (354,5 miliona evra) u odnosu na prethodnu godinu. Depoziti stanovništva na kraju 2017. godine iznose 1.275.895 miliona dinara (10.770 miliona evra) i u odnosu na prethodnu godinu viši su za 17.864 miliona dinara (150,8 miliona evra).

Slika 12 - Valutna struktura depozitnog potencijala banaka u mil. din.

31.12.2016. % učešća 31.12.2017. % učešća

1 2 3 4 5 Dinarski + indeksirani deviznom 370.304 55,9 402.081 57,1 klauzulom Depoziti privrede Devizni 292.398 44,1 302.616 42,9 Ukupno 662.702 100,0 704.697 100,0 Dinarski + indeksirani deviznom 187.076 14,9 201.472 15,8 klauzulom Depoziti stanovništva Devizni 1.070.955 85,1 1.074.424 84,2 Ukupno 1.258.031 100,0 1.275.895 100,0 Izvor: Statistički bilten NBS, decembar 2017. godine, www.nbs.rs

Valutna struktura je kod depozita privrede raspoređena u ravnomernijoj proporciji, te tako devizni depoziti čine 42,9%, a dinarski 57,1% ukupnih depozita, dok je kod depozita stanovništvu zastu- plјena dugogodišnja proporcija sa čak 84,2% deviznih i samo 15,8% dinarskih depozita. • Ukupan kapital bankarskog sektora na kraju 2017. godine iznosi 665.274 miliona dinara (5.615 miliona evra) i beleži blagi nominalni rast u odnosu na kraj 2016. godine. U strukturi ukupnog kapitala akcijski kapital kao dominantna pozicija na kraju 2017. godine iznosi 402.703 miliona dinara (3.399 miliona evra), što je za 1.190 miliona dinara (10 miliona

27 more than at the end of 2016. Provisions from profit, as the second largest item in the structure of total capital, at the end of the year amounted to RSD 196,336 million (EUR 1,657 million) which is by 0.2% higher than at the end of the previous year.

Figure 13 - Capital Adequacy Ratio 30

25 21.8 22.6 20.0 20.9 20

0 2014 2015 2016 2017

Capital adequacy ratio Regulatory minimum Source: National Bank of Serbia, www.nbs.rs

• Capital adequacy ratio, as the ratio between capital and credit risk weighted assets increased by the capital requirements for market and operational risks, at the end of 2017, amounted to 22.6% which is by 0.8 percentage points higher than in the previous year (21.8%). This important indicator is still very good, and it remains far above the prescribed minimum (8%)8. The reason behind it is the high share of less risky assets (A, B, C) in the structure of total classified assets at the sector level. • The indicators of banks’ liquidity in 2017 ranged from 1.3 to 3.9. Only in three banks this ratio was high (above 4), which indicated a low efficiency in the utilisation of funds. According to the data from the ASB Bilbon database, the average annual liquidity ratio at the sector level at the end of 2017 was 3.1 which leads to the conclusion that the banking sector’s liquidity is at the satisfactory level9.

8 The amendments to the regulations regarding the capital adequacy of banks adopted in December 2016 reduced the minimum value of the capital adequacy ratio from 12% to 8% as of June 2017, thereby equating it to the standard implemented in the European Union. 9 According to the National Bank of Serbia, the annual average liquidity ratio at the end of 2017 is 2.0 at the sector level.

28 evra) više nego na kraju 2016. godine. Rezerve iz dobiti, kao druga po veličini pozicija u strukturi ukupnog kapitala, na kraju godine iznose 196.336 miliona dinara (1.657 miliona evra) i veće su u odnosu na stanje na kraju prethodne godine za 0,2%.

Slika 13 - Koeficijent adekvatnosti kapitala 30

25 21,8 22,6 20,0 20,9 20

0 2014. 2015. 2016. 2017.

Koeﬁcijent adekvatnosti kapitala Zakonski minimum Izvor podataka: Narodna banka Srbije, www.nbs.rs

• Koeficijent adekvatnosti kapitala, kao odnos kapitala i kreditnim rizikom ponderisane aktive uvećane kapitalnim zahtevima za tržišne i operativne rizike, na kraju 2017. godine iznosio je 22,6% i za 0,8 p.p. je viši u odnosu na prethodnu godinu (21,8%). Ovaj važan pokazatelј i dalјe je izuzetno dobar i daleko iznad propisanog minimuma (8%).8 Razlog tome je visoko učešće manje rizične aktive (A, B, V) u strukturi ukupno klasifikovane bilansne i vanbilansne aktive na nivou sektora. • Pokazatelјi likvidnosti banaka u 2017. godini kreću se u rasponu od 1,3 do 3,9. Samo u slučaju tri banke ovaj koeficijent je povišen (iznad 4), što upućuje na nisku efikasnost upotrebe sredstava. Prema podacima iz Bilbon baze podataka Udruženja banaka Srbije, prosečan pokazatelј likvidnosti na nivou sektora na kraju 2017. godine je 3,1 što ukazuje da je likvidnost bankarskog sektora na zadovolјavajućem nivou.9

8 Izmenama propisa u vezi sa adekvatnošću kapitala banaka koje su usvojene decembra 2016. godine, minimalna vrednost pokazatelјa adekvatnosti kapitala je smanjena sa 12% na 8% počev od juna 2017. godine, čime je izjednačena sa onom koja se primenjuje u Evropskoj uniji. 9 Prema podacima Narodne banke Srbije, prosečan godišnji koeficijent likvidnosti na nivou sektora na kraju 2017. godine je 2,0.

29 Financial Result The banking sector of Serbia ended the business year of 2017 with the positive financial result. The recorded net profit before taxes amounted to RSD 68,693 million/EUR 580 million. Measured by the index numbers, the positive financial result in the recent years has recorded a high upward trend in relation to the base periods, thus in 2017 it was 3.4 times higher than at the end of 2016, while at the end of 2016 it was twice as high as at the end of 2015. Efficiency indicators of the banking sector in Serbia have been stagnating over the past few years, while profitability indicators increased at the end of 2017 compared to 2016, the rate of return on assets having increased by 1.5 percentage points, and the rate of return on equity having increased by 7.7 percentage points.

Figure 14 - Efficiency and Profitability of the Banking Sector of Serbia

Eﬃciency

2015 2016 2017 E1 (total operating income/ total assets) 0.07 0.04 0.05

E2 (net interest income/total 2015 2016 2017 assets) 0.04 0.04 0.04

Proﬁtability

2015 2016 2016 ROA* (Rate of return on assets) 0.3% 0.7% 2.2% ROE** 11.1% (Rate of return on equity) 1.6% 3.4% (4.2%***)

* Profit before taxes/total assets ** Profit before taxes/total equity *** After excluding the effects of solving NPLs the ROE would, instead of 11.1%, amount to 4.2% Source: Association of Serbian Banks, Bilbon database

30 Finansijski rezultat Bankarski sektor Srbije poslovnu 2017. godinu završio je sa pozitivnim finansijskim rezultatom. Neto dobit pre oporezivanja iznosi 68.693 miliona dinara, odnosno 580 miliona evra. Mereno in- deksnim brojevima pozitivan finansijski rezultat poslednjih godina beleži visok uzlazni trend u odnosu na bazne periode, te je tako na kraju 2017. godine 3,4 puta veći od onog na kraju 2016. godine, dok je na kraju 2016. godine bio dva puta veći od onog na kraju 2015. godine. Indikatori efikasnosti bankarskog sektora Srbije u poslednjih nekoliko godina stagniraju, dok indikatori profitabilnosti beleže rast na kraju 2017. godine u odnosu na 2016. godinu, i to stopa prinosa na angažovana sredstva rast od 1,5 p.p, a stopa prinosa na kapital rast od 7,7 p.p.

Slika 14 - Efikasnost i profitabilnost bankarskog sektora Srbije

Eﬁkasnost

2015. 2016. 2017. E1 (ukupni poslovni prihodi/ ukupna aktiva) 0,07 0,04 0,05

E2 (neto prihodi od kamata/ 2015. 2016. 2017. ukupna aktiva) 0,04 0,04 0,04

Proﬁtabilnost

2015. 2016. 2017.

ROA* 0,3% 0,7% 2,2% (stopa prinosa na aktivu) 11,1% ROE** 1,6% 3,4% (stopa prinosa na kapital) (4,2%***)

* Dobitak pre oporezivanja/ukupna aktiva ** Dobitak pre oporezivanja/ukupan kapital *** Isklјučivanjem efekata rešavanja NPL-ova prinos na kapital bi, umesto 11,1%, iznosio 4,2% Izvor: Udruženje banaka Srbije, Bilbon baza podataka

31 Concluding remarks The efforts invested by the monetary and credit policy makers in the past two years to improve the business environment and investment climate, along with the preserved financial stability in the country and a successfully implemented financial consolidation, resulted in a certain improvement in the financial position and financial performance of the banking sector in Serbia. However, in -ad dition to the favourable macroeconomic environment, the stable and long-term growth of economic activities in Serbia presupposes the intensified restructuring of the economic sector, which has been increasingly struggling to bear the burden of long-term, unresolved structural problems of a significant number of Serbian companies. The financial position of the banking sector of Serbia in the course of 2017 did not substantially change compared to 2016. The balance sheet sizeof the banking sector of Serbia at the end of 2017 recorded a somewhat higher nominal growth of 4% compared to the previous year, amounting to RSD 3,367,528 million (EUR 28,425 million). Lending activity of banks, after a medium-term period of stagnation and decline, recorded an upward trend in 2017, encouraged by the easing of the monetary policy of the National Bank of Serbia, accompanied by the effects of increased competition among banks, the growth of economic activity and the recovery of the labour market, the decline in the country’s risk premium and low interest rates in the Eurozone. Total loan placements at the end of 2017 were nominally higher by 3% compared to the end of the previous year, whereby the growth was realised despite the write-offs of NPLs, which exceeded those of the previous year. Broken down by the sector structure, corporate loans (companies and public enterprises) experi- enced a nominal growth by 2.7%, at the end of 2017. Loans granted to entrepreneurs noted a nominal growth by 3%, while retail loans were, in nominal terms, higher by 10% at the end of 2017 than they were at the end of the previous year, which was the result of a considerable drop in the interest rates on FX-indexed loans. The banking sector in Serbia finished the 2017 business year with a positive financial result.The recorded net profit before taxes amounted to RSD 68,693 million/EUR 580 million, which is by 33.7% higher than in the last year. ROA at the end of 2017 is 2.2% and is by 1.5 percentage points higher in comparison to the previous year, while ROE at the end of 2017 amounted to 11.1%, experi- encing a growth by 7.7 percentage points. The growth of the net positive business result in 2017 compared to the previous year is certainly encouraging, yet far from satisfactory, given that the current financial result and the business environment, posing a high business risk due to the problems in the corporate sector, leave no room for profitable business, as a precondition for the desired growth of rates of return on assets and capital. Moreover, the structural imbalances at the banking sector level, along with the huge differences among banks in terms of their financial position and business results, also suggest the necessity of further reforms in the banking sector, as well as the necessity of introducing changes into the operations of a number of banks. The quality indicators of the banking sector’s balance sheet structure at the end of 2017 remain satisfactory: capital adequacy ratio → 22.6%, coverage of non-performing loans by loss provisions → 133.2% and liquidity ratio → 2.0. This economic contradiction, marked by a decelerated growth of the banking sector’s financial strength indicators and the simultaneous maintenance of its financial stability and liquidity at the satisfactory level, has been present for several years now, and may be explained only by referring to the extremely cautious risk and capital management in banks in Ser- bia, as well as the prudential supervision of banks’ operations, conducted by the national supervisor. Nevertheless, this is a position of high business risk, warning about the banking sector’s resilience and indicating that it is only a matter of time before banks become unable to control the pressures from the domestic and external environment, posing serious challenges to its stability.

32 Zaključna razmatranja Napori kreatora ekonomske politike zemlјe poslednjih nekoliko godina na planu unapređenja poslovnog ambijenta i investicione klime, očuvana finansijska stabilnost zemlјe i uspešno sprovedena finansijska konsolidacija, rezultirali su izvesnim pobolјšanjem finansijske pozicije i finansijskog rezultata bankarskog sektora Srbije. Stabilan i dugoročni rast privrednih aktivnosti u Srbiji, međutim, osim povolјnog makroekonomskog ambijenta pretpostavlјa i intenziviranje procesa restrukturiranja privrednog sektora, koji poslednjih godina sve teže nosi teret dugoročnih, nerešenih strukturnih problema još uvek značajnog broja srpskih preduzeća. Finansijska pozicija banakarskog sektora Srbije tokom 2017. godine nije se bitnije promenila u odnosu na 2016. godinu. Bilansna veličina bankarskog sektora Srbije na kraju 2017. godine nominalno je veća za 4% u odnosu na kraj prethodne godinu i iznosi 3.367.528 miliona dinara (28.425 miliona evra). Kreditna aktivnost banaka je, nakon srednjoročnog perioda stagnacije i pada, zabeležila ubrzanje tokom 2017. godine, čemu je doprinelo ublažavanje monetarne politike Narodne banke Srbije, uz efekte pojačane konkurencije među bankama, rasta ekonomske aktivnosti praćenog oporavkom tr- žišta rada, pada premije rizika zemlјe i niskih kamatnih stopa u zoni evra. Ukupni kreditni plasmani na kraju 2017. godine nominalno su viši za 3% u odnosu na kraj prethodne godine, pri čemu je rast ostvaren uprkos otpisima problematičnih kredita, koji su nadmašili one iz prethodne godine. Posmatrano po sektorskoj strukturi, krediti privredi (privredna društva i javna preduzeća) na kraju 2017. godine beleže nominalan rast od 2,7%. Krediti preduzetnicima beleže nominalan rast od 3%, dok su krediti stanovništvu na kraju 2017. godine nominalno viši za 10% u odnosu na kraj prethodne godine, čemu je doprineo značajan pad kamatnih stopa na kredite indeksirane u devizama. Bankarski sektor Srbije poslovnu 2017. godinu završio je sa pozitivnim finansijskim rezultatom. Neto dobit pre oporezivanja iznosi 68.693 miliona dinara, odnosno 580 miliona evra i veća je u odnosu na prethodnu godinu za 33,7%. Stopa prinosa na aktivu (ROA) na kraju 2017. godine iznosi 2,2% i veća je za 1,5 p.p. u poređenju sa godinom pre toga, dok stopa prinosa na kapital (ROE) na kraju 2017. godine iznosi 11,1% i time beleži rast od 7,7 p.p. Rast pozitivnog rezultata poslovanja u 2017. godini u odnosu na prethodnu godinu svakako je ohrabrujući, ali daleko od zadovolјavajućeg, s obzirom na to da ovakav finansijski rezultat i poslovno okruženje koje predstavlјa zonu visokog poslovnog rizika zbog problema u privrednom sektoru, ne ostavlјaju prostor za profitabilno poslovanje, kao preduslov za želјeni rast stope prinosa na aktivu i kapital. Osim toga, strukturne neravnoteže na nivou samog bankarskog sektora, velike razlike iz- među banaka u finansijskoj poziciji i rezultatima poslovanja, takođe ukazuju na neophodnost dalјih reformi u bankarskom sektoru, ali i neophodnost promena u operativnom poslovanju jednog broja banaka. Indikatori kvaliteta bilansne strukture bankarskog sektora na kraju 2017. godine još uvek su zadovolјavajući: stopa adekvatnosti kapitala → 22,6%, pokrivenost problematičnih kredita rezer- vacijama za gubitke → 133,2%, odnosno pokazatelј likvidnosti → 2,0. Ova ekonomska nelogičnost, u kojoj dolazi do usporavanja rasta indikatora finansijske snage bankarskog sektora uz istovremeno održavanje njegove finansijske stabilnosti i likvidnosti na zadovolјavajućem nivou, prisutna je već više godina i može se objasniti samo vrlo pažlјivim upravlјanjem rizicima i kapitalom u bankama u Srbiji, ali i prudencionom supervizijom poslovanja banaka, koju sprovodi nacionalni supervizor. I pored toga, reč je o poziciji visokog poslovnog rizika, koja upozorava na izdržlјivost bankarskog sektora i ukazuje da je pitanje vremena, u kome će banke moći da upravlјaju i kontrolišu pritiske iz domaćeg i spolјnog okruženja, koji su ozbilјan izazov njegovoj stabilnosti.

33 Balance Sheet as of 31.12.2017

ITEM In RSD thousand In EUR thousand*

А АSSETS A.I Cash and funds at the central bank 472,150,025 3,985,307 A.II Pledged financial assets 5,334,005 45,023 Tradable financial assets at fair value through the income A.III 26,244,216 221,521 statement Financial assets initially recognised at fair value through the A.IV 7,270,374 61,368 income statement A.V Tradable financial assets 553,816,317 4,674,632 A.VI Financial assets held to maturity 59,474,192 502,008 Loans and receivables from banks and other financial A.VII 177,314,832 1,496,673 organisations A.VIII Loans and receivables from the clients 1,926,565,172 16,261,680 A.IX Changes in fair value of items subject to risk protection 193,560 1,634 Receivables in respect of financial derivatives aimed at risk A.X 90,443 763 protection A.XI Investments in affiliated companies and joint ventures 2,752,164 23,230 A.XII Investments in dependent companies 19,791,221 167,053 A.XIII Intangible investments 11,461,832 96,747 A.XIV Property, premises and equipment 52,200,066 440,608 A.XV Investment property 15,291,006 129,068 A.XVI Current tax assets 73,556 621 A.XVII Deferred tax assets 2,446,222 20,648 A.XVIII Fixed assets for sale and assets from discontinued operations 3,065,580 25,876 A.XIX Other assets 31,993,354 270,048 TOTAL ASSETS (items from 0001 to 0019 in the balance A.XX 3,367,528,137 28,424,507 sheet) P LIABILITIES AND EQUITY 0 PO LIABILITIES 0 Tradable financial liabilities at fair value through the income PO.I 456,196 3,851 statement Financial liabilities initially recognised at fair value through PO.II 0 0 the income statement Liabilities in respect of financial derivatives aimed at risk PO.III 573,464 4,840 protection Deposits and other liabilities towards banks, other financial PO.IV 379,451,092 3,202,857 organisations and the central bank PO.V Deposits and other liabilities towards other clients 2,232,795,869 18,846,501 PO.VI Changes in fair value of items subject to risk protection 206 2 PO.VII Issued own securities and other borrowed funds 66 1 PO.VIII Subordinated liabilities 33,289,846 280,992 PO.IX Provisions 11,160,149 94,200

34 Bilans stanja sa stanjem na dan 31.12.2017.

POZICIJA U hilјadama dinara U hilјadama evra* A AKTIVA A.I Gotovina i sredstva kod centralne banke 472.150.025 3.985.307 A.II Založena finansijska sredstva 5.334.005 45.023 Finansijska sredstva po fer vrednosti kroz bilans uspeha A.III 26.244.216 221.521 namenjena trgovanju Finansijska sredstva koja se inicijalno priznaju po fer vrednosti A.IV 7.270.374 61.368 kroz bilans uspeha A.V Finansijska sredstva raspoloživa za prodaju 553.816.317 4.674.632 A.VI Finansijska sredstva koja se drže do dospeća 59.474.192 502.008 Krediti i potraživanja od banaka i drugih finansijskih A.VII 177.314.832 1.496.673 organizacija A.VIII Krediti i potraživanja od komitenata 1.926.565.172 16.261.680 A.IX Promene fer vrednosti stavki koje su predmet zaštite od rizika 193.560 1.634 Potraživanja po osnovu finansijskih derivata namenjenih A.X 90.443 763 zaštiti od rizika A.XI Investicije u pridružena društva i zajedničke poduhvate 2.752.164 23.230 A.XII Investicije u zavisna društva 19.791.221 167.053 A.XIII Nematerijalna ulaganja 11.461.832 96.747 A.XIV Nekretnine, postrojenja i oprema 52.200.066 440.608 A.XV Investicione nekretnine 15.291.006 129.068 A.XVI Tekuća poreska sredstva 73.556 621 A.XVII Odložena poreska sredstva 2.446.222 20.648 Stalna sredstva namenjena prodaji i sredstva poslovanja koje A.XVIII 3.065.580 25.876 se obustavlјa A.XIX Ostala sredstva 31.993.354 270.048 UKUPNO AKTIVA (pozicije pod AOP oznakama od 0001 A.XX 3.367.528.137 28.424.507 do 0019 u bilansu stanja) P PASIVA 0 PO OBAVEZE 0 Finansijske obaveze po fer vrednosti kroz bilans uspeha PO.I 456.196 3.851 namenjene trgovanju Finansijske obaveze koje se inicijalno priznaju po fer vrednosti PO.II 0 0 kroz bilans uspeha Obaveze po osnovu finansijskih derivata namenjenih zaštiti PO.III 573.464 4.840 od rizika Depoziti i ostale obaveze prema bankama, drugim PO.IV 379.451.092 3.202.857 finansijskim organizacijama i centralnoj banci PO.V Depoziti i ostale obaveze prema drugim komitentima 2.232.795.869 18.846.501 PO.VI Promene fer vrednosti stavki koje su predmet zaštite od rizika 206 2 Izdate sopstvene hartije od vrednosti i druga pozajmlјena PO.VII 66 1 sredstva PO.VIII Subordinirane obaveze 33.289.846 280.992

35 ITEM In RSD thousand In EUR thousand*

Liabilities in respect of assets for sale and assets from PO.X 0 0 discontinued operations PO.XI Current tax liabilities 1,482,920 12,517 PO.XII Deferred tax liabilities 796,836 6,726 PO.XIII Other liabilities 42,247,152 356,598 TOTAL LIABILITIES (items from 0401 to 0413 in the PO.XIV 2,702,253,796 22,809,084 balance sheet) CAPITAL 0 PO.XV Shareholders’ equity 402,703,162 3,399,122 PO.XVI Own shares 500 4 PO.XVII Profit 100,738,621 850,311 PO.XVIII Loss 34,502,757 291,230 PO.XIX Provisions 196,335,815 1,657,224 PO.XX Unrealised losses 0 0 TOTAL CAPITAL (result of summation and deduction of the following PO.XXI 665,274,341 5,615,423 ADP categories from the balance sheet: 0415 - 0416 + 0417 - 0418 + 0419 - 0420) ≥ 0 TOTAL LACK OF CAPITAL (result of summation and deduction of the following PO.XXII 0 0 ADP categories from the balance sheet: 0415 - 0416 + 0417 - 0418 + 0419 - 0420) < 0 TOTAL LIABILITIES (result of summation and deduction of the following PO.XXIII 3,367,528,137 28,424,507 ADP categories from the balance sheet: 0414 + 0422 - 0423) * Official middle rate of exchange of the dinar against the EUR, as of 29.12.2017, was applied - EUR 1 = RSD 118.4727

36 POZICIJA U hilјadama dinara U hilјadama evra* PO.IX Rezervisanja 11.160.149 94.200 Obaveze po osnovu sredstava namenjenih prodaji i sredstva PO.X 0 0 poslovanja koje se obustavlјa PO.XI Tekuće poreske obaveze 1.482.920 12.517 PO.XII Odložene poreske obaveze 796.836 6.726 PO.XIII Ostale obaveze 42.247.152 356.598 UKUPNO OBAVEZE (pozicije pod AOP oznakama od 0401 PO.XIV 2.702.253.796 22.809.084 do 0413 u bilansu stanja) KAPITAL 0 PO.XV Akcijski kapital 402.703.162 3.399.122 PO.XVI Sopstvene akcije 500 4 PO.XVII Dobitak 100.738.621 850.311 PO.XVIII Gubitak 34.502.757 291.230 PO.XIX Rezerve 196.335.815 1.657.224 PO.XX Nerealizovani gubici 0 0 UKUPNO KAPITAL (rezultat sabiranja, odnosno oduzimanja sledećih AOP PO.XXI 665.274.341 5.615.423 oznaka iz bilansa stanja: 0415 - 0416 + 0417 - 0418 + 0419 - 0420) ≥ 0 UKUPAN NEDOSTATAK KAPITALA (rezultat sabiranja, odnosno oduzimanja sledećih AOP PO.XXII 0 0 oznaka iz bilansa stanja: 0415 - 0416 + 0417 - 0418 + 0419 - 0420) < 0

UKUPNO PASIVA PO.XXIII (rezultat sabiranja, odnosno oduzimanja sledećih AOP 3.367.528.137 28.424.507 oznaka iz bilansa stanja: 0414 + 0422 - 0423)

* Primenjen je zvanični srednji kurs dinara u odnosu na evro, sa stanjem na dan 29.12.2017. godine - 1 EUR = 118,4727 RSD

37 Income Statement for the Period 01.01 - 31.12.2017

ITEM In RSD thousand In EUR thousand*

I.a Interest income 143,468,716 1,210,985 I.b Interest expenses 22,545,228 190,299 Net interest income (result of deduction of the following ADP I.1 120,923,488 1,020,687 categories from the income statement: 1001 - 1002) Net interest expenses (result of deduction of the following ADP I.2 0 0 categories from the income statement: 1002 - 1001) II.a Revenues from fees and commissions 54,650,717 461,294 II.b Expenditures in respect of fees and commissions 17,329,278 146,272 Net income from fees and commissions (result of deduction of II.1 the following ADP categories from the income statement: 1005 37,321,439 315,021 - 1006) Net expenditures in respect of fees and commissions (result of II.2 deduction of the following ADP categories from the income 0 0 statement: 1006 - 1005) III.1 Net profit in respect of tradable financial assets 2,648,334 22,354 III.2 Net loss in respect of tradable financial assets 844,588 7,129 IV.1 Net profit in respect of risk protection 11,295 95 IV.2 Net loss in respect of risk protection 141,441 1,194 Net profit in respect of financial assets initially recognised at fair V.1 79,867 674 value through the income statement Net loss in respect of financial assets initially recognised at fair V.2 11,188 94 value through the income statement VI.1 Net profit in respect of financial assets available for sale 728,213 6,147 VI.2 Net loss in respect of financial assets available for sale 26,470 223 Net income from exchange rate differentials and effects of the VII.1 8,540,488 72,088 arranged currency clause Net expenditures in respect of exchange rate differentials and VII.2 376,155 3,175 effects of the arranged currency clause Net profit from investments into affiliated companies and joint VIII.1 120,685 1,019 ventures Net loss in respect of investments in affiliated companies and VIII.2 0 0 joint ventures IX Other business revenues 20,485,334 172,912 Net income in respect of financial assets impairment and off- X.1 6,150,978 51,919 balance sheet items incurring credit risk Net expenditures in respect of financial assets impairment and X.2 13,592,082 114,728 off-balance sheet items incurring credit risk

38 Bilans uspeha za period 01.01. do 31.12.2017.

POZICIJA U hilјadama dinara U hilјadama evra*

I.a Prihodi od kamata 143.468.716 1.210.985 I.b Rashodi od kamata 22.545.228 190.299 Neto prihod po osnovu kamata (rezultat oduzimanja sledećih I.1 120.923.488 1.020.687 AOP oznaka iz bilansa uspeha: 1001 - 1002) Neto rashod po osnovu kamata (rezultat oduzimanja sledećih I.2 0 0 AOP oznaka iz bilansa uspeha: 1002 - 1001) II.a Prihodi od naknada i provizija 54.650.717 461.294 II.b Rashodi naknada i provizija 17.329.278 146.272 Neto prihod po osnovu naknada i provizija (rezultat oduzimanja II.1 37.321.439 315.021 sledećih AOP oznaka iz bilansa uspeha: 1005 - 1006) Neto rashod po osnovu naknada i provizija (rezultat oduzimanja II.2 0 0 sledećih AOP oznaka iz bilansa uspeha: 1006 - 1005) Neto dobitak po osnovu finansijskih sredstava namenjenih III.1 2.648.334 22.354 trgovanju Neto gubitak po osnovu finansijskih sredstava namenjenih III.2 844.588 7.129 trgovanju IV.1 Neto dobitak po osnovu zaštite od rizika 11.295 95 IV.2 Neto gubitak po osnovu zaštite od rizika 141.441 1.194 Neto dobitak po osnovu finansijskih sredstava koja se inicijalno V.1 79.867 674 priznaju po fer vrednosti kroz bilans uspeha Neto gubitak po osnovu finansijskih sredstava koja se inicijalno V.2 11.188 94 priznaju po fer vrednosti kroz bilans uspeha Neto dobitak po osnovu finansijskih sredstava raspoloživih za VI.1 728.213 6.147 prodaju Neto gubitak po osnovu finansijskih sredstava raspoloživih za VI.2 26.470 223 prodaju Neto prihod od kursnih razlika i efekata ugovorene valutne VII.1 8.540.488 72.088 kaluzule Neto rashod od kursnih razlika i efekata ugovorene valutne VII.2 376.155 3.175 kaluzule Neto dobitak po osnovu investicija u pridružena društva i VIII.1 120.685 1.019 zajedničke poduhvate Neto gubitak po osnovu investicija u pridružena društva i VIII.2 0 0 zajedničke poduhvate IX Ostali poslovni prihodi 20.485.334 172.912 Neto prihod po osnovu umanjenja obezvređenja finansijskih X.1 6.150.978 51.919 sredstava i kreditno rizičnih vanbilansnih stavki Neto rashod po osnovu obezvređenja finansijskih sredstava i X.2 13.592.082 114.728 kreditno rizičnih vanbilansnih stavki

39 ITEM In RSD thousand In EUR thousand*

TOTAL NET BUSINESS REVENUES (result of summation and deduction of the following ADP categories from the income statement: 1003 - 1004 XI.1 182,129,810 1,537,315 + 1007 - 1008 + 1009 - 1010 + 1011 - 1012 + 1013 - 1014 + 1015 - 1016 + 1017 - 1018 + 1019 - 1020 + 1021 + 1022 - 1023) ≥ 0 TOTAL NET BUSINESS EXPENDITURES (result of summation and deduction of the following ADP categories from the income statement: 1003 - 1004 XI.2 111,613 942 + 1007 - 1008 + 1009 - 1010 + 1011 - 1012 + 1013 - 1014 + 1015 - 1016 + 1017 - 1018 + 1019 - 1020 + 1021 + 1022 - 1023) < 0 XII Costs of salaries, wages and other personal expenses 42,363,013 357,576 XIII Amortisation costs 6,894,921 58,198 XIV Other expenditures 64,067,254 540,777 PROFIT BEFORE TAX (result of summation and deduction of the following XV.1 73,891,991 623,705 ADP categories from the income statement: 1024 - 1025 - 1026 - 1027 - 1028) ≥ 0 LOSS BEFORE TAX (result of summation and deduction of the following XV.2 5,198,982 43,883 ADP categories from the income statement: 1024 - 1025 - 1026 - 1027 - 1028) < 0 XVI Profit tax 4,284,819 36,167 XVII.1 Profit in respect of deferred taxes 1,641,205 13,853 XVII.2 Loss in respect of deferred taxes 2,473,404 20,877 PROFIT AFTER TAX (result of summation and deduction of the following XVIII.1 68,871,752 581,330 ADP categories from the income statement: 1029 - 1030 - 1031 + 1032 - 1033) ≥ 0 LOSS AFTER TAX (result of summation and deduction of the following XVIII.2 5,295,761 44,700 ADP categories from the income statement: 1029 - 1030 - 1031 + 1032 - 1033) < 0 XIX.1 Net profit from discontinued operations 0 0 XIX.2 Net loss from discontinued operations 0 0 RESULT OF THE PERIOD – PROFIT (result of summation and deduction of the following ADP XX.1 68,871,752 581,330 categories from the income statement: 1034 - 1035 + 1036 - 1037) ≥ 0 RESULT OF THE PERIOD – LOSS (result of summation and deduction of the following ADP XX.2 5,295,761 44,700 categories from the income statement: 1034 - 1035 + 1036 - 1037) < 0 * Official middle rate of exchange of the dinar against the EUR, as of 29.12.2017, was applied - 1 EUR = 118.4727 RSD

40 POZICIJA U hilјadama dinara U hilјadama evra*

UKUPAN NETO POSLOVNI PRIHOD (rezultat sabiranja, odnosno oduzimanja sledećih AOP XI.1 oznaka iz bilansa uspeha: 1003 - 1004 + 1007 - 1008 + 182.129.810 1.537.315 1009 - 1010 + 1011 - 1012 + 1013 - 1014 + 1015 - 1016 + 1017 - 1018 + 1019 - 1020 + 1021 + 1022 - 1023) ≥ 0 UKUPAN NETO POSLOVNI RASHOD (rezultat sabiranja, odnosno oduzimanja sledećih AOP XI.2 oznaka iz bilansa uspeha: 1003 - 1004 + 1007 - 1008 + 111.613 942 1009 - 1010 + 1011 - 1012 + 1013 - 1014 + 1015 - 1016 + 1017 - 1018 + 1019 - 1020 + 1021 + 1022 - 1023) < 0 XII Troškovi zarada, naknada zarada i ostali lični rashodi 42.363.013 357.576 XIII Troškovi amortizacije 6.894.921 58.198 XIV Ostali rashodi 64.067.254 540.777 DOBITAK PRE OPOREZIVANјA (rezultat sabiranja, odnosno oduzimanja sledećih AOP XV.1 73.891.991 623.705 oznaka iz bilansa uspeha: 1024 - 1025 - 1026 - 1027 - 1028) ≥ 0 GUBITAK PRE OPOREZIVANјA (rezultat sabiranja, odnosno oduzimanja sledećih AOP XV.2 5.198.982 43.883 oznaka iz bilansa uspeha: 1024 - 1025 - 1026 - 1027 - 1028) < 0 XVI Porez na dobitak 4.284.819 36.167 XVII.1 Dobitak po osnovu odloženih poreza 1.641.205 13.853 XVII.2 Gubitak po osnovu odloženih poreza 2.473.404 20.877 DOBITAK NAKON OPOREZIVANјA (rezultat sabiranja, odnosno oduzimanja sledećih AOP XVIII.1 68.871.752 581.330 oznaka iz bilansa uspeha: 1029 - 1030 - 1031 + 1032 - 1033) ≥ 0 GUBITAK NAKON OPOREZIVANјA (rezultat sabiranja, odnosno oduzimanja sledećih AOP XVIII.2 5.295.761 44.700 oznaka iz bilansa uspeha: 1029 - 1030 - 1031 + 1032 - 1033) < 0 XIX.1 Neto dobitak poslovanja koje se obustavlјa 0 0 XIX.2 Neto gubitak poslovanja koje se obustavlјa 0 0 REZULTAT PERIODA – DOBITAK XX.1 (rezultat sabiranja, odnosno oduzimanja sledećih AOP 68.871.752 581.330 oznaka iz bilansa uspeha: 1034 - 1035 + 1036 - 1037) ≥ 0 REZULTAT PERIODA – GUBITAK XX.2 (rezultat sabiranja, odnosno oduzimanja sledećih AOP 5.295.761 44.700 oznaka iz bilansa uspeha: 1034 - 1035 + 1036 - 1037) < 0 * Primenjen je zvanični srednji kurs dinara u odnosu na evro, sa stanjem na dan 29.12.2017. godine - 1 EUR = 118,4727 RSD

41 or the sixth consecutive year, the National and resilient – the bank regulatory framework FBank of Serbia has been successfully meet- has been improved, ensuring high compliance ing its goals and delivering results, thereby ac- with the EU regulations. Major success has been tively contributing to the improvement of the achieved in bringing the share of non-perform- business environment, economic development ing loans below the pre-crisis level. and growth of the living standards of citizens. In 2017 the National Bank of Serbia invested For more than five years inflation rates have a lot of efforts in developing the most advanced stayed around 2%. As of 2017, the inflation tar- ways of payment. The NBS prepared the Draft get was lowered to 3±1.5% and throughout the Law on Interchange Fees and Special Operat- whole year inflation moved within the new, low- ing Rules for Card-Based Payment Transactions, er target band, with anchored inflation expecta- and with the aim of making state-of-the-art tions. Despite the uncertainties stemming from forms of payments available to the citizens, it the international environment, relative stability initiated the establishment of an instant pay- of the dinar exchange rate was preserved. ment system. In 2018 the NBS will continue to The National Bank of Serbia ended the year use all instruments at its disposal to keep infla- as a net buyer of euros at the foreign exchange tion low and stable, which is, together with safe- market, thus additionally boosting foreign ex- guarding of financial stability, the best way of change reserves. The financial system is safe contributing to sustainable economic growth.

NATIONAL BANK OF SERBIA Kralja Petra 12, 11000 Beograd www.nbs.rs

42 arodna banka Srbije Nveć šestu godinu za redom uspešno ispunja- va svoje cilјeve i ostvaruje rezultate kojima aktivno doprinosi unapređenju poslovnog okruženja, eko- nomskom razvoju zemlјe i rastu životnog standarda građana. Duže od pet godina stope inflacije kreću se oko 2%. Za 2017. godinu inflacioni cilј snižen je na 3±1,5% i tokom cele godine inflacija se kretala u granicama novog, nižeg cilјa, uz usidrena inflacio- na očekivanja. I pored ne- izvesnosti koje su dolazile iz međunarodnog okru- ženja očuvana je relativna stabilnost kursa dinara. NBS je godinu završi- la kao neto kupac evra na deviznom tržištu, čime su dodatno ojačane devizne rezerve. Finansijski sistem je siguran i otporan – una- pređen je regulatorni okvir za banke, čime je postig- nuta visoka usklađenost domaćih propisa sa propisima EU. Veliki uspeh je postignut u smanjenju učešća problematičnih kredita na nivo ispod pret- kriznog nivoa. Dr Jorgovanka Tabaković, guverner NBS / NBS Governor I u prethodnoj godini učinjeni su veliki napori na razvoju najsavremenijih oblika plaćanja. NBS je postavlјanje platnog sistema za instant plaćanja. pripremila Nacrt Zakona o međubankarskim I u 2018. godini, kao i do sada, Narodna banka naknadama i posebnim pravilima poslova- Srbije će koristiti sve instrumente kako bi infla- nja kod platnih transakcija na osnovu platnih cija ostala niska i stabilna, što je uz očuvanje fi- kartica, a sa želјom da se građanima obezbedi nansijske stabilnosti, najbolјi način na koji NBS najmoderniji način plaćanja, pokrenuto je us- doprinosi održivom privrednom rastu.

NARODNA BANKA SRBIJE Kralja Petra 12, 11000 Beograd www.nbs.rs

43 he dynamic trend of changes in the busi- technical requirements for stable operations Tness environment has set the priorities in as the Payment System Operator, the new ASB the business orientation of the Association of Cheque Clearing System started operating as Serbian Banks in 2017, with the aim for the of 6 March 2017, and the new ASB Direct Debit ASB to remain a worthy business partner of Clearing System started operating as of 10 May the banks. Among other things, this includes 2017. helping the banks concerning risk manage- With the intention to provide the highest ment and harmonization with the internation- quality results in the security segment, the ASB al standards defined by the Basel Committee Security Committee was formed within the on Banking Supervision, implementation of Association of Serbian Banks, which also ad- international accounting standards, realiza- dresses the questions of bank clients' security. tion of the compliance function, etc. Further Among the total of 14 expert ASB committees development and advancement of the servic- for specific segments of banking operations, the es the ASB provides to the banks through its ASB Digital Banking Committee has been oper- Credit Bureau, Bank Training Centre and its ating for several years, having in mind that digi- publishing activities are evident. Moreover, in tal transformation is one of the most important 2017, the expansion of IT operations contin- trends in banking today. ued, hence, in accordance with the decision of For several years the Association of Ser- the National Bank of Serbia as of 21.12.2016, bian Banks has been particularly dedicated after fulfilling all organisational, staff and to promoting financial education and financial literacy through numerous national and international projects. Thus, since October 2017, the ASB has been a partner of the Min- istry of Education, Science and Technological Development of the Republic of Serbia on the FinPis Project - Financial Literacy in the Sys- tem of Education and Training of the Republic of Serbia. The goal of the project is to timely work with the children through multiple subject competencies, so that they would grow into capable and responsible users of financial services in the future. International cooperation with the European Banking Federation in Brussels resulted in the third consecutive participation in the European Money Week, from 13-19 March 2017, an initiative supported by the banking associations throughout Europe, to promote financial education and financial literacy for children, youth and all citizens. In co-operation with the banks, the ASB organ- ised suitable activities for the children of all ages, including kindergarten visits, interactive Učimo o finansijama workshops for primary school pupils, lectures for high school students, and a visit to the ASB zajedno! Credit Bureau.

ASSOCIATION OF SERBIAN BANKS Bulevar kralja Aleksandra 86, 11000 Beograd www.ubs-asb.com

44 inamičan trend promena u poslovnom bankarskog poslovanja od pre nekoliko godina Dokruženju opredelio je prioritete u poslov- funkcioniše i Odbor za digitalno bankarstvo, noj orijentaciji Udruženja banaka Srbije i tokom imajući u vidu da je digitalna transformacija 2017. godine, sa ciljem da ono ostane dostojan jedan od najznačajnijih trendova u bankarstvu poslovni partner bankama. To, između ostalog, danas. obuhvata pružanje pomoći bankama na planu Udruženje banaka Srbije već nekoliko godina upravljanja rizicima i približavanje međuna- posebno je posvećeno promovisanju finansijske rodnim standardima koje je definisao Bazelski edukacije i finansijske pismenosti kroz brojne komitet za bankarsku superviziju, uvođenje nacionalne i međunarodne projekte. Tako je od međunarodnih računovodstvenih standarda, oktobra 2017. godine UBS partner Ministarstva realizaciju komplajans funkcije, itd. Evidentan prosvete, nauke i tehnološkog razvoja Republi- je dalji razvoj i unapređenje usluga koje UBS ke Srbije na projektu FinPis - Finansijsko opi- bankama pruža kroz Kreditni biro, Centar za smenjavanje u sistemu obrazovanja i vaspitanja bankarsku obuku i izdavačku delatnost. Osim Republike Srbije. Cilj projekta jeste pravovre- toga, u 2017. godini nastavljeno je širenje de- meni rad sa decom kroz međupredmetne kom- latnosti na informatičkom planu, te je tako, u petencije, kako bi ona izrasla u osposoblјene i skladu sa rešenjem Narodne banke Srbije od odgovorne korisnike finansijskih usluga u bu- 21.12.2016. godine, nakon ispunjavanja svih or- dućnosti. Međunarodna saradnja sa Evropskom ganizacionih, kadrovskih i tehničkih uslova za bankarskom federacijom iz Brisela rezultirala je stabilan rad u funkciji operatora platnog siste- trećim uzastopnim učešćem u Evropskoj nede- ma, 6. marta 2017. godine u produkciju pušten lji novca od 13. do 19. marta 2017. godine, inici- novi sistem kliringa čekova UBS, a 10. maja jativi koju podržavaju udruženja banaka širom 2017. godine novi sistem kliringa direktnih za- Evrope radi promovisanja finansijske edukacije duženja UBS. i finansijske pismenosti dece, omladine i svih Sa namerom da se u segmentu bezbednosti građana. U saradnji sa bankama, Udruženje pruže što kvalitetniji rezultati, pri Udruženju banaka je tim povodom organizovalo prigod- banaka Srbije formiran je Odbor za bezbednost, ne aktivnosti za decu svih uzrasta, uključujući koji razmatra i pitanja bezbednosti bankarskih posete vrtiću, interaktivne radionice za đake u klijenata. Među ukupno 14 stručnih odbora osnovnoj školi, predavanja za učenike srednjih UBS posvećenih pojedinačnim segmentima škola, kao i posetu Kreditnom birou UBS. UDRUŽENJE BANAKA SRBIJE Bulevar kralja Aleksandra 86, 11000 Beograd www.ubs-asb.com

45 n 2017 Addiko Bank initiated the process Addiko Bank a.d. Belgrade is a part of an Iof changing its corporate culture through international financial group based in Vienna, the comprehensive digital transformation Austria. Since mid-2016, Addiko Group has of its business. One of the first steps was the been present under the same name in the five introduction of a digital platform through markets in addition to Austria: Serbia, Croatia, which the offer of products and services has Bosnia and Herzegovina, Slovenia and Monte- been innovatively expanded to keep pace with negro. Addiko Group is owned by the US in- the contemporary needs and be available to vestment fund Advent International and the the clients at all times. On the one hand, Ad- European Bank for Reconstruction and Devel- diko delivers innovative digital services such opment (EBRD). as payments from a contact in your mobile phone through Viber banking, and on the RSD RSD EUR EUR 31.12.2017. other hand, its employees are organized in (million) (u milionima) (million) (u milionima) a different way from other banks operating in the region. This has been implemented Balance Sheet Assets / Ukupna bilansna veličina 94,116 94.116 794 794 through the Target Operational Model and Total Capital / Ukupni kapital 21,945 21.945 185 185 Balanced Activity Project which refers to the Equity Capital / Akcijski kapital 20,545 20.545 173 173 activities other than those constituting the bank’s core business. Through its numerous Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.84% 21,84% partnerships, Addiko Bank has created a dif- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.33% 1,33% ferent ecosystem that moves the boundaries of Return on Equity / Stopa prinosa na kapital 5.84% 5,84% the traditional banking market. All the activities carried out during the trans- Number of Employees / Broj zaposlenih 595 595 formation process were based on Addiko's con- Organizational Structure Head Office, 38 Branch Offices cept of "straightforward banking", focusing on Organizaciona mreža Centrala, 38 ekspozitura essence, efficiency and simplicity of doing business, which has been broadly accepted by the ADDIKO BANK A.D. BEOGRAD employees and clients of Addiko Bank. Bulevar Mihajla Pupina 6, 11070 Novi Beograd www.addiko.rs

46 okom 2017. godine Addiko banka je inicirala ne strane Addiko banka isporučuje inovativne, Tproces promene korporativne kulture kroz digitalne usluge kao što je plaćanje kontaktima sveukupnu digitalnu transformaciju poslovanja. iz mobilnog telefona kroz Viber bankarstvo, a Jedan od prvih koraka bilo je uvođenje digital- sa druge strane zaposleni su organizovani na ne platforme putem koje je na inovativan način drugačiji način od ostalih banaka koje posluju proširena ponuda proizvoda i usluga koji idu u u regionu što je sprovedeno kroz projekat Cilja- korak sa savremenim potrebama života i koji su nog operativnog modela i balansirane aktivno- dostupni klijentima u svakom trenutku. Sa jed- sti koje nisu iz domena osnovnog posla banke. Addiko banka je kroz brojna partnerstva kreira- RSD RSD EUR EUR la ekosistem koji je drugačiji i koji pomera gra- 31.12.2017. (million) (u milionima) (million) (u milionima) nice tradicionalnog bankarskog tržišta. Sve sprovedene aktivnosti tokom procesa Balance Sheet Assets / Ukupna bilansna veličina 94,116 94.116 794 794 promena oslanjaju se na Addiko koncept „prak- Total Capital / Ukupni kapital 21,945 21.945 185 185 tičnog bankarstva" koji se zasniva na suštini, efikasnosti i jednostavnosti u poslovanju, a koji Equity Capital / Akcijski kapital 20,545 20.545 173 173 je odlično prihvaćen među zaposlenima i kli- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.84% 21,84% jentima Addiko banke. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.33% 1,33% Addiko banka a.d. Beograd je deo međuna- Return on Equity / Stopa prinosa na kapital 5.84% 5,84% rodne finansijske grupacije sa sedištem u Beču, Austrija. Addiko Grupa od sredine 2016. godine Number of Employees / Broj zaposlenih 595 595 pod tim imenom posluje, pored Austrije, na tr- Organizational Structure Head Office, 38 Branch Offices žištu pet zemalja: Srbije, Hrvatske, Bosne i Her- Organizaciona mreža Centrala, 38 ekspozitura cegovine, Slovenije i Crne Gore. Vlasnik Addi- ko Grupe su američki investicioni fond Advent ADDIKO BANK A.D. BEOGRAD International i Evropska banka za obnovu i ra- Bulevar Mihajla Pupina 6, 11070 Novi Beograd www.addiko.rs zvoj (EBRD).

47 hroughout its long history, AIK Bank has vations; adherence to the highest levels of pro- Tgained the reputation of a reliable, stable fessionalism and business ethics; respect for its and efficient financial institution that provides business partners, customers and consumers; high-quality banking services in line with the demonstrated environmental awareness and modern banking trends and focuses on its cli- environmental protection; as well as its care for ents’ needs, the fulfillment of which is the in- the broader social issues. dicator of success. The bank is considerably ac- AIK Bank won the Best Commercial Bank tive in the field of digital services development, in Serbia award by the renowned international especially in the segment of retail clients and magazine International Banker in 2015, 2016 SMEs. Electronic and mobile banking enables and 2017. Winning this award for three consec- the clients to access the bank’s services 24/7. In utive years serves as an acknowledgment of AIK addition, the bank traditionally continues to Bank and its successful business operations. focus on corporate clients in need of financial support for the purpose of further growth and development. RSD RSD EUR EUR 31.12.2017. One of the main strategic goals of AIK Bank (million) (u milionima) (million) (u milionima) is to strengthen its position both on the domestic and regional market. Alongside the 100% Balance Sheet Assets / Ukupna bilansna veličina 209,360 209.360 1,767 1.767 stake acquisition in Jubank (formerly Alpha Total Capital / Ukupni kapital 61,162 61.162 516 516 Bank), which fortified its position on the local Equity Capital / Akcijski kapital 27,196 27.196 230 230 market, through its equity share in Gorenjska Bank a.d. Kranj, AIK Bank has started to ex- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 26.23% 26,23% pand its business operations outside the Serbian Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 7.09% 7,09% market, i.e. on the EU market. The cooperation Return on Equity / Stopa prinosa na kapital 44.42% 44,42% in the banking segment generates the conditions for a continued cooperation in other fields Number of Employees / Broj zaposlenih 768 768 of economy as well, thereby strengthening the Organizational Structure Head Office, 28 Bank Branches, 34 Branch Offices, 1 Cash Office economic competitiveness of the entire region. Organizaciona mreža Centrala, 28 filijala, 34 ekspozitura, 1 šalter Moreover, AIK Bank provides support to the development of local communities and the bet- AIK BANKA A.D. BEOGRAD terment of their quality of life. This support is Bulevar Mihaila Pupina 115đ, 11070 Novi Beograd www.aikbanka.rs reflected in continuous investments and inno-

48 roz svoj dugogodišnji istorijat, AIK Banka usluga 24/7. Pored toga, banka je tradicionalno Kje stekla ugled pouzdane, stabilne i efika- i dalje okrenuta privredi kojoj je neophodna fi- sne finansijske institucije, posvećene pružanju nansijska podrška za dalji rast i razvoj. bankarskih usluga visokog kvaliteta u skladu Jedan od osnovnih strateških ciljeva AIK sa trendovima savremenog bankarstva i foku- Banke jeste jačanje pozicije kako na domaćem, sirane na potrebe klijenata, čije zadovoljstvo tako i na regionalnom tržištu. Pored akvizicije predstavlja merilo uspeha. Banka je izuzetno 100% udela u Jubanci (prethodno Alpha banci), aktivna na polju razvoja digitalnih servisa, po- čime je ojačala svoju poziciju na domaćem trži- sebno u segmentu stanovništva i malih i sred- štu, kroz udeo u kapitalu Gorenjske banke a.d. njih preduzeća. Elektronsko i mobilno bankar- Kranj započeto je širenje poslovnih aktivnosti stvo omogućavaju našim klijentima dostupnost van tržišta Srbije, odnosno na tržištu EU. Šire- njem saradnje na polju bankarskog poslovanja, RSD RSD EUR EUR stvaraju se pretpostavke za razvoj saradnje i u 31.12.2017. (million) (u milionima) (million) (u milionima) drugim oblastima privrede, što doprinosi jača- nju ekonomske konkurentnosti čitave regije. Balance Sheet Assets / Ukupna bilansna veličina 209,360 209.360 1,767 1.767 AIK Banka predstavlja snažan oslonac razvo- Total Capital / Ukupni kapital 61,162 61.162 516 516 ju lokalne zajednice i doprinosi boljem kvalitetu života. To se ogleda u kontinuiranim ulaganji- Equity Capital / Akcijski kapital 27,196 27.196 230 230 ma i inovacijama, poštovanju najviših stepena Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 26.23% 26,23% profesionalnosti i poslovne etike, uvažavanju Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 7.09% 7,09% poslovnih partnera, klijenata i potrošača, poka- Return on Equity / Stopa prinosa na kapital 44.42% 44,42% zivanju ekološke svesti i brige o zaštiti životne sredine, vođenju računa o širim društvenim Number of Employees / Broj zaposlenih 768 768 pitanjima. Organizational Structure Head Office, 28 Bank Branches, 34 Branch Offices, 1 Cash Office Potvrda uspešnosti našeg poslovanja je i či- Organizaciona mreža Centrala, 28 filijala, 34 ekspozitura, 1 šalter njenica da je AIK Banka tri godine zaredom, 2015, 2016. i 2017. dobitnik prestižnog priznanja AIK BANKA A.D. BEOGRAD renomiranog svetskog časopisa International Bulevar Mihaila Pupina 115đ, 11070 Novi Beograd www.aikbanka.rs Banker za najbolju komercijalnu banku u Srbiji.

49 anca Intesa is a universal financial institu- exceeding 50 billion EUR. Intesa Sanpaolo ser- Btion which has been the leader on the Serbi- vices the financial needs of almost 20 million an market for over ten years according to all the clients in 40 countries worldwide. Thanks to its most significant key performance indicators of developed international network, Intesa San- banking operations. Banca Intesa has built and paolo, through its centers in Dubai, Hong Kong, has continuously been developing its operation London and New York, operates with corporate on sustainable foundations, all the while striv- clients in 25 countries, while the Group has its ing to provide a measurable contribution to the strategic focus on Central and Eastern Europe, improved quality of life of the citizens and the Middle East and North Africa in the domain of economic development of Serbia. retail banking. A professional team of about 2900 employees takes daily care of the needs and satisfaction of 1.32 million clients, including natural persons, RSD RSD EUR EUR 31.12.2017. entrepreneurs, small and medium sized en- (million) (u milionima) (million) (u milionima) terprises, as well as large companies and local self-governments. The Bank continuously de- Balance Sheet Assets / Ukupna bilansna veličina 564,860 564.860 4,768 4.768 velops and improves its products and services Total Capital / Ukupni kapital 119,007 119.007 1,005 1.005 which are available to the clients through the Equity Capital / Akcijski kapital 41,760 41.760 353 353 cutting edge e-banking services, as well as its 158-branch network throughout Serbia. It is Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 20.6% 20,6% precisely owing to its dedication to incorporat- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.9% 2,9% ing the state-of-the-art technology in everyday Return on Equity / Stopa prinosa na kapital 28.4% 28,4% operations that Banca Intesa has been recognized on the market not only as the leader in Number of Employees / Broj zaposlenih 2,934 2.934 terms of its key performance indicators, but also Organizational Structure Head Office, 4 Regional Centers, 158 Branch Offices as a pioneer in the field of introducing modern Organizaciona mreža Centrala, 4 regionalna centra, 158 ekspozitura banking technology. Banca Intesa is part of the international BANCA INTESA A.D. BEOGRAD banking group Intesa Sanpaolo, one of the lead- Milentija Popovića 7b, 11070 Novi Beograd www.bancaintesa.rs ers in the Eurozone, with market capitalization

50 anca Intesa je univerzalna finansijska insti- Profesionalni tim od oko 2900 zaposlenih Btucija koja na srpskom tržištu već više od svakodnevno brine o potrebama i zadovoljstvu deset godina prednjači po svim najznačajnijim 1,32 miliona klijenata među kojima su fizička pokazateljima uspešnosti bankarskog poslo- lica, preduzetnici, mala i srednja preduzeća, vanja. Svoje poslovanje Banca Intesa temelji i ali i velike kompanije i lokalne samouprave. kontinuirano razvija na održivim osnovama, Banka kontinuirano razvija i unapređuje svoje istovremeno težeći da pruži merljiv doprinos proizvode i usluge koji su klijentima dostupni unapređenju kvaliteta života građana i eko- putem najsavremenijih servisa elektronskog nomskom razvoju Srbije. bankarstva, ali i mrežu od 158 ekspozitura ši- rom Srbije. Upravo zahvaljujući posvećenosti integrisanju savremenih tehnologija u svakod- RSD RSD EUR EUR nevno poslovanje, Banca Intesa je prepoznata 31.12.2017. (million) (u milionima) (million) (u milionima) na tržištu ne samo kao lider u pogledu glavnih parametara bankarskog poslovanja već i kao pi- Balance Sheet Assets / Ukupna bilansna veličina 564,860 564.860 4,768 4.768 onir na planu korišćenja modernih tehnologija. Total Capital / Ukupni kapital 119,007 119.007 1,005 1.005 Banca Intesa je deo međunarodne bankar- ske grupe Intesa Sanpaolo, jedne od vodećih u Equity Capital / Akcijski kapital 41,760 41.760 353 353 evrozoni, sa tržišnom kapitalizacijom većom od Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 20.6% 20,6% 50 milijardi evra. Intesa Sanpaolo odgovara na Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.9% 2,9% finansijske potrebe skoro 20 miliona klijenata u Return on Equity / Stopa prinosa na kapital 28.4% 28,4% 40 zemalja širom sveta. Zahvaljujući razvijenoj internacionalnoj mreži, Intesa Sanpaolo poslu- Number of Employees / Broj zaposlenih 2,934 2.934 je sa korporativnim klijentima u 25 zemalja, u Organizational Structure Head Office, 4 Regional Centers, 158 Branch Offices čemu joj pomažu centri u Dubaiju, Hongkongu, Organizaciona mreža Centrala, 4 regionalna centra, 158 ekspozitura Londonu i Njujorku, dok je u domenu poslovanja sa stanovništvom Grupa strateški fokusira- BANCA INTESA A.D. BEOGRAD na na centralnu i istočnu Evropu, Bliski istok i Milentija Popovića 7b, 11070 Novi Beograd www.bancaintesa.rs severnu Afriku.

51 n 2017, Postal Savings Bank j.s.c. Belgrade re- tion strategically oriented towards retail bank- Ialized the profit amounting to RSD 3.9 billion, ing, is among the top banks ranked by the size which was, together with the unallocated profit of their business network. The expansion of its from the previous years, used to completely cov- business activities will continue in the future in er the loss declared at the end of 2016, primarily line with the motto "Even Closer To You". as a result of clearing the bank’s portfolio from NPLs. At the end of 2016, the bank had almost 93% of its NPL portfolio covered by provisions, RSD RSD EUR EUR 31.12.2017. which was at that moment the highest relative (million) (u milionima) (million) (u milionima) indicator of NPL coverage with provisions in the Serbian banking market. Balance Sheet Assets / Ukupna bilansna veličina 140,488 140.488 1,186 1.186 The bank entered 2017 with a completely Total Capital / Ukupni kapital 15,875 15.875 134 134 cleared balance sheet and succeeded in keep- Equity Capital / Akcijski kapital 9,230 9.230 78 78 ing the stability and security of its operations, Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.3% 21,3% the confidence of a large number of its existing clients, at the same time attracting the new Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.9% 2,9% ones. Apart from the loss recorded at the end of Return on Equity / Stopa prinosa na kapital 42.0% 42,0% 2016, all the main parameters were significantly Number of Employees / Broj zaposlenih 1,996 1.996 above the minimum regulatory levels. The bank Head Office, 4 Regional Centers, 20 Bank Branches, is highly liquid today and fulfills all the stipu- Organizational Structure 136 Branch Offices, 22 Cash Offices lated regulatory business indicators. Organizaciona mreža Centrala, 4 regionalna centra, 20 filijala, With the total number of 166 branch of- 136 ekspozitura, 22 samostalna šaltera fices and outlets located throughout the terri- tory of the Republic of Serbia, from Subotica to BANKA POŠTANSKA ŠTEDIONICA A.D. BEOGRAD Kosovska Mitrovica, and around 2,100 employ- Kraljice Marije 3, 11120 Beograd www.posted.co.rs ees, Postal Savings Bank, as a financial institu-

52 anka Poštanska štedionica a.d. Beograd u banke od loših plasmana. Na kraju 2016. godine B2017. godini ostvarila je dobit u iznosu od banka je imala pokriveno ispravkama vrednosti 3,9 milijardi dinara, tako da je, uz neraspore- oko 93 odsto portfolija problematičnih kredita, đenu dobit iz prethodnih godina, u potpunosti što je u tom trenutku bio najveći relativni po- pokrila gubitak iskazan na kraju 2016. godine, kazatelj pokrića NPL ispravkama vrednosti na koji je pre svega bio posledica čišćenja portfolija bankarskom tržištu Srbije. Banka je u 2017. godinu ušla potpuno čistih RSD RSD EUR EUR bilansa. Tokom godine uspela je da očuva sta- 31.12.2017. (million) (u milionima) (million) (u milionima) bilnost i sigurnost u poslovanju, poverenje veli- kog broja postojećih klijenata, kao i da privuče Balance Sheet Assets / Ukupna bilansna veličina 140,488 140.488 1,186 1.186 nove. I pored iskazanog gubitka na kraju 2016. Total Capital / Ukupni kapital 15,875 15.875 134 134 godine, svi osnovni parametri bili su znatno Equity Capital / Akcijski kapital 9,230 9.230 78 78 iznad minimalnih propisanih nivoa. Banka je i danas visoko likvidna i u svakom trenutku is- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.3% 21,3% punjava sve propisane regulatorne pokazatelje Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.9% 2,9% poslovanja. Return on Equity / Stopa prinosa na kapital 42.0% 42,0% Sa ukupno 166 ekspozitura i samostalnih šaltera raspoređenih na teritoriji cele Republi- Number of Employees / Broj zaposlenih 1,996 1.996 ke Srbije, od Subotice do Kosovske Mitrovice, Head Office, 4 Regional Centers, 20 Bank Branches, i oko 2100 zaposlenih, Poštanska štedionica Organizational Structure 136 Branch Offices, 22 Cash Offices je, kao finansijska institucija strateški orijenti- Organizaciona mreža Centrala, 4 regionalna centra, 20 filijala, sana ka poslovanju sa stanovništvom, danas u 136 ekspozitura, 22 samostalna šaltera samom vrhu liste banaka sa najrazgranatijom BANKA POŠTANSKA ŠTEDIONICA A.D. BEOGRAD poslovnom mrežom. Uz slogan „Još bliže vama“, Kraljice Marije 3, 11120 Beograd www.posted.co.rs širenje poslovnih aktivnosti biće nastavljeno u predstojećem periodu.

53 ank of China was founded in Shanghai in At this stage, Bank of China Srbija a.d. Belgrade BFebruary 1912. The Hong Kong branch mostly operates in dinars, Chinese yuans, dol- opened in 1917 and it was the first Chinese lars, euros and other currencies. In accordance banking institution set up outside the mainland with the development of the host country, the China, which marked the start of the Bank of bank will seek to use efficient financial services China’s international expansion. For six consec- to actively expand its operations to Bulgaria, utive years – from 2011 to 2016 – Bank of China Bosnia, Montenegro, Macedonia, Albania, as was on the list of the Global Systematically Im- well as other neighbouring countries and the portant Banks and it is one of the most impor- entire Balkans, thus contributing to the imple- tant financial institutions on the emerging mar- mentation of the “One Belt One Road“ Initia- kets. Bank of China is currently ranked fourth tive and facilitating economic trade between according to total assets on the list of Top 1000 China and the region. World Banks. The establishment of Bank of China Srbija a.d. RSD RSD EUR EUR 31.12.2017. Belgrade is one of the most important actions (million) (u milionima) (million) (u milionima) taken within the “One Belt One Road“ Initia- tive. China and Serbia have friendly bilateral Balance Sheet Assets / Ukupna bilansna veličina 1,852 1.852 15.63 15,63 relations and a huge potential for cooperation Total Capital / Ukupni kapital 1,822 1.822 15.38 15,38 and continuous development of investment and Equity Capital / Akcijski kapital 1,844 1.844 15.56 15,56 trade activities. As a bank registered in Serbia, Bank of China Srbija a.d. Belgrade will continue Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 8,102.86% 8.102,86% to use the advantages provided by cross-border Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -1.17% -1,17% services from the BOC Group in order to en- Return on Equity / Stopa prinosa na kapital -1.33% -1,33% sure financial support to entrepreneurs, bank accounts management, foreign exchange op- Number of Employees / Broj zaposlenih 23 23 erations, business promotion, customer support Organizational Structure Head Office, 1 Bank Branch and other service packages, support for the rail- Organizaciona mreža Centrala, 1 filijala way, highway, bridges, power plants and other infrastructure development projects, as well as BANK OF CHINA SRBIJA A.D. BEOGRAD the pragmatic cooperation in the field of pro- Bulevar Zorana Đinđića 2a, 11070 Beograd www.bankofchina.com/rs duction, trade, energy, tourism and other fields.

54 ank of China osnovana je u Šangaju u fe- Osnivanje Bank of China Srbija a.d. Beograd Bbruaru 1912. godine. Filijala u Hong Kon- predstavlja jednu od najvažnijih aktivnosti pre- gu je osnovana 1917. godine kao prva kineska duzetih u okviru inicijative "Jedan pojas jedan bankarska institucija van kopnene Kine i pred- put". Kina i Srbija imaju prijateljske bilateralne stavlja početak međunarodne ekspanzije bank odnose i ogroman potencijal za saradnju i kon- of China. Tokom šest uzastopnih godina - od tinuiran razvoj investicionih i trgovinskih ak- 2011. do 2016. godine - Bank of China je bila na tivnosti. Kao banka registrovana u Srbiji, Bank listi globalno sistemski važnih banaka i jedna of China Srbija a.d. Beograd će nastaviti da je od najvažnijih finansijskih institucija na tr- koristi ogromne prednosti koje pružaju preko- žišntu ekonomija u nastajanju. Trenutno je na granične usluge Bank of China grupe kako bi se četvrtom mestu po ukupnoj aktivi na listi Top osigurala: finansijska podrška preduzetnicima, 1000 svetskih banaka. upravljanje bankovnim računima, deviznim poslovima, promocija poslovanja, podrška ko- RSD RSD EUR EUR risnicima i različiti paketi usluga kao i podrška 31.12.2017. (million) (u milionima) (million) (u milionima) izgradnji železnice, autoputeva, mostova, elek- trana i drugih projekata razvoja infrastrukture, Balance Sheet Assets / Ukupna bilansna veličina 1,852 1.852 15.63 15,63 pragmatična saradnja u oblasti proizvodnje, tr- Total Capital / Ukupni kapital 1,822 1.822 15.38 15,38 govine, energetike, turizma i drugim oblastima. U ovoj fazi Bank of China Srbija a.d. Beograd Equity Capital / Akcijski kapital 1,844 1.844 15.56 15,56 uglavnom posluje u dinarima, kineskim jua- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 8,102.86% 8.102,86% nima, dolarima, evrima i drugim valutama. U Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -1.17% -1,17% skladu sa razvojem zemlje domacina, banka ce Return on Equity / Stopa prinosa na kapital -1.33% -1,33% u buducnosti nastojati da koristi efikasne finansijske usluge za aktivno proširenje svojih opera- Number of Employees / Broj zaposlenih 23 23 cija na Bugarsku, Bosnu, Crnu Goru, Makedo- Organizational Structure Head Office, 1 Bank Branch niju, Albaniju, kao i druge susedne zemlje i čitav Organizaciona mreža Centrala, 1 filijala Balkan, kako bi dala doprinos implementaciji inicijative "Jedan pojas jedan put" i poboljšanju BANK OF CHINA SRBIJA A.D. BEOGRAD ekonomske trgovine između Kine i regiona. Bulevar Zorana Đinđića 2a, 11070 Beograd www.bankofchina.com/rs

55 rédit Agricole Serbia is a bank 100% owned also at points when they make important life Cby Crédit Agricole Group, one of the lead- decisions. Those are the moments when profes- ing global financial groups, which ranks among sional financial analysis and advice can be cru- the top ten banking groups in the world accord- cial”, stated Carlos de Cordue, CEO of Credit ing to the balance sheet size. The bank operates Agricole Serbia. through a widespread network of 80 branches in all major cities in Serbia. Quality certificate ISO RSD RSD EUR EUR 31.12.2017. 9001 in the area of banking services, reliance (million) (u milionima) (million) (u milionima) on the cutting-edge information technologies, principal membership in MasterCard Interna- Balance Sheet Assets / Ukupna bilansna veličina 86,934 86.934 734 734 tional and VISA International, as well as in the Total Capital / Ukupni kapital 9,091 9.091 77 77 national DinaCard Association, are only some Equity Capital / Akcijski kapital 8,421 8.421 71 71 of the trademarks of Crédit Agricole Serbia. Over 9000 highly specialized employees make Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.39% 18,39% sure that the best quality banking services are Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.4% 0,4% provided to the clients in Serbia. Return on Equity / Stopa prinosa na kapital 4.1% 4,1% Today, just like in the good old times, Credit Agricole insists on building long-term relations Number of Employees / Broj zaposlenih 931 931 with its clients, based on trust which dates back Organizational Structure 3 Head Offices, 80 Bank Branches over a century. “At Credit Agricole Serbia we Organizaciona mreža 3 Centrale, 80 filijala believe that banking is a matter of trust. Our business is based on building long-term rela- CRÉDIT AGRICOLE SRBIJA A.D. NOVI SAD tionships with people. We aim to support and Braće Ribnikar 4-6, 21000 Novi Sad www.creditagricole.rs advise our clients not only on a daily basis, but

56 rédit Agricole Sr- Cbija je 100% u vla- sništvu Crédit Agricole grupe, vodeće svetske finansijske grupacije koja je na listi prvih deset bankarskih grupacija na svetu po vrednosti imovine. Banka posluje kroz razgranatu mrežu od 80 filijala, u svim većim gradovima Srbije. Sertifikat kvaliteta ISO 9001 u oblasti bankarskih usluga, korišćenje najsavremenijih bankarskih informacionih tehnologija, princi- palno članstvo u Ma- sterCard International i VISA International, kao i u nacionalnoj Di- naCard asocijaciji samo su neka od obeležja Crédit Agricole Srbija. Preko 900 visokostruč- nih zaposlenih obez- beđuju najkvalitetniju bankarsku uslugu na prostoru Srbije.

Carlos de Cordue, CEO RSD RSD EUR EUR 31.12.2017. Karlos de Kordu, predsednik Izvršnog odbora (million) (u milionima) (million) (u milionima) Balance Sheet Assets / Ukupna bilansna veličina 86,934 86.934 734 734 Crédit Agricole danas, baš kao i nekada dav- Total Capital / Ukupni kapital 9,091 9.091 77 77 no, insistira na izgradnji dugoročnih odnosa sa klijentima zasnovanih na poverenju koje traje Equity Capital / Akcijski kapital 8,421 8.421 71 71 više od veka. “U Crédit Agricole Srbija veruje- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.39% 18,39% mo da je bankarstvo stvar poverenja. Naše po- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.4% 0,4% slovanje zasnovano je na izgradnji dugoročnog Return on Equity / Stopa prinosa na kapital 4.1% 4,1% odnosa sa klijentima. Naš cilj je da podržimo i posavetujemo klijente kako na dnevnom nivou, Number of Employees / Broj zaposlenih 931 931 tako i u situacijama kada donose važne život- Organizational Structure 3 Head Offices, 80 Bank Branches ne odluke. U takvim trenucima, profesionalna Organizaciona mreža 3 Centrale, 80 filijala finansijska analiza i savet mogu biti od nepro- cenjivog značaja“, izjavio je Karlos de Kordu, CRÉDIT AGRICOLE SRBIJA A.D. NOVI SAD predsednik Izvršnog odbora Crédit Agricole Braće Ribnikar 4-6, 21000 Novi Sad www.creditagricole.rs Srbija.

57 irektna Banka a.d. Kragujevac is a modern, continuously improving and expanding its offer Ddomestic and universal bank with the op- of products and services. erating strategy focusing on retail and corpo- Open communication, simple procedures, rate banking activities, i.e. small and medium efficient and transparent approach to addressing enterprises. Direktna Banka was established in financial matters are at the core of the Bank’s 2016 through the acquisition of KBM Bank a.d. operations, serving as the foundation for the Kragujevac, and later on it also purchased Fin- successful and long-term cooperation with its domestic BNP Paribas. Today, Direktna Banka’s clients, always in line with the slogan: “Direktna sales network covers the entire Serbia, with 35 Banka. For You”. branches employing over 400 people. Furthermore, this year Direktna Banka became the 100% owner of Piraeus Bank a.d. Belgrade which will contribute to the further RSD RSD EUR EUR 31.12.2017. expansion of its branch network by more than (million) (u milionima) (million) (u milionima) 50%. After the integration, by the end of this year, both banks will continue to operate under Balance Sheet Assets / Ukupna bilansna veličina 26,870 26.870 227 227 the name Direktna Banka with the capital of Total Capital / Ukupni kapital 3,950 3.950 33 33 almost 500 billion dinars. The integration with Equity Capital / Akcijski kapital 1,917 1.917 16 16 Piraeus Bank has confirmed the stable operations of Direktna Banka and the strengthening Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 26.72% 26,72% of its position in the banking market of Serbia. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 10.73% 10,73 In 2017, Direktna Banka achieved the net Return on Equity / Stopa prinosa na kapital 68.94% 68,94% profit of 1.9 billion dinars and increased its client base by 100%. The net profit of 118 Number of Employees / Broj zaposlenih 441 441 million dinars made in the first quarter of 2018 Organizational Structure Head Office, 3 Regional Centers, 35 Branch Offices demonstrates the continuation of its positive Organizaciona mreža Centrala, 3 regionalna centra, 35 ekspozitura operating trend in the current year. Direktna Banka is a profit-oriented institution with the DIREKTNA BANKA A.D. KRAGUJEVAC main goal of being a reliable and stable partner Kralja Petra I 26, 34000 Kragujevac www.direktnabanka.rs to all existing and potential clients, therefore

58 irektna Banka a.d. Kragujevac je moder- ju više od 400 ljudi. Dna, domaća i univerzalna banka, čija je Ove godine Direktna Banka postala je 100% strategija poslovanja usmerena ka poslovima sa vlasnik i Piraeus banke a.d. Beograd što će do- stanovništvom i privredom, odnosno malim i prineti dodatnom uvećanju njene mreže za čak srednjim preduzećima. Direktna Banka nastala 50%. Nakon spajanja krajem ove godine, ban- je prilikom kupovine KBM banke 2016. godine, ke će poslovati pod imenom Direktna Banka sa a potom je kupila i Findomestic BNP Paribas. imovinom od približno 500 miliona evra. In- Danas prodajna mreža banke pokriva čitavu te- tegracija sa Piraeus bankom dokaz je stabilnog ritoriju Srbije, sa 35 poslovnica koje zapošljava- poslovanja i jačanja pozicije Direktne Banke na tržištu Srbije. RSD RSD EUR EUR Samo u 2017. godini Direktna Banka ostvari- 31.12.2017. (million) (u milionima) (million) (u milionima) la je dobit od 1,9 milijardi dinara i uvećala bazu klijenata za 100%. Dobit prvog kvartala ove go- Balance Sheet Assets / Ukupna bilansna veličina 26,870 26.870 227 227 dine u iznosu od 118 miliona dinara svedoči o Total Capital / Ukupni kapital 3,950 3.950 33 33 nastavku pozitivnog trenda poslovanja banke i u tekućoj godini. Direktna Banka orijentisana Equity Capital / Akcijski kapital 1,917 1.917 16 16 je na profitabilno poslovanje sa ciljem da bude Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 26.72% 26,72% pouzdan i čvrst partner svim postojećim i po- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 10.73% 10,73 tencijalnim klijentima, zbog čega svoju ponudu Return on Equity / Stopa prinosa na kapital 68.94% 68,94% proizvoda i usluga kontinuirano dopunjuje i unapređuje. Number of Employees / Broj zaposlenih 441 441 Direktna komunikacija, jednostavne pro- Organizational Structure Head Office, 3 Regional Centers, 35 Branch Offices cedure, efikasan i transparentan pristup Organizaciona mreža Centrala, 3 regionalna centra, 35 ekspozitura rešavanju finansijskih pitanja, osnovne su vrednosti poslovanja na kojima banka razvija DIREKTNA BANKA A.D. KRAGUJEVAC uspešnu i dugoročnu saradnju sa svojim kli- Kralja Petra I 26, 34000 Kragujevac www.direktnabanka.rs jentima u skladu sa sloganom: „Direktna Ban- ka. Za Vas“.

59 xpobank a.d. Belgrade, a subsidiary of optimisation of business processes, has enabled EExpobank CZ a.s. from Czech Republic, in the transformation of Expobank a.d. Belgrade the first year of its business operations at the from a loss-making business into a profitable Serbian market, recorded the total revenues bank”, said Mr Borislav Strugarević, CEO of amounting to EUR 23.5 million. In 2017 Expobank. Expobank granted RSD 4.7 billion dinars worth of loans (in comparison with 2016 an increase RSD RSD EUR EUR 31.12.2017. by 121.23%), mainly to medium enterprises (million) (u milionima) (million) (u milionima) oriented towards the EU, Russia and Czech Republic. Balance Sheet Assets / Ukupna bilansna veličina 14,999 14.999 127 127 Expobank’s positive financial results in Total Capital / Ukupni kapital 3,793 3.793 32 32 2017 were successfully achieved in parallel Equity Capital / Akcijski kapital 8,549 8.549 72 72 with the organizational changes, revised business strategy, network reorganization and Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 31.04% 31,04% rebranding. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 12.05% 12,05% “Thanks to the implementation of the new Return on Equity / Stopa prinosa na kapital 47.66% 47,66% strategy, Expobank is now highly capitalized and highly liquid, CAR has been significantly Number of Employees / Broj zaposlenih 174 174 improved and stands at 31.04% and the NPL Organizational Structure Head Office, 7 Bank Branches rate is decreasing and currently amounts to Organizaciona mreža Centrala, 7 filijala 2.97%, while regulatory capital is EUR 22.62 million. The increase in lending, improved EXPOBANK A.D. BEOGRAD capital ratios and net interest margin, combined Dalmatinska 22, 11000 Beograd www.expobank.rs with the cost cutting achieved through the

60 xpobanka a.d. Beograd, u vlasništvu Expo- Expobanka je plasirala 4,7 milijardi dinara (u Ebanke CZ a.s. iz Češke Republike, u prvoj poređenju sa 2016. godinom ostvaren je rast godini poslovanja u Srbiji ostvarila je ukupan od 121,23%) uglavnom srednjim preduzećima prihod od 23,5 miliona evra. U 2017. godini orijentisanim na tržište Evropske unije, Rusije i Češke. RSD RSD EUR EUR Pozitivan finansijski rezultat Expobanke u 31.12.2017. (million) (u milionima) (million) (u milionima) 2017. godini je uspešno sproveden kroz orga- nizacione promene, reviziju poslovne strategije, Balance Sheet Assets / Ukupna bilansna veličina 14,999 14.999 127 127 reogranizaciju mreže i proces rebrendiranja. Total Capital / Ukupni kapital 3,793 3.793 32 32 „Zahvaljujući implementaciji nove strategije, Expobanka je visoko kapitalizovana i visoko Equity Capital / Akcijski kapital 8,549 8.549 72 72 likvidna, pokazatelj adekvatnosti kapitala je Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 31.04% 31,04% unapređen i iznosi 31,4%, a stopa problematič- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 12.05% 12,05% nih kredita opada i trenutno je 2,97%, dok je Return on Equity / Stopa prinosa na kapital 47.66% 47,66% regulatorni kapital 22,62 miliona evra. Porast kreditiranja privrede, unapređenje ključnih Number of Employees / Broj zaposlenih 174 174 pokazatelja poslovanja i neto kamatne marže Organizational Structure Head Office, 7 Bank Branches uz smanjenje troškova kroz optimizaciju po- Organizaciona mreža Centrala, 7 filijala slovnih procesa, omogućili su transformaciju banke koja je poslovala sa gubitkom u profi- EXPOBANK A.D. BEOGRAD tabilnu banku”, izjavio je Borislav Strugarević, Dalmatinska 22, 11000 Beograd www.expobank.rs predsednik Izvršnog odbora Expobanke a.d. Beograd.

61 or Erste Bank, 2017 was an extraordinarily dinars. Erste Bank continued with the expan- “Fsuccessful year, particularly in the segment sion of its network, which at the end of Decem- of retail clients and entrepreneurs. We sup- ber 2017 had 85 units, the total number of its ported over 2,000 customers in buying homes active clients reaching 391 thousand. for themselves and their families. Through our “Step by Step” social banking program, the growth and development of 50 start-up compa- RSD RSD EUR EUR 31.12.2017. nies and social enterprises was supported, and (million) (u milionima) (million) (u milionima) we also approved the first loan to a civil society organization that will use it to multiply its posi- Balance Sheet Assets / Ukupna bilansna veličina 161,921 161.921 1,367 1.367 tive impact on the community. Working with Total Capital / Ukupni kapital 20,895 20.895 176 176 corporate clients, we generated an increase in Equity Capital / Akcijski kapital 10,164 10.164 86 86 SME operations through loans, letters of credit and guarantees, while registering a somewhat Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.14% 18,14% lower lending activity to large corporates. Our Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.75% 1,75% long-term successful operations have enabled Return on Equity / Stopa prinosa na kapital 25.9% 25,9% us to take an important decision regarding a large investment in a new IT system and the Number of Employees / Broj zaposlenih 1,069 1.069 comprehensive bank transformation”, stated Organizational Structure Head Office, 46 Bank Branches, 30 Branch Offices, Slavko Carić, CEO of Erste Bank a.d. Novi Sad. 4 Cash Offices, 7 Business Centers Organizaciona mreža Centrala, 46 filijala, 30 ekspozitura, 4 šaltera, 7 poslovnih centara After Q4 2017, the bank’s total net profit amounted to 2.632 million dinars, which is by ERSTE BANK A.D. NOVI SAD 27.5% better result than in the same period of Bulevar oslobođenja 5, 21000 Novi Sad www.erstebank.rs 2016, when the net profit reached 2,064 million

62 a Erste banku je 2017. godina bila izuzet- socijalnog bankarstva „Korak po korak”, podr- „Zno uspešna, naročito u radu sa stanovni- žan je rast i razvoj 50 startap firmi i socijalnih štvom i preduzetnicima. Podržali smo više od preduzeća, a odobrili smo i prvi kredit organi- 2.000 klijenata da obezbede stambeni prostor zaciji civilnog društva koja će pomoću dobije- za sebe i svoje porodice. Kroz program našeg nih sredstava multiplikovati pozitivan uticaj na zajednicu. U radu sa privredom generisali smo RSD RSD EUR EUR porast u poslovanju sa malim i srednjim predu- 31.12.2017. (million) (u milionima) (million) (u milionima) zećima kroz kredite, akreditive i garancije, dok je kod velikih preduzeća zabeleženo nešto niže Balance Sheet Assets / Ukupna bilansna veličina 161,921 161.921 1,367 1.367 kreditiranje. Višegodišnje uspešno poslovanje Total Capital / Ukupni kapital 20,895 20.895 176 176 omogućilo je i donošenje važne odluke o veli- kom investiranju u novi informacioni sistem i Equity Capital / Akcijski kapital 10,164 10.164 86 86 sveobuhvatnu transformaciju banke“, izjavio je Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.14% 18,14% Slavko Carić, predsednik Izvršnog odbora Erste Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.75% 1,75% banke a.d. Novi Sad. Return on Equity / Stopa prinosa na kapital 25.9% 25,9% Ukupna neto dobit nakon četvrtog kvartala 2017. godine iznosi 2.632 miliona dinara, što je Number of Employees / Broj zaposlenih 1,069 1.069 za čak 27,5% bolji rezultat u odnosu na isti pe- Organizational Structure Head Office, 46 Bank Branches, 30 Branch Offices, riod 2016. godine, kada je ostvarena neto dobit 4 Cash Offices, 7 Business Centers od 2.064 miliona dinara. Erste banka je nasta- Organizaciona mreža Centrala, 46 filijala, 30 ekspozitura, 4 šaltera, 7 poslovnih centara vila sa ekspanzijom svoje mreže, koja na kraju ERSTE BANK A.D. NOVI SAD decembra 2017. broji 85 poslovnih jedinica, dok Bulevar oslobođenja 5, 21000 Novi Sad www.erstebank.rs je ukupan broj aktivnih klijenata u decembru iznosio 391 hiljadu.

63 urobank a.d. Belgrade has been operating expanded its customer base. In 2017, Eurobank Ein Serbia since March 2003 and today rep- generated the pre-tax profit of 2.5 billion dinars, resents one of the leading foreign investors in a 17% increase compared to the 2016 results. the country. Eurobank offers a wide range of Eurobank continues its long-term efforts standard and innovative banking products and in executing various initiatives and programs services via its business network of more than in the key areas such as: social inclusion, 80 branches and 5 business centres, where over education, environmental protection, culture 1,300 employees service over 500,000 accounts and healthcare. Through the comprehensive of natural persons and legal entities. Eurobank CSR program titled “We Invest in European is celebrating an important milestone – 15 years Values”, in the previous period the bank has of successful operations at the Serbian market. invested more than EUR 4.5 million. During this time, the Bank has been growing and evolving, increasing its number of employees and branch offices, implementing new busi- RSD RSD EUR EUR 31.12.2017. ness technology, and offering innovative prod- (million) (u milionima) (million) (u milionima) ucts and services tailored to meet its customers’ needs, having gained an important position at Balance Sheet Assets / Ukupna bilansna veličina 158,413 158.413 1,337 1.337 the Serbian market. Over the past years, Eu- Total Capital / Ukupni kapital 51,150 51.150 432 432 robank has consolidated its operations, main- Equity Capital / Akcijski kapital 31,482 31.482 266 266 tained a balanced growth, and ranked among the top ten banks in the country. Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 29.15% 29,15% Eurobank Serbia has been strongly capital- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.63% 1,63% ized over the entire period of its development Return on Equity / Stopa prinosa na kapital 6.93% 6,93% in Serbia. Its capital amounts to eight percent of the total capital in the banking sector and Number of Employees / Broj zaposlenih 1,467 1.467 represents a stability guarantee to its partners, Organizational Structure Head Office, 80 Branch Offices customers, and employees. Last year has been Organizaciona mreža Centrala, 80 ekspozitura very successful for Eurobank. Lending grew by more than 15%, evenly spread between the two EUROBANK A.D. BEOGRAD segments – retail and corporate. The bank en- Vuka Karadžića 10, 11000 Beograd www.eurobank.rs hanced its range of digital channels services and

64 urobank a.d. Beograd u Srbiji posluje od ekspozitura, implementirajući nove tehnologije Emarta 2003. godine i danas predstavlja i nudeći inovativne proizvode i usluge kreirane jednog od vodećih stranih investitora u zemlji. u skladu sa potrebama klijenata. Eurobank je Eurobank nudi širok asortiman standardnih i danas među vodećim bankama na tržištu Srbije. inovativnih bankarskih proizvoda i usluga pre- Tokom proteklih godina, Eurobank je konsoli- ko poslovne mreže od 80 ekspozitura i 5 cen- dovala poslovanje, nastavila sa umerenim ras- tara za rad sa privredom, u kojima preko 1.300 tom i plasirala se u top 10 banaka. zaposlenih servisira preko 500.000 računa fi- Eurobank je visokokapitalizovana tokom zičkih i pravnih lica. Eurobank proslavlja zna- svih ovih godina poslovanja u Srbiji. Njen kapi- čajan jubilej – 15 godina uspešnog poslovanja tal iznosi osam posto ukupnog kapitala bankar- na trištu Srbije. Tokom ovog perioda, banka je skog sektora i predstavlja garanciju stabilnosti rasla i razvijala se povećavajući broj zaposlenih i prema njenim partnerima, klijentima i zaposlenima. Za Eurobank prošla godina bila je veo- RSD RSD EUR EUR ma uspešna. Zabeležen je rast kredita od preko 31.12.2017. (million) (u milionima) (million) (u milionima) 15% u oba segmenta – u poslovima sa stanovni- štvom i u poslovima sa privredom. Unapređena Balance Sheet Assets / Ukupna bilansna veličina 158,413 158.413 1,337 1.337 je paleta usluga koju banka nudi kroz digitalne Total Capital / Ukupni kapital 51,150 51.150 432 432 kanale i povećana baza klijenata. U 2017. godini Eurobank je ostvarila dobitak pre oporezivanja Equity Capital / Akcijski kapital 31,482 31.482 266 266 od 2,5 milijarde dinara što je za 17% više u od- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 29.15% 29,15% nosu na rezultat 2016. godine. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.63% 1,63% Eurobank nastavlja sa dugoročnim naporima Return on Equity / Stopa prinosa na kapital 6.93% 6,93% kako bi realizovala različite inicijative i progra- me u ključnim oblastima kao što su: socijalna Number of Employees / Broj zaposlenih 1,467 1.467 inkluzija, obrazovanje, zaštita životne sredine, Organizational Structure Head Office, 80 Branch Offices kultura i zdravstvo. Kroz sveobuhvatni pro- Organizaciona mreža Centrala, 80 ekspozitura gram korporativne društvene odgovornosti pod nazivom „Investiramo u evropske vredno- EUROBANK A.D. BEOGRAD sti“ banka je u prethodnom periodu uložila više Vuka Karadžića 10, 11000 Beograd www.eurobank.rs od 4,5 miliona evra.

65 alkbank a.d. Belgrade has been operating Halkbank keeps expanding its branch and Hsince 2015 in the Republic of Serbia and ATM network in order to make its products continuously expanding its branch network and and services accessible to as many clients as client base. In the past year the bank recorded possible. In the forthcoming period the bank’s the good results owing to a clearly defined aim is to be one of the fastest growing banks in strategy, sound business policy, commitment the market through continuous strengthening to its employees, and major support from the of capital and investing into the most advanced Halkbank Group. information technologies and innovative In 2017 Halkbank a.d. Belgrade made a products. The bank’s employees remain its most significant portfolio growth in all business important resource, while social responsibility, segments. The SME segment is still the bank’s professionalism, speed and quality are the strategic focus and continuous challenge. Taking values that the bank will continue to cherish in part in the COSME program in cooperation the future as well. with the EIF and implementing loan facilities with international creditors (EIB, EFSE, GGF), the bank defined its approach to corporate RSD RSD EUR EUR 31.12.2017. clients, relying on its own potential and (million) (u milionima) (million) (u milionima) supported by international financial institutions. Furthermore, in cooperation with the Ministry Balance Sheet Assets / Ukupna bilansna veličina 41,449 41.449 350 350 of Economy and the Serbian Development Total Capital / Ukupni kapital 6,120 6.120 52 52 Agency, the bank actively participated in the Equity Capital / Akcijski kapital 4,248 4.248 36 36 2017 Support Program for Small Companies aimed at the purchase of equipment. Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 17.11% 17,11% In the retail segment, the proactive approach Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.52% 0,52% to customers, in combination with the active Return on Equity / Stopa prinosa na kapital 3.20% 3,20% promotion of products and expansion of the branch network resulted in a considerable Number of Employees / Broj zaposlenih 435 435 growth of loan and deposit portfolio and Organizational Structure Head office, 23 Branches, 9 Branch Offices, 4 Cash Offices increase of the market share. In cooperation Organizaciona mreža Centrala, 23 filijale, 9 ekspozitura, 4 šaltera with the Green for Growth Fund, Halkbank has been supporting the energy-efficiency projects HALKBANK A.D. BEOGRAD by granting housing loans and energy-efficiency Bulevar Milutina Milankovića 9e, 11070 Novi Beograd www.halkbank.rs loans.

66 alkbank a.d. Beograd posluje od 2015. go- u COSME programu u saradnji sa EIF-om i re- Hdine na teritoriji Republike Srbije i od tada alizacijom kreditnih linija sa međunarodnim do danas kontinuirano širi svoju poslovnu mre- kreditorima (EIB, EFSE, GGF), Halkbank je in- žu i bazu klijenata. U prethodnoj godini banka tegrisala pristup biznis klijentima oslanjajući se je ostvarila dobre rezultate zahvaljujući jasno na sopstveni potecijal uz podršku međunarod- definisanoj strategiji, dobroj poslovnoj politici, nih finansijskih institucija. Osim toga, banka je vrednom angažovanju zaposlenih i uz veliku tokom 2017. godine imala aktivno učešće u Pro- podršku Halkbank Grupe. gramu podrške malim preduzećima za nabavku Halkbank a.d. Beograd je u 2017. godini opreme u saradnji sa Ministarstvom privrede i ostvarila značajan rast portfolija u svim segmen- Razvojnom agencijom Srbije. tima poslovanja. Segment SME klijenata ostaje Na polju poslovanja sa stanovništvom, pro- strateški fokus i kontinuirani izazov. Učešćem aktivan pristup klijentima, aktivno promo- visanje proizvoda i širenje poslovne mreže RSD RSD EUR EUR rezultirali su značajnim rastom kreditnog i de- 31.12.2017. (million) (u milionima) (million) (u milionima) pozitnog portfolija i uvećanjem tržišnog učešća. U saradnji sa Green for Growth fondom, Halk- Balance Sheet Assets / Ukupna bilansna veličina 41,449 41.449 350 350 banka podržava energetski efikasne projekte Total Capital / Ukupni kapital 6,120 6.120 52 52 odobravanjem stambenih kredita i kredita za energetsku efikasnost. Equity Capital / Akcijski kapital 4,248 4.248 36 36 Halkbank kontinuirano radi na širenju svo- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 17.11% 17,11% je poslovne mreže i mreže bankomata sa ciljem Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.52% 0,52% da svoje proizvode i usluge učini dostupnim Return on Equity / Stopa prinosa na kapital 3.20% 3,20% što većem broju klijenata. Za naredni period Halkbank postavila je cilj da bude jedna od Number of Employees / Broj zaposlenih 435 435 najbrže rastućih banaka na tržištu uz konti- Organizational Structure Head office, 23 Branches, 9 Branch Offices, 4 Cash Offices nuirano jačanje kapitala i ulaganje u najna- Organizaciona mreža Centrala, 23 filijale, 9 ekspozitura, 4 šaltera prednije informacione tehnologije i inovativne proizvode. Zaposleni ostaju najvažniji resurs, a HALKBANK A.D. BEOGRAD društvena odgovornost, profesionalnost, brzi- Bulevar Milutina Milankovića 9e, 11070 Novi Beograd www.halkbank.rs na i kvalitet su vrednosti koje će Halkbank i ubuduće negovati.

67 Kada je vreme dragoceno

he ambitious vision from the beginning the active placements portfolio continued the Tof 2016 to reverse the trend of the bank’s upward trend. All the above mentioned results, operations and start generating value for together with other significant financial effects shareholders has been successfully implemented, recorded by the bank in Q1 2018, generated the making Jubmes Bank stable, profitablerazlika and exceptional je u iskustvu result, i.e. profit before taxation of promising. The results achieved in 2017 indicate 298 million dinars. Consequently, the rate of a significant improvement in the bank’s financial return on equity will also significantly grow in position, which is reflected in a high growth of 2018 and exceed the rate of 10%. the balance sheet size by 25.5%, further growth of placements to active clients exceeding 46%, interest income growth by 13.2%, as well as a RSD RSD EUR EUR 31.12.2017. further decrease of the non-performing loans (million) (u milionima) (million) (u milionima) share in the bank’s portfolio to 5.1%, which is significantly below the Serbian banking sector’s Balance Sheet Assets / Ukupna bilansna veličina 11,706 11.706 98.81 98,81 average. Total Capital / Ukupni kapital 3,489 3.489 29.45 29,45 The increasing confidence of depositors Equity Capital / Akcijski kapital 3,101 3.101 26.18 26,18 in Jubmes Bank has resulted in the growth of savings deposits by 92.5%, bringing them to the Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 34.65% 34,65% historically highest level. The focus of activity Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.59% 0,59% over the past two years has been to attract new Return on Equity / Stopa prinosa na kapital 2.01% 2,01% clients and expand the loan portfolio. The total cumulative growth of placements to the active Number of Employees / Broj zaposlenih 124 124 clients realized in this period is approximately Organizational Structure Head Office, 1 Branch Office, 1 Cash Office 250%. Organizaciona mreža Centrala, 1 ekspozitura, 1 šalter Substantial profitability growth is also expected in 2018, as indicated by the realized JUBMES BANKA A.D. BEOGRAD net interest income in the first quarter of 2018, Bulevar Zorana Đinđića 121, 11070 Beograd www.jubmes.rs which rose by 30.1%, as well as the fact that

68 Kada ne pitate koliko košta

mbiciozna vizija sa početka 2016. godine nastavku značajnog rasta portfolija plasmana Ada se ostvari promena trenda u poslovanju aktivnim klijentima od preko 46%, zatim ras- banke i ponovo otpočne sa stvaranjem vred- tu prihoda od kamata od 13,2%, kao i daljem nosti za akcionare, uspešno je realizovana, či- smanjenju učešća problematičnih kredita u neći Jubmes banku stabilnom, profitabilnomrazlika i ukupnom je u iskustvuportfoliju banke na nivo od 5,1%, što perspektivnom za naredni period. Ostvareni je značajno ispod proseka bankarskog tržišta. rezultati u 2017. godini ukazuju na izraženo Zabeležen je i rast poverenja u Jubmes banku poboljšanje finansijske pozicije banke, koje se kod deponenata fizičkih lica, što je rezultiralo ogleda u visokom rastu bilansne sume od 25,5%, uvećanjem njihovih štednih uloga za 92,5%, dovodeći ih na istorijski najviši nivo. Fokus ak- RSD RSD EUR EUR tivnosti u prethodne dve godine bio je na pri- 31.12.2017. (million) (u milionima) (million) (u milionima) vlačenju novih klijenata i proširenju kreditnog portfolija. Ukupan kumulativni rast plasmana Balance Sheet Assets / Ukupna bilansna veličina 11,706 11.706 98.81 98,81 aktivnim klijentima ostvaren u ovom periodu Total Capital / Ukupni kapital 3,489 3.489 29.45 29,45 iznosi oko 250%. Značajan rast profitabilnosti očekujemo i u Equity Capital / Akcijski kapital 3,101 3.101 26.18 26,18 2018. godini, na šta ukazuju ostvareni neto pri- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 34.65% 34,65% hodi od kamata u prvom kvartalu 2018. godine Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.59% 0,59% beležeći rast od 30,1%, kao i činjenica da su ak- Return on Equity / Stopa prinosa na kapital 2.01% 2,01% tivni plasmani nastavili uzlazni trend. Sve nave- deno, uz druge značajne finansijske efekte koje Number of Employees / Broj zaposlenih 124 124 je Jubmes banka evidentirala u prvom kvartalu Organizational Structure Head Office, 1 Branch Office, 1 Cash Office 2018. godine, doprinelo je izuzetnom rezultatu, Organizaciona mreža Centrala, 1 ekspozitura, 1 šalter odnosno ostvarenom dobitku pre oporezivanja u ovom periodu od 298 miliona dinara, čime će JUBMES BANKA A.D. BEOGRAD ROE ove godine izvesno zabeležiti značajan rast Bulevar Zorana Đinđića 121, 11070 Beograd www.jubmes.rs i prevazići stopu od 10%.

69 omercijalna banka ended 2017 generating Komercijalna banka continues to expand its Kprofit before tax in the amount of RSD 7.187 sales network, which in Serbia consists of 204 million, or approximately EUR 61 million. This branches and 270 ATMs. Through its subsid- profit resulted from the improved quality of the iaries, Komercijalna banka Banja Luka and loan portfolio, resolved issue of NPLs from the Komercijalna banka Budva, the bank operates earlier periods in line with the new regulatory in the markets of Bosnia and Herzegovina and framework, growth of operational profitability Montenegro. in regular operations, rationalization and improved efficiency through an extensive reorganization of the business network and central- ization of the support function, as well as the RSD RSD EUR EUR 31.12.2017. introduction of new digital services. (million) (u milionima) (million) (u milionima) Digitalization was carried out in all segments of the bank’s operations. The emphasis has been Balance Sheet Assets / Ukupna bilansna veličina 369,184 369.184 3,116 3.116 on the dynamic development of the use of mo- Total Capital / Ukupni kapital 63,260 63.260 534 534 bile telephony in the payment of goods and ser- Equity Capital / Akcijski kapital 40,035 40.035 338 338 vices, development and new functionalities of Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 27.89% 27,89% e-commerce services, as well as the automation of internal business processes to accelerate and Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.89% 1,89% improve the quality of work. Return on Equity / Stopa prinosa na kapital 20.28% 20,28% In the area of corporate social responsibility, Number of Employees / Broj zaposlenih 2,806 2.806 the cooperation with the B92 Fund continued, Head office, 5 Business Corporate Centers, through the joint action of equipping the ma- Organizational Structure 6 Business Centers, 1 Bank Branch, 204 Branch Offices ternity wards in Serbia, "Together for Babies", Organizaciona mreža Centrala, 5 poslovno korporativnih centara, with a large number of individual CSR projects 6 poslovnih centara, 1 filijala, 204 еkspoziture across the country. The KomBank Art Gallery hosted numerous art exhibitions and justified KOMERCIJALNA BANKA A.D. BEOGRAD the role of an important site on the cultural Svetog Save 14, 11000 Beograd www.kombank.com map of the city.

70 omercijalna banka Kje 2017. godinu za- vršila sa dobitkom pre oporezivanja u iznosu od 7.187 miliona dinara, odnosno oko 61 milion evra. Ostvarena dobit je rezultat unapređenog kvaliteta kreditnog portfolija, rešavanja loših plasmana iz ranijih perioda u skladu sa novim regu- latornim okvirima, rasta operativne profitabilnosti u redovnom poslovanju, racionalizacije i una- pređene efikasnosti kroz opsežnu reorganizaciju poslovne mreže i centra- lizaciju funkcija podrške, kao i uvođenja novih digitalnih usluga. Digitalizacija je sprovedena u svim segmentima poslovanja banke. Akcenat je na dinamič- nom razvoju korišćenja mobilne telefonije prilikom plaćanja robe i usluga, ekspanziji u razvoju i

RSD RSD EUR EUR novim funkcionalnostima servisa elektronske 31.12.2017. (million) (u milionima) (million) (u milionima) trgovine (e-commerce), ali i na automatizaciji internih poslovnih procesa radi ubrzanja i po- Balance Sheet Assets / Ukupna bilansna veličina 369,184 369.184 3,116 3.116 boljšanja kvaliteta rada. Total Capital / Ukupni kapital 63,260 63.260 534 534 U oblasti društveno odgovornog poslovanja, Equity Capital / Akcijski kapital 40,035 40.035 338 338 nastavljena je saradnja sa Fondom B92, kroz za- jedničku akciju opremanja porodilišta u Srbiji Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 27.89% 27,89% „Zajedno za bebe“, uz veliki broj pojedinačnih Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.89% 1,89% CSR projekata širom zemlje. Galerijski prostor Return on Equity / Stopa prinosa na kapital 20.28% 20,28% KomBank Art Hol ugostio je brojne umetnič- ke izložbe i opravdao ulogu na kulturnoj mapi Number of Employees / Broj zaposlenih 2,806 2.806 grada. Head office, 5 Business Corporate Centers, Komercijalna banka i dalje neguje i širi svoju Organizational Structure 6 Business Centers, 1 Bank Branch, 204 Branch Offices prodajnu mrežu, koju u Srbiji čine 204 ekspozi- Organizaciona mreža Centrala, 5 poslovno korporativnih centara, ture i 270 bankomata. Preko svojih supsidijara, 6 poslovnih centara, 1 filijala, 204 еkspoziture Komercijalne banke Banja Luka i Komercijalne KOMERCIJALNA BANKA A.D. BEOGRAD banke Budva, banka posluje na tržištima Bosne Svetog Save 14, 11000 Beograd www.kombank.com i Hercegovine i Crne Gore.

71 ts Banka a.d. Belgrade has been operating In the coming period, mts Banka will focus msince 1990, when it was founded under on optimizing its business processes, providing the name Prištinska banka a.d. Priština. Since all products and services to SMEs, emphasiz- its establishment to date, the bank has changed ing flexibility and speed, along with the fur- its business name and head office several times. ther expansion of its portfolio and offer in the After additional capitalization and change of its retail segment. The keyword that mts Banka ownership structure, the bank started to oper- builds its business on is trust. And reaching ate under the new name, mts Banka a.d. Bel- this goal requires modernization, digitalization, grade as of May 2015. and, above all, quality and competitiveness in From the very start, mts Banka has aimed to the market, all of which mts Banka has already ensure that all products and services offered are been working on. synonymous with trust, superior performance and innovative technologies. As a new and RSD RSD EUR EUR 31.12.2017. modern bank, it is focused on setting high stan- (million) (u milionima) (million) (u milionima) dards of banking, offering all kinds of banking products and services. It places emphasis on the Balance Sheet Assets / Ukupna bilansna veličina 7,757 7.757 65.5 65,5 quality, speed and easy access to its services, tai- Total Capital / Ukupni kapital 2,145 2.145 18.1 18,1 lored to meet the needs of its clients. Equity Capital / Akcijski kapital 2,125 2.125 17.9 17,9 In line with the new technologies, 2017 was the key year for introducing modern, secure Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 69.3% 69,3% and reliable services in order to provide finan- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.11% 0,11% cial services through mobile and electronic Return on Equity / Stopa prinosa na kapital 0.37% 0,37% banking. All products that were developed and launched in 2017 related to online services were Number of Employees / Broj zaposlenih 180 180 aimed to meet customers' preferences, interests Organizational Structure Head Office, 5 Bank Branches, 13 Branch Offices, 9 Cash Offices and needs, as well as to save their time and costs. Organizaciona mreža Centrala, 5 filijala, 12 ekspozitura, 5 šaltera Commitment to innovation through continuous work with clients resulted in a positive re- MTS BANKA A.D. BEOGRAD sult that mts Banka recorded at the end of 2017. Bulevar Franše d’ Eperea 88, 11000 Beograd www.mts-banka.rs

72 ts Banka a.d. Beograd posluje od 1990. go- nonim za poverenje, superiorne performanse i mdine kada je osnovana pod imenom Pri- inovativne tehnologije. Kao mlada i moderna štinska banka d.d. Priština. Od svog osnivanja banka, fokusirana je da postavlјa visoke stan- do danas banka je nekoliko puta menjala svoje darde bankarstva, nudeći sve vrste bankarskih poslovno ime i sedište. Nakon dokapitalizacije i proizvoda i usluga. Akcenat je na kvalitetu, br- promene vlasničke strukture počinje da poslu- zini i lakoj dostupnosti usluga, uz prilagođava- je pod svojim novim imenom, mts Banka a.d. nje potrebama svojih klijenata. Beograd i to od maja 2015. godine. U skladu sa trendom novih tehnologija, 2017. Banka od samog starta teži ka tome da svi godina je bila klјučna za uvođenje savremenih, proizvodi i usluge koje ima u ponudi budu si- sigurnih i pouzdanih servisa za pružanje finansijskih usluga putem mobilnog i elektronskog RSD RSD EUR EUR bankarstva. Svi onlajn proizvodi razvijeni i 31.12.2017. (million) (u milionima) (million) (u milionima) lansirani u 2017. godini imali su za cilј da izađu u susret želјama, interesovanjima i potrebama Balance Sheet Assets / Ukupna bilansna veličina 7,757 7.757 65.5 65,5 klijenata kao i da pruže uštedu u vremenu i tro- Total Capital / Ukupni kapital 2,145 2.145 18.1 18,1 škovima. Posvećenost inovacijama kroz kontinuiran rad sa klijentima rezultirala je pozitiv- Equity Capital / Akcijski kapital 2,125 2.125 17.9 17,9 nim poslovanjem koje je mts Banka zabeležila Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 69.3% 69,3% na kraju 2017. godine. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.11% 0,11% U narednom periodu fokus mts Banke je na Return on Equity / Stopa prinosa na kapital 0.37% 0,37% optimizaciji poslovanja, pružanju svih proizvoda i usluga malim i srednjim preduzećima, sa Number of Employees / Broj zaposlenih 180 180 akcentom na fleksibilnosti i brzini, uz dalјe ši- Organizational Structure Head Office, 5 Bank Branches, 13 Branch Offices, 9 Cash Offices renje portfolija i ponude za fizička lica. Klјučna Organizaciona mreža Centrala, 5 filijala, 12 ekspozitura, 5 šaltera reč na kojoj mts Banka gradi svoje poslovanje jeste poverenje. A dostići taj cilј moguće je uz MTS BANKA A.D. BEOGRAD modernizaciju, digitalizaciju i pre svega kvalitet Bulevar Franše d’ Eperea 88, 11000 Beograd www.mts-banka.rs i konkuretnost na tržištu, na čemu mts Banka već uveliko radi.

73 LB Bank a.d. Belgrade positioned itself opened in June 2017 at the bank’s head office, Namong the fastest growing banks on the with the aim of supporting art, and especially market in 2017, having achieved the profit of 3.8 young artists. million euros. In 2017, the bank supported the In 2017, NLB Group realized a profit of 225 citizens and the economy of Serbia with loans million euros, twice as high as in 2016. NLB amounting to 220 million euros, which resulted Bank Belgrade is the bank with the highest po- in the increase of the portfolio of healthy loans tential within the Group in terms of growth, by as much as 54 percent. At the same time, the which was demonstrated in 2017 by the result bank increased its deposits base by 38%, which achieved at the end of the business year. testifies about the enhanced customer confidence, who have recognized NLB Bank as a reliable partner for their personal and professional RSD RSD EUR EUR 31.12.2017. plans. (million) (u milionima) (million) (u milionima) NLB Bank is especially active in cooperation with the agro segment, where it ranks among Balance Sheet Assets / Ukupna bilansna veličina 44,121 44.121 372.42 372,42 the 5 leading banks in the market, having Total Capital / Ukupni kapital 7,388 7.388 62.36 62,36 reached a market share of over 10 percent in Equity Capital / Akcijski kapital 6,237 6.237 52.65 52,65 2017. So far, more than 6 thousand farmers have given their trust to NLB Bank, which in 2017 Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 20.1% 20,1% alone financially supported 2500 farmers in the Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.1% 1,1% improvement of their business operations. Return on Equity / Stopa prinosa na kapital 7.87% 7,87% Through the NLB Organic Competition in- volving organic producers, the bank has re- Number of Employees / Broj zaposlenih 180 180 mained committed to agriculture in the domain Organizational Structure Head Office, 31 Branch Offices of corporate social responsibility as well, and in Organizaciona mreža Centrala, 31 ekspozitura addition to this project, continued to support the projects targeting youth, sports, education NLB BANKA A.D. BEOGRAD and vulnerable categories of the population. Bulevar Mihaila Pupina 165v, 11070 Beograd www.nlb.rs New in the CSR domain is the NLB Gallery,

74 LB banka a.d. Beograd se u 2017. godini po- ta, koji NLB banku prepoznaju kao pouzdanog Nzicionirala kao jedna od najbrže rastućih partnera za svoje lične i profesionalne planove. banaka na tržištu, ostvarivši profit od 3,8 milio- NLB banka je posebno aktivna u domenu na evra. Banka je tokom 2017. godine građane i saradnje sa agro segmentom, u kome se nalazi privredu Srbije podržala kreditima u iznosu od među 5 vodećih banaka na tržištu, dostigavši 220 miliona evra, čime je ostvarila rast portfoli- tržišno učešće od preko 10 odsto u 2017. godini. ja zdravih kredita za čak 54 odsto. Istovremeno, Preko 6 hiljada klijenata poljoprivrednika uka- banka je stanje depozita povećala za 38 odsto, zalo je poverenje baš NLB banci, koja je samo što govori u prilog ojačanom poverenju klijena- prošle godine finansijski podržala oko 2,500 poljoprivrednika u realizaciji unapređenja po- RSD RSD EUR EUR slovanja na njihovim gazdinstvima. 31.12.2017. (million) (u milionima) (million) (u milionima) Banka je kroz NLB Organic konkurs, name- njen organskim proizvođačima, ostala posve- Balance Sheet Assets / Ukupna bilansna veličina 44,121 44.121 372.42 372,42 ćena poljoprivredi i u domenu korporativne Total Capital / Ukupni kapital 7,388 7.388 62.36 62,36 društvene odgovornosti, a podržava i projekte namenjene mladima, sportu, obrazovanju i Equity Capital / Akcijski kapital 6,237 6.237 52.65 52,65 osetljivim kategorijama stanovništva. Novina Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 20.1% 20,1% u domenu CSR-a je NLB Galerija, otvorena u Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.1% 1,1% junu 2017. godine u centrali banke, sa ciljem da Return on Equity / Stopa prinosa na kapital 7.87% 7,87% podrži umetnost, a posebno mlade umetnike. NLB Grupa je u 2017. godini ostvarila pro- Number of Employees / Broj zaposlenih 180 180 fit od 225 miliona evra, dvostruko više nego u Organizational Structure Head Office, 31 Branch Offices 2016. godini. NLB banka a.d. Beograd je ban- Organizaciona mreža Centrala, 31 ekspozitura ka sa najvećim potencijalom u okviru Grupe u smislu rasta, što je tokom 2017. godine i poka- NLB BANKA A.D. BEOGRAD zala rezultatom ostvarenim na kraju poslovne Bulevar Mihaila Pupina 165v, 11070 Beograd www.nlb.rs godine.

75 pportunity Bank is a different kind of tional website about the importance of savings Obank, mostly due to the field visits to its and household budget management, entitled clients and its mission of financial inclusion, “Savings Hopscotch: 7 Steps to Your Goal”. Op- i.e. the inclusion of clients from rural areas portunity Bank is a member of the internation- into the financial system through microcredits. al network of microfinance organizations, „Op- These clients are primarily owners of small mix- portunity International“, seated in Chicago. production agricultural households, as well as micro and small businesses and entrepreneur- ial start-ups, often unaware of the fact that they RSD RSD EUR EUR 31.12.2017. could improve their production and/or business (million) (u milionima) (million) (u milionima) income with a loan, thus improving the quality of life for themselves and their families as well. Balance Sheet Assets / Ukupna bilansna veličina 14,123 14.123 119 119 70% of Opportunity Bank’s clients live outside Total Capital / Ukupni kapital 2,733 2.733 23 23 the Serbian towns, in remote and underdevel- Equity Capital / Akcijski kapital 1,858 1.858 16 16 oped rural areas, while the biggest share of the bank’s loan portfolio (90%) is taken up by loans Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 23.21% 23,21% up to EUR 5000 disbursed with the purpose of Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 3.18% 3,18% supporting income generation activities. Return on Equity / Stopa prinosa na kapital 13.80% 13,80% Opportunity Bank strives to be innovative in terms of how it provides services to the clients, Number of Employees / Broj zaposlenih 338 338 for example it enables preliminary loan approv- Organizational Structure Head Office, 7 Bank Branches, 19 Branch Offices al to agro clients through tablet computers, and Organizaciona mreža Centrala, 7 filijala, 19 poslovnih jedinica it has launched BIZBlink, a simple web appli- cation tool for small businesses which provides ОPPORTUNITY BANKA A.D. NOVI SAD them with quick loan eligibility information. Bulevar Oslobođenja 2а, 21000 Novi Sad www.obs.rs Moreover, in 2017 the bank launched the educa-

76 pportunity banka posebna je po mnogo biznisi i preduzetnički poduhvati u samom Očemu, a najviše po terenskim posetama začetku koji često nisu ni svesni da uz pomoć klijentima i misiji finansijske inkluzije, odno- kredita mogu da poboljšaju svoju proizvodnju sno uključivanju klijenata iz ruralnih sredina i poslovanje i tako povećaju prihode, a samim u finansijski sistem kroz isplatu mikro-kredita. tim i kvalitet života za sebe i svoje porodice. Prvenstveno su ovo nosioci malih mešovitih Ova banka počela je sa radom u Srbiji 2002. poljoprivrednih gazdinstava, kao i mikro i mali godine kao štedionica da bi 2007. godine došlo do promene statusa iz štedionice u banku. 70% RSD RSD EUR EUR klijenata Opportunity banke živi van gradova 31.12.2017. (million) (u milionima) (million) (u milionima) u pretežno nerazvijenim ruralnim sredinama, a najveći deo kreditnog portfelja banke (90%) za- Balance Sheet Assets / Ukupna bilansna veličina 14,123 14.123 119 119 uzimaju krediti do 5.000 EUR koji su isplaćeni Total Capital / Ukupni kapital 2,733 2.733 23 23 sa ciljem podrške poslovnim aktivnostima. Opportunity banka je inovativna u načinu Equity Capital / Akcijski kapital 1,858 1.858 16 16 pružanja usluga klijentima, pa tako prelimi- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 23.21% 23,21% narno odobrava kredite za agro klijente putem Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 3.18% 3,18% tablet uređaja, a malim biznisima nudi brz i jed- Return on Equity / Stopa prinosa na kapital 13.80% 13,80% nostavan način da saznaju da li su kreditno spo- sobni uz pomoć veb aplikacije BIZBlink. Osim Number of Employees / Broj zaposlenih 338 338 toga, banka je 2017. godine pokrenula eduka- Organizational Structure Head Office, 7 Bank Branches, 19 Branch Offices tivni sajt o važnosti štednje i vođenju kućnog Organizaciona mreža Centrala, 7 filijala, 19 poslovnih jedinica budžeta pod nazivom „Školica za štednju: 7 koraka do cilja“. Opportunity banka je članica ОPPORTUNITY BANKA A.D. NOVI SAD međunarodne mreže mikrofinansijskih organi- Bulevar Oslobođenja 2а, 21000 Novi Sad www.obs.rs zacija Opportunity International sa sedištem u Čikagu.

77 TP Bank Serbia is part of OTP OGroup, one of the leading groups with a long tradition in Central and Southeastern Europe. At the moment, OTP Group services about 17 million clients in 9 countries, with approximately 33 thousand employees and around 1500 branches. OTP bank entered the Serbian market in 2005 with the purchase of Niška banka, followed two years later by the acquisition of Zepter and Kulska banka. The merger of these three banks, different in terms of their structure, organization and market orientation, remains a unique event on the Serbian market. OTP Group demonstrated its determi- nation to strengthen its position and keep developing in Serbia by taking over Vojvođanska banka. Thus, in December 2017, OTP Bank Serbia became the 100% owner of this bank. The merger of OTP Bank and Vojvođanska banka will create a strong financial institution, the seventh bank in Serbia according to its asset size. motivating them through individual profes- The mission of OTP Bank Serbia is to provide sional development programs. its clients with a complete range of high quality OTP Bank strives to become the leading financial services, whether they be from the re- universal bank in Serbia, not only through its tail segment, corporate segment or municipali- recent acquisition, but also through dynamic ties. Thanks to the strong focus on the acquisi- organic growth, effective corporate governance tion of new, creditworthy clients, the bank has and strong commitment to social responsibility. significantly increased its client base in all these segments. RSD RSD EUR EUR 31.12.2017. Harmonized and up-to-date practices in the (million) (u milionima) (million) (u milionima) bank’s management have enabled OTP Bank to capitalize on its potential, operating in a trans- Balance Sheet Assets / Ukupna bilansna veličina 73,236 73.236 618 618 parent and prudent manner and taking a proac- Total Capital / Ukupni kapital 27,208 27.208 230 230 tive approach to innovations. The measures of Equity Capital / Akcijski kapital 31,608 31.608 267 267 the bank’s success are the increasing value generated for our shareholders, and the growth of Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 28.1% 28,1% the bank’s profitability. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -0.9% -0,9% Same as OTP Group, OTP Bank Serbia is Return on Equity / Stopa prinosa na kapital -3.4% -3,4% committed to building a society that promotes human relations, protects the environment and Number of Employees / Broj zaposlenih 673 673 creates equal chances for people with special Organizational Structure Head Office, 52 Bank Branches, 3 Regional Centers needs. The bank relies on its employees’ profes- Organizaciona mreža Centrala, 52 filijala, 3 regionalna centra sional abilities and commitment, showing appreciation for their work through competitive OTP BANKA A.D. NOVI SAD compensation based on individual results, and Bulevar oslobođenja 80, 21000 Novi Sad www.otpbanka.rs

78 TP banka Srbija deo je OTP Grupe, jedne njem Vojvođanske banke. Tako je u decembru Ood najuspešnijih grupacija koja ima dugu 2017. godine OTP banka Srbija postala stopo- tradiciju poslovanja i jedna je od vodećih u cen- stotni vlasnik ove banke. Spajanjem OTP ban- tralnoj i jugoistočnoj Evropi. Trenutno, OTP ke sa Vojvođanskom nastaće snažna finansij- grupa posluje sa oko 17 miliona klijenata u de- ska institucija, po veličini aktive sedma banka vet zemalja, sa oko 33 hiljade zaposlenih kroz u Srbiji. mrežu od oko 1500 filijala. Misija OTP banke je da bude na usluzi kli- OTP banka je na srpsko tržište došla još jentima kako stanovništva, tako i privrede i op- 2005. godine kupovinom Niške banke, a dve štinama, svojom kompletnom ponudom viso- godine kasnije kupila je i Zepter i Kulsku ban- kokvalitetnih finansijskih usluga. Zahvaljujući ku. Ovakvo spajanje tri banke različite po svo- snažnom fokusu na akviziciji novih, kreditno joj strukturi, organizaciji i tržišnoj opredelje- sposobnih klijenata, banka je u velikoj meri nosti još uvek je jedinstven slučaj na srpskom povećala bazu klijenata u u svim pomenutim tržištu. Opredeljenost da dodatno jača i razvija segmentima. se u Srbiji, OTP grupa je pokazala preuzima- Usklađena i najnovija praksa u upravljanju OTP banke omogućava joj da iskoristi svoj po- RSD RSD EUR EUR tencijal, da posluje na transparentan i mudar 31.12.2017. (million) (u milionima) (million) (u milionima) način i da primenjuje proaktivan pristup inovacijama. Merila uspeha predstavljaju kontinu- Balance Sheet Assets / Ukupna bilansna veličina 73,236 73.236 618 618 irano povećanje vrednosti za akcionare i rast Total Capital / Ukupni kapital 27,208 27.208 230 230 profitabilnosti OTP banke. OTP banka Srbija posvećena je izgradnji dru- Equity Capital / Akcijski kapital 31,608 31.608 267 267 štva koje unapređuje ljudske odnose, štiti okoli- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 28.1% 28,1% nu i stvara jednake šanse za osobe sa posebnim Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -0.9% -0,9% potrebama. Oslanja se na profesionalne sposob- Return on Equity / Stopa prinosa na kapital -3.4% -3,4% nosti i posvećenost svojih zaposlenih, čiji uspeh ceni kroz konkurentnu nadoknadu na osnovu Number of Employees / Broj zaposlenih 673 673 pojedinačnih rezultata i čiji rad motiviše kroz Organizational Structure Head Office, 52 Bank Branches, 3 Regional Centers individualni program profesionalnog razvoja. Organizaciona mreža Centrala, 52 filijala, 3 regionalna centra OTP banka nastoji da postane vodeća univerzalna banka u Srbiji ne samo nedavnom OTP BANKA A.D. NOVI SAD akvizicijom već i kroz dinamičan organski rast, Bulevar oslobođenja 80, 21000 Novi Sad www.otpbanka.rs efikasno korporativno upravljanje i snažnu po- svećenost društvenoj odgovornosti.

79 Directly Becoming Better. For You. Piraeus bank is now part of Direktna Banka.

Direktna Banka a.d Kragujevac became 100% owner of Piraeus banka a.d. Beograd, which will by the end of this year further expand its offer and branch network throughout Serbia.

Direktna Banka is a universal and stable domestic bank marking continuous growth and development of its banking operations in the local market. In this respect its offer of products and services keeps on improving and expanding in line with the needs of retail and corporate clients, i.e. small and medium enterprises.

Soon, even bigger and stronger. Only For You.

www.direktnabanka.rs

iraeus Bank a.d. Belgrade ended 2017 with business and strengthening its position on the Pexcellent business results, having achieved Serbian market. This integration is going to en- profit in the amount of 440 million dinars, able improved accessibility of Direktna Banka’s which is a much better result compared to the products and services to its clients, at the same year before. Total net business income record- time increasing the bank’s sales network by ed a growth by over 22% year-on-year, having 50%. reached 2.8 billion dinars. Gross interest income exceeded 2 billion dinars due to the significant increase in the average retail and corporate loan portfolio by more than 5 billion dinars. RSD RSD EUR EUR 31.12.2017. The bank has notably decreased its NPLs (million) (u milionima) (million) (u milionima) portfolio which at the end of 2017 decreased by 67% compared to the year before. The bank’s Balance Sheet Assets / Ukupna bilansna veličina 51,063 51.063 431 431 liquidity position remained extremely strong Total Capital / Ukupni kapital 12,776 12.776 108 108 throughout the year, with indicators well above Equity Capital / Akcijski kapital 17,570 17.570 148 148 the prescribed minimum. The capital adequacy ratio at the end of 2017 amounted to 33.31%. Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 33.31% 33,31% In 2017 Piraeus Bank remained at the course Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.91% 0,91% of corporate sustainability as the foundation Return on Equity / Stopa prinosa na kapital 2.5% 2,5% and basic value directing all other activities. The bank has been the initiator and sponsor of Number of Employees / Broj zaposlenih 429 429 significant events for talented children, as well Organizational Structure Head Office, 26 Bank Branches as a participant in humanitarian events dedi- Organizaciona mreža Centrala, 26 filijala cated to those who are most in need of help. In early 2018, Direktna Banka a.d. Kraguje- PIRAEUS BANK A.D. BEOGRAD vac bought 100% of ownership of Piraeus Bank Milentija Popovića 5b, 11070 Beograd www.piraeusbank.rs a.d. Belgrade, with the aim of expanding its

80 Direktno postajemo bolji. Za Vas.

Piraeus banka Beograd je od sada deo Direktne Banke.

Direktna Banka a.d. Kragujevac postala je 100% vlasnik Piraeus banke Beograd, čime će do kraja godine proširiti svoju ponudu, kao i mrežu poslovnica širom cele Srbije.

Direktna Banka je univerzalna i stabilna domaća banka koja na lokalnom tržištu beleži kontinuiran rast i razvoj svog bankarskog poslovanja. Ponuda proizvoda i usluga Direktne Banke stalno se dopunjava i usavršava u skladu sa potrebama kako fizičkih, tako i pravnih lica, odnosno malih i srednjih preduzeća.

Uskoro još veći i snažniji. Samo za Vas.

www.direktnabanka.rs

iraeus banka je uspešno završila 2017. godi- jući povećanju prosečnog portfolija kredita pri- Pnu ostvarivši profit u iznosu od 440 miliona vredi i stanovništvu za preko 5 milijardi dinara. dinara, što je višestruko bolji poslovni rezultat Banka je značajno smanjila portfolio nena- u poređenju sa prethodnom godinom. Ukupan plativih kredita koji je na kraju 2017. godine neto poslovni prihod zabeležio je rast od preko bio manji za 67 odsto u odnosu na isti period 22 odsto u odnosu na isti period prošle godine, prethodne godine. Pozicija likvidnosti je tokom dostigavši 2,8 milijardi dinara. Bruto prihod od godine bila izuzetno jaka, sa pokazateljima zna- kamata je premašio 2 milijarde dinara zahvalju- čajno iznad propisanih. Koeficijent adekvatnosti kapitala je na kraju 2017. godine iznosio 33,31 RSD RSD EUR EUR odsto. 31.12.2017. (million) (u milionima) (million) (u milionima) Piraeus banka je i tokom 2017. godine ostala dosledna principu korporativne održivosti kao Balance Sheet Assets / Ukupna bilansna veličina 51,063 51.063 431 431 osnovne vrednosti prema kojoj se sve usmerava. Total Capital / Ukupni kapital 12,776 12.776 108 108 Banka je bila inicijator i pokrovitelj značajnih manifestacija za talentovanu decu, kao i uče- Equity Capital / Akcijski kapital 17,570 17.570 148 148 snik humanitarnih događaja posvećenih onima Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 33.31% 33,31% kojima je pomoć najpotrebnija. Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.91% 0,91% Početkom 2018. godine, Direktna Banka a.d. Return on Equity / Stopa prinosa na kapital 2.5% 2,5% Kragujevac je kupila 100% vlasništva Piraeus banke a.d. Beograd, sa ciljem daljeg širenja svog Number of Employees / Broj zaposlenih 429 429 poslovanja i jačanja pozicije na tržištu Srbije. Organizational Structure Head Office, 26 Bank Branches Ova integracija obezbediće bolju dostupnost Organizaciona mreža Centrala, 26 filijala prizvoda i usluga Direktne Banke, kao i uveća- nje prodajne mreže banke za čak 50%. PIRAEUS BANK A.D. BEOGRAD Milentija Popovića 5b, 11070 Beograd www.piraeusbank.rs

81 roCredit bank, as the only bank in Serbia ing focused on short-term profit maximization. Pestablished with German capital, is a de- Substantial funds are invested in the training velopment-oriented commercial bank offering and professional development of the bank’s em- top quality customer services to small and me- ployees in order to create a pleasant and efficient dium enterprises and retail clients interested in working atmosphere and to provide friendly savings. In its operations, the bank adheres to and competent customer service for the clients. a number of core principles: it values transpar- ency in communication with its customers, it does not promote consumer lending, it strives RSD RSD EUR EUR 31.12.2017. to minimize its environmental footprint, and (million) (u milionima) (million) (u milionima) provides services based both on understanding each client’s situation and on a thorough finan- Balance Sheet Assets / Ukupna bilansna veličina 96,682 96.682 816.07 816,07 cial analysis. Total Capital / Ukupni kapital 14,833 14.833 125.20 125,20 In its operations with corporate clients, the Equity Capital / Akcijski kapital 6,440 6.440 54.36 54,36 bank focuses on small and medium-sized enterprises, convinced that these businesses are the Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 17.16% 17,16% ones to create jobs and make a vital contribu- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.5% 1,5% tion to the branches of industry in which they Return on Equity / Stopa prinosa na kapital 18.5% 18,5% operate. By offering simple and accessible types of savings and other banking services, and by Number of Employees / Broj zaposlenih 420 420 investing in financial education, the bank aims Organizational Structure Head Office, 17 Service Points, 8 Branch Offices to promote a culture of savings and financial re- Organizaciona mreža Centrala, 17 poslovnica, 8 ekspozitura sponsibility that can contribute to higher stability and security of the citizens. PROCREDIT BANK A.D. BEOGRAD The bank’s shareholders expect a sustainable Milutina Milankovića 17, 11070 Beograd www.procreditbank. rs long-term return on investment, rather than be-

82 roCredit banka, kao jedina banka sa nemač- za štednju. U svom poslovanju banka se pridr- Pkim kapitalom u Srbiji, razvojno je orijen- žava osnovnih principa: neguje transparentnu tisana komercijalna banka koja pruža komplet- komunikaciju sa klijentima, ne promoviše po- nu uslugu najvišeg kvaliteta malim i srednjim trošačko kreditiranje, nastoji da svede na mi- preduzećima i stanovništvu zainteresovanom nimum svoj uticaj na životnu sredinu i pruža usluge zasnovane kako na razumevanju situaci- RSD RSD EUR EUR je svakog klijenta ponaosob, tako i na temeljnoj 31.12.2017. (million) (u milionima) (million) (u milionima) finansijskoj analizi. U svom poslovanju sa privredom fokusira se Balance Sheet Assets / Ukupna bilansna veličina 96,682 96.682 816.07 816,07 na mala i srednja preduzeća, uverena da upravo Total Capital / Ukupni kapital 14,833 14.833 125.20 125,20 taj sektor doprinosi otvaranju novih radnih me- sta i daje ključni doprinos privrednim granama Equity Capital / Akcijski kapital 6,440 6.440 54.36 54,36 u kojima posluje. Kroz ponudu razumljivih i Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 17.16% 17,16% dostupnih vidova štednje i drugih bankarskih Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 1.5% 1,5% usluga, kao i kroz ulaganje u finansijsku eduka- Return on Equity / Stopa prinosa na kapital 18.5% 18,5% ciju, cilj banke je da promoviše kulturu štednje i finansijske odgovornosti koje mogu doprineti Number of Employees / Broj zaposlenih 420 420 većoj stabilnosti i sigurnosti stanovništva. Organizational Structure Head Office, 17 Service Points, 8 Branch Offices Akcionari banke očekuju dugoročno održiv Organizaciona mreža Centrala, 17 poslovnica, 8 ekspozitura prinos na investicije, umesto kratkoročnog uve- ćanja profita. Znatna sredstva ulažu se u obuku PROCREDIT BANK A.D. BEOGRAD i razvoj zaposlenih, kako bi se stvorila prijatna i Milutina Milankovića 17, 11070 Beograd www.procreditbank. rs efikasna radna atmosfera, a klijentima osigurala ljubazna i stručna usluga.

83 n 2017 Raiffeisen Bank recorded one of the ducing a unique service in the Serbian market Ibest business results since the start of its busi- – a platform for client communication with the ness activities in Serbia. The profit exceeded bank, based on artificial intelligence. EUR 54 million, the client base numbers more The proof of the good results also came from than 740,000 clients, and with its total loan the renowned international financial magazine portfolio of over EUR 1.2 billion, the bank is EMEA Finance, which awarded Raiffeisen Bank still one of the leading creditors in Serbia. the title “Best Bank in Serbia“, i.e. “Best Invest- In the corporate segment, the credit portfo- ment Bank in Serbia“ in 2017. lio exceeds EUR 631 million, hence the leading positions were maintained in doing business RSD RSD EUR EUR 31.12.2017. with large local and multinational companies, (million) (u milionima) (million) (u milionima) as well as the largest foreign investors. The total loan portfolio of the retail banking segment Balance Sheet Assets / Ukupna bilansna veličina 264,621 264.621 2,234 2.234 and the small enterprises and entrepreneurs Total Capital / Ukupni kapital 57,444 57.444 485 485 segment amounts to EUR 578 million. Equity Capital / Akcijski kapital 27,466 27.466 232 232 The comprehensive project of branch trans- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.01% 21,01% formation has been continued, resulting in 30% of the bank’s network being redesigned so that Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 3.91% 3,91% the clients can perform all transactions within Return on Equity / Stopa prinosa na kapital 24.13% 24,13% the 24/7 self-service zone at the cutting-egde Number of Employees / Broj zaposlenih 1,555 1.555 multifunctional ATMs. Following the grow- 4 Regional Centers, 4 Regional Bank Branches, 37 Bank Branches, ing digitalization trend, the bank additionally Organizational Structure 8 Local Bank Branches, 30 Branch Offices, 4 Cash Offices improved its services by introducing the most Organizaciona mreža 4 regionalna centra, 4 regionalne filijale, modern payments via mobile phones. A con- 37 filijala, 8 lokalnih filijala, 30 ekspozitura, 4 šaltera stant growth of digital users has been recorded, accounting for 14% of the market share, i.e. RAIFFEISEN BANKA A.D. BEOGRAD 30% of the client base. The bank went one step Đorđa Stanojevića 16, 11070 Novi Beograd www.raiffeisenbank.rs further in implementing innovations, by intro-

84 aiffeisen banka je u 2017. godini ostvarila je- je zadržana jedna od liderskih pozicija u poslo- Rdan od najboljih poslovnih rezultata od po- vanju sa velikim domaćim i multinacionalnim četka svog poslovanja u Srbiji. Ostvaren je profit kompanijama, kao i najvećim stranim investi- od preko 54 miliona evra, baza klijenata prema- torima. Ukupan kreditini portfolio Sektora za šuje broj od 740.000, a sa ukupnim kreditnim poslovanje sa stanovništvom i Sektora za rad portfolijom od preko 1,2 milijarde evra, banka sa malim preduzećima i preduzetnicima iznosi je i dalje jedan od vodećih kreditora u Srbiji. 578 miliona evra. U Sektoru za poslovanje sa privredom kre- Nastavljen je opsežan projekat transformaci- ditni portfolio premašuje 631 milion evra, čime je filijala, tako da preko 30% ukupne mreže čine potpuno redizajnirane poslovnice u kojima kli- RSD RSD EUR EUR jenti mogu da obavljaju sve transakcije u okviru 31.12.2017. (million) (u milionima) (million) (u milionima) 24/7 zone za samousluživanje na najsavreme- nijim bankarskim višenamenskim uređajima. Balance Sheet Assets / Ukupna bilansna veličina 264,621 264.621 2,234 2.234 Prateći rastući trend digitalizacije, dodatno je Total Capital / Ukupni kapital 57,444 57.444 485 485 unapređena usluga uvođenjem najmodernijeg Equity Capital / Akcijski kapital 27,466 27.466 232 232 vida plaćanja putem mobilnog telefona. Zabele- žen je konstantan rast broja digitalnih korisnika Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.01% 21,01% sa 14% tržišnog učešća, odnosno 30% klijentske Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 3.91% 3,91% baze. Otišlo se i korak dalje u inovacijama uvo- Return on Equity / Stopa prinosa na kapital 24.13% 24,13% đenjem jedinstvene usluge na domaćem tržištu – platforme za komunikaciju klijenata sa bankom, Number of Employees / Broj zaposlenih 1,555 1.555 bazirane na veštačkoj inteligenciji. 4 Regional Centers, 4 Regional Bank Branches, 37 Bank Branches, Potvrda dobrih rezultata stigla je i od reno- Organizational Structure 8 Local Bank Branches, 30 Branch Offices, 4 Cash Offices miranog međunarodnog finansijskog magazina Organizaciona mreža 4 regionalna centra, 4 regionalne filijale, EMEA Finance, koji je Raiffeisen banku pro- 37 filijala, 8 lokalnih filijala, 30 ekspozitura, 4 šaltera glasio „Najboljom bankom u Srbiji“, odnosno RAIFFEISEN BANKA A.D. BEOGRAD „Najboljom investicionom bankom u Srbiji“ u Đorđa Stanojevića 16, 11070 Novi Beograd www.raiffeisenbank.rs 2017. godini.

85 berbank Serbia recorded an increase in prof- an increase of the retail loans volume by 28% Sitability by 84% and achieved profit after tax compared to the previous year. of 802.9 million dinars at the end of 2017. The Sberbank Serbia is the first bank in Serbia to main drivers of this result included the growing have joined the prestigious international certi- customer base, new partnerships, asset quality fication program "Customers' Friend" in Janu- improvement, significant increase of transac- ary 2017, thus confirming the extremely high tion business and income from fees. level of service quality and relationship with In 2017, the bank made significant progress its clients and employees. Sberbank Serbia de- in reducing the level of non-performing loans servedly wears the medal "Because we appreci- by as much as 40% compared to 2016. This re- ate our clients". sult was achieved thanks to the strong improvement in collection, restructuring and write-off RSD RSD EUR EUR 31.12.2017. of uncollectible receivables. Moreover, the bank (million) (u milionima) (million) (u milionima) realized the net interest income in the amount of 4.3 billion dinars, while the total net income Balance Sheet Assets / Ukupna bilansna veličina 116,033 116.033 979 979 from fees amounted to slightly over 1.2 billion Total Capital / Ukupni kapital 24,124 24.124 204 204 dinars, which is a 41% increase in comparison Equity Capital / Akcijski kapital 14,821 14.821 125 125 to the year before. An extensive customer satisfaction sur- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 30.14% 30,14% vey conducted by Sberbank Serbia in 2017 Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.71% 0,71% confirmed a very high level of customer sat- Return on Equity / Stopa prinosa na kapital 5.42% 5,42% isfaction. Competitive, transparent and tailored loan offers increased the bank’s total Number of Employees / Broj zaposlenih 687 687 loan portfolio. New loans in all banking Organizational Structure Head Office, 2 Regional Centrеs, 33 Branch Offices segments rose by one third (34%) compared Organizaciona mreža Centrala, 2 regionalna centra, 33 ekspoziture with 2016, amounting to 39.4 billion dinars as of 31.12.2017. Continuous improvement of SBERBANK SRBIJA A.D. BEOGRAD Sberbank’s products and services resulted in Bulevar Mihajla Pupina 165g, 11070 Novi Beograd www.sberbank.rs

86 berbank Srbija zabeležila je porast profitabil- hvaljujući znatno boljoj naplati, restrukturira- Snosti od 84 odsto i ostvarila dobit od 802,9 njima i otpisu nenaplativih potraživanja. Osim miliona dinara u 2017. godini. Porast broja ko- toga, Sberbank je ostvarila neto prihod od ka- risnika, nova partnerstva, poboljšanje kvalite- mata u iznosu od 4,3 milijarde dinara dok je ta aktive, značajan porast poslovanja u smislu ukupan neto prihod od naknada nešto više od transakcija i prihoda od naknada bili su glavni 1,2 milijarde dinara, što predstavlja povecanje pokretači ovakvih rezultata. od 41 odsto u odnosu na prethodnu godinu. Banka je tokom 2017. godine ostvarila odli- Opsežna anketa o zadovoljstvu klijenata koju čan rezultat na planu smanjenja nivoa proble- je Sberbank Srbija sprovela tokom 2017. godine matičnih plasmana od čak 40 odsto u odnosu potvrdila je veoma visok nivo zadovoljstva kli- na 2016. godinu. Ovaj rezultat ostvaren je za- jenata. Konkurentne, transparentne i prilagođe- ne ponude kredita povecale su ukupni kreditni RSD RSD EUR EUR portfolio banke. Novi krediti u svim segmen- 31.12.2017. (million) (u milionima) (million) (u milionima) tima poslovanja banke povecani su za jednu trecinu (34 odsto) u odnosu na 2016. godinu i Balance Sheet Assets / Ukupna bilansna veličina 116,033 116.033 979 979 zaključno sa 31.12.2017. godine iznosili su 39,4 Total Capital / Ukupni kapital 24,124 24.124 204 204 milijarde dinara. Konstantni rad na unapređe- nju proizvoda i usluga Sberbanke rezultirao je Equity Capital / Akcijski kapital 14,821 14.821 125 125 rastom plasmana u segmentu poslovanja sa sta- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 30.14% 30,14% novništvom od 28 odsto u odnosu na prethodnu Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.71% 0,71% godinu. Return on Equity / Stopa prinosa na kapital 5.42% 5,42% Sberbank Srbija kao prva banka u Srbiji, pri- stupila je u januaru mesecu 2017. godine pre- Number of Employees / Broj zaposlenih 687 687 stižnom međunarodnom sertifikacijskom pro- Organizational Structure Head Office, 2 Regional Centrеs, 33 Branch Offices gramu „Customers' Friend“, potvrdivši time Organizaciona mreža Centrala, 2 regionalna centra, 33 ekspoziture izrazito visok nivo kvaliteta usluga i odnosa sa svojim klijentima i zaposlenima. Sberbank Sr- SBERBANK SRBIJA A.D. BEOGRAD bija zasluženo nosi medalju „Jer cenimo naše Bulevar Mihajla Pupina 165g, 11070 Novi Beograd www.sberbank.rs klijente“.

87 ociete Generale Bank Serbia a.d. Belgrade is volume of retail loans and the third-largest ac- Sthe first foreign bank in the domestic mar- cording to the size of the total loan portfolio. ket, which opened its representative office back The bank, recognizable for promoting the in- in 1977. For 40 years of doing business in Serbia, novation culture in Serbia, last year launched the bank has trodden the path from traditional a large competition for the best entrepreneur- banking to the improvement of its market posi- ial innovations called "Generator", offering a tion, having become one of the leading banks, chance for the new ideas, feasible and sustain- increasingly focused towards developing a cul- able on the market, to be rewarded and sup- ture of innovation. ported. Societe Generale Bank provides quality services and a diverse offer of products to the clients, natural persons and legal entities – large RSD RSD EUR EUR 31.12.2017. private and state companies, national and mul- (million) (u milionima) (million) (u milionima) tinational companies, financial institutions, and small and medium-sized enterprises, mi- Balance Sheet Assets / Ukupna bilansna veličina 287,988 287.988 2,431 2.431 croenterprises and entrepreneurs. Total Capital / Ukupni kapital 40,405 40.405 341 341 In 2017, Societe Generale Bank additionally Equity Capital / Akcijski kapital 23,724 23.724 200 200 improved its operations, and with a profit after tax of six billion dinars (49.7 million euros) at Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.04% 18,04% the bank level achieved the best result ever since Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.6% 2,6% it has been operating at the local market. The Return on Equity / Stopa prinosa na kapital 25.4% 25,4% consolidated balance sheet size has increased by Number of Employees / Broj zaposlenih 1,390 1.390 20.4% to 294.7 billion dinars (2.5 billion euros) in 2017, which helped Societe Generale to be- Head Office, 93 Branch Offices, 1 Online Branch Office come the fourth largest bank in Serbia in terms Organizational Structure 1 Private Banking Branch Office of total assets. Organizaciona mreža Centrala, 93 ekspoziture, 1 onlajn ekspozitura, Such commercial results contributed to So- 1 ekspozitura privatnog bankarstva ciete Generale Bank, which is a part of one of SOCIETE GENERALE BANKA SRBIJA A.D. BEOGRAD the largest European banking groups, becom- Bulevar Zorana Đinđića 50 a/b, 11070 Novi Beograd www.societegenerale.rs ing the second-largest bank according to the

88 ociete Generale banka Srbija a.d. Beograd je tima, fizičkim i pravnim licima – velikim pri- Sprva strana banka na domaćem tržištu, čije vatnim i državnim preduzećima, domaćim i je predstavništvo otvoreno 1977. godine. Za 40 multinacionalnim kompanijama, finansijskim godina poslovanja u Srbiji, od tradicionalnog institucijama, kao i sektoru malih i srednjih bankarstva, prošla je put do unapređenja pozi- preduzeća, mikrobiznisu i preduzetnicima. cije na tržištu u jednu od vodećih banaka koja Societe Generale banka dodatno je unapredi- se sve više okreće razvijanju kulture inovacija. la poslovanje u protekloj 2017. godini, i sa dobit- Societe Generale banka pruža kvalitetnu kom nakon oporezivanja od šest milijardi dina- uslugu i raznovrsnu ponudu proizvoda klijen- ra (49,7 miliona evra) na nivou banke ostvarila najbolji rezultat od kada posluje na domaćem RSD RSD EUR EUR tržištu. Konsolidovana bilansna suma uvećana 31.12.2017. (million) (u milionima) (million) (u milionima) je za 20,4% na 294,7 milijardi dinara (2,5 milijardi evra) u 2017. godini, što je doprinelo da Balance Sheet Assets / Ukupna bilansna veličina 287,988 287.988 2,431 2.431 Societe Generale postane četvrta najveća banka Total Capital / Ukupni kapital 40,405 40.405 341 341 po visini aktive u Srbiji. Equity Capital / Akcijski kapital 23,724 23.724 200 200 Ovakvi komercijalni rezultati doprineli su da Societe Generale banka, koja je deo jedne Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.04% 18,04% od najvećih evropskih bankarskih grupacija, Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.6% 2,6% na domaćem tržištu preraste u drugu po obi- Return on Equity / Stopa prinosa na kapital 25.4% 25,4% mu kreditiranja u radu sa stanovništvom i treću prema veličini ukupnog kreditnog portfolija. Number of Employees / Broj zaposlenih 1,390 1.390 Banka prepoznatljiva po promovisanju kul- Head Office, 93 Branch Offices, 1 Online Branch Office ture inovacija u Srbiji, prošle godine pokrenu- Organizational Structure 1 Private Banking Branch Office la je i veliki konkurs za najbolje preduzetničke Organizaciona mreža Centrala, 93 ekspoziture, 1 onlajn ekspozitura, inovacije „Generator“, u okviru kojeg su nagra- 1 ekspozitura privatnog bankarstva đene i podržane nove ideje koje su izvodljive i SOCIETE GENERALE BANKA SRBIJA A.D. BEOGRAD održive na tržištu. Bulevar Zorana Đinđića 50 a/b, 11070 Novi Beograd www.societegenerale.rs

89 rpska banka a.d. Belgrade is one of the few tomers and the network of correspondent rela- Sdomestic banks with preserved majority tions with a number of banks around the world. ownership of the Republic of Serbia, which has Business cooperation with the retail clients is achieved continuity throughout the many years performed through the Belgrade Branch Office, of experience in banking. Established as a Mili- which is located at the bank’s headquarters at tary Service within the National Bank of Yu- 25, Savska Street. goslavia, for a short time it operated under the The priorities of Srpska banka a.d. Belgrade name of YU Garant banka a.d. Belgrade, where- in the forthcoming period remain unchanged, as since September 2003 it has been operating including the further strengthening of the capi- under the name of Srpska banka a.d. Belgrade. tal base and maintenance of long-term, solid The bank’s reorganization, conducted in late and mutually beneficial business cooperation 2014 and early 2015, had a positive effect in the between the bank and its clients. subsequent years. The realized profit before tax amounting to 25,448 thousand dinars in 2017 is an indication that the bank succeeded in re- RSD RSD EUR EUR 31.12.2017. sponding to the challenges both by the regula- (million) (u milionima) (million) (u milionima) tory bodies and the business environment. In 2017, Srpska banka a.d. Belgrade increased its Balance Sheet Assets / Ukupna bilansna veličina 14,101 14.101 119.02 119,02 equity by 314,106 thousand, i.e. by 12% com- Total Capital / Ukupni kapital 3,298 3.298 27.8 27,8 pared to the previous year. Equity Capital / Akcijski kapital 2,847 2.847 24.0 24,0 Srpska banka a.d. Belgrade focuses its activities on providing banking services primarily to Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 45.21% 45,21% customers related to the Serbian defense indus- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.21% 0,21% try. Business relationships are also established Return on Equity / Stopa prinosa na kapital 1.03% 1,03% with other companies which are, either individually or as co-operators, involved in the spe- Number of Employees / Broj zaposlenih 66 66 cific production, development and foreign trade Organizational Structure Head Office, 1 Branch Office transactions, as well as with the companies in Organizaciona mreža Centrala, 1 ekspozitura the public sector. Due to the ownership structure and specific operations of its traditional SRPSKA BANKA A.D. BEOGRAD customers, the bank has developed a strong, Savska 25, 11000 Beograd www.srpskabanka.rs long-term business relationship with its cus-

90 rpska banka a.d. Beograd je jedna od retkih dobit pre oporezivanja u 2017. godini, u iznosu Sdomaćih banaka, sa očuvanim većinskim od 25.448 hilјada dinara, pokazuje da je banka vlasništvom Republike Srbije, koja ima konti- uspela da odgovori na sve izazove, kako regula- nuitet i dugogodišnje iskustvo u bankarskom tornih tela tako i poslovnog okruženja. Srpska poslovanju. Osnovana kao Vojni servis u sasta- banka a.d. Beograd je u 2017. godini povećala vu Narodne banke Jugoslavije, kratko vreme akcionarski kapital za 314.106 hilјada dinara, poslovala je pod nazivom YU garant banka a.d. što predstavlјa povećanje za 12% u odnosu na Beograd, a od septembra 2003. godine posluje prethodnu godinu. pod imenom Srpska banka a.d. Beograd. Srpska banka a.d. Beograd svoje aktivnosti Reorganizacija banke, izvršena krajem 2014. usmerava na pružanje bankarskih usluga pr- godine i početkom 2015. godine, imala je pozi- venstveno klijentima iz grupacije namenske tivan efekat u narednim godinama. Ostvarena industrije Srbije. Poslovnu saradnju ostvaruje i sa drugim privrednim društvima koja samo- RSD RSD EUR EUR stalno, ili kao kooperanti, učestvuju u realizaciji 31.12.2017. (million) (u milionima) (million) (u milionima) specifičnih proizvodnih, razvojnih i spolјnotr- govinskih poslova, kao i privrednim društvima Balance Sheet Assets / Ukupna bilansna veličina 14,101 14.101 119.02 119,02 iz javnog sektora. Zbog vlasničke strukture i Total Capital / Ukupni kapital 3,298 3.298 27.8 27,8 specifičnosti poslova njenih tradicionalnih klijenata, banka ima čvrstu, dugoročnu poslovnu Equity Capital / Akcijski kapital 2,847 2.847 24.0 24,0 saradnju sa svojim klijentima i razvijenu mre- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 45.21% 45,21% žu korespondentskih odnosa sa velikim brojem Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 0.21% 0,21% banaka širom sveta. Return on Equity / Stopa prinosa na kapital 1.03% 1,03% Poslovnu saradnju sa fizičkim licima banka obavlja preko Ekspoziture Beograd, koja je sme- Number of Employees / Broj zaposlenih 66 66 štena u sedištu banke u Savskoj ulici broj 25. Organizational Structure Head Office, 1 Branch Office Prioriteti Srpske banke a.d. Beograd i u na- Organizaciona mreža Centrala, 1 ekspozitura rednom periodu ostaju nepromenjeni, uz dalјe jačanje kapitalne osnove i očuvanje dugoročne, SRPSKA BANKA A.D. BEOGRAD čvrste i obostrano korisne poslovne saradnje Savska 25, 11000 Beograd www.srpskabanka.rs banke i njenih klijenata.

91 ith already more than 370,000 clients in ing, Telenor Bank went even further and devel- Wits fourth year of operation, Telenor Bank, oped the first digital lending product in Serbia. part of Telenor Group, is one of the fastest grow- Namely, in 2017 the first completely online cash ing mobile and online banks in the region. loan was granted, without any physical sig- The personalized products of Telenor Bank natures. The commercial introduction of this have changed customer experience, having product was a major breakthrough in further stirred the somewhat dormant market and digitalization of the banking system as a whole. making banking more efficient and simpler for Moreover, the "Fast Cash Loan" of Telenor Bank customers and banks alike. Instead of waiting proves that it is possible to provide customer in queues to pay the bills, payments are today experience aligned with the bank’s business done in a couple of clicks, and it is now pos- model, but also that the national laws and regu- sible to send money directly to a recipient’s e- lations absolutely support even the most inno- mail or mobile phone. Telenor Bank was the vative products. first to introduce to the market a network of modern ATMs where customers can deposit RSD RSD EUR EUR 31.12.2017. or withdraw euros or dinars 24/7. The unique (million) (u milionima) (million) (u milionima) user platform on mobile phones or computers enables the customers to interactively manage Balance Sheet Assets / Ukupna bilansna veličina 14,925 14.925 126 126 their financial affairs, as well as to fully control Total Capital / Ukupni kapital 1,714 1.714 14 14 their assets and transactions. Equity Capital / Akcijski kapital 6,199 6.199 52 52 In 2017 the bank continued to work inten- sively on the development of modern forms of Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 40% 40% instant payments with the aim of enabling citi- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -8% -8% zens to perform all their transactions by means Return on Equity / Stopa prinosa na kapital -19% -19% of mobile phones. The bank was the first to -in troduce mCash service on the market. Using Number of Employees / Broj zaposlenih 182 182 this innovation, with the help of phones and Organizational Structure Head Office, 1 Branch Office without using cards, the clients can withdraw Organizaciona mreža Centrala, 1 ekspozitura or deposit money, or check the balance on their accounts at any Telenor Bank ATM. TELENOR BANKA A.D. BEOGRAD Following its vision to be the first choice of Omladinskih brigada 88, 11070 Novi Beograd www.telenorbanka.rs the Serbian citizens in mobile and online bank-

92 elenor banka, deo Telenor grupe, sa već više Telenor banka je prva uvela mrežu savremenih Tod 370.000 klijenata u četvrtoj godini poslo- bankomata na kojima korisnici 24/7 mogu de- vanja, jedna je od najbrže rastućih mobilnih i ponovati ili podići evre ili dinare. Jedinstvena onlajn banaka u regionu. korisnička platforma na mobilnom telefonu Personalizovani proizvodi Telenor banke ili računaru donosi korisnicima interaktivno promenili su korisničko iskustvo, pokrenuvši upravljanje finansijskim poslovima, kao i pot- donekle uspavano tržište i učinili da bankar- punu kontrolu nad sredstvima i transakcijama. stvo postane efikasnije i jednostavnije – i za ko- Tokom 2017. godine banka je nastavila da in- risnike i za banke. Umesto čekanja u redovima tenzivno radi na razvoju savremenih oblika in- za uplatu računa, plaćanja se danas obavljaju u stant plaćanja s ciljem da građanima omogući nekoliko klikova, a omogućeno je i slanje novca obavljanje svih transakcija mobilnim telefonom. direktno na imejl ili mobilni telefon primaoca. Prva na tržištu Telenor banka je uvela mCash uslugu. Koristeći ovu inovaciju, uz pomoć te- RSD RSD EUR EUR lefona, bez korišćenja kartice, klijenti mogu da 31.12.2017. (million) (u milionima) (million) (u milionima) podignu ili uplate novac, ili da provere stanje na računu na bilo kom bankomatu Telenor banke. Balance Sheet Assets / Ukupna bilansna veličina 14,925 14.925 126 126 Sledeći viziju da bude prvi izbor građana Sr- Total Capital / Ukupni kapital 1,714 1.714 14 14 bije u mobilnom i onlajn bankarstvu, Telenor banka je otišla korak dalje i razvila prvi digital- Equity Capital / Akcijski kapital 6,199 6.199 52 52 ni kreditni proizvod u Srbiji. Naime, 2017. godi- Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 40% 40% ne zaključen je prvi potpuno onlajn gotovinski Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -8% -8% kredit, bez bilo kakvog fizičkog potpisa, a ko- Return on Equity / Stopa prinosa na kapital -19% -19% mercijalno uvođenje ovog proizvoda predstavlja značajan iskorak u daljoj digitalizaciji bankar- Number of Employees / Broj zaposlenih 182 182 skog sistema u celini. Uz sve to, „Brzi keš kredit“ Organizational Structure Head Office, 1 Branch Office Telenor banke dokazuje da je moguće obezbe- Organizaciona mreža Centrala, 1 ekspozitura diti korisničko iskustvo koje je usklađeno sa biznis modelom banke, ali i da domaća zakonska TELENOR BANKA A.D. BEOGRAD regulativa apsolutno podržava i najinovativnije Omladinskih brigada 88, 11070 Novi Beograd www.telenorbanka.rs proizvode.

93 niCredit Bank Serbia is a member of Uni- continued to involve its employees in different UCredit Group, which enables it to combine volunteering activities throughout Serbia. As a local expertise with its international reach, i.e. result, almost half of its employees participated the global support to its clients, providing them in the mentoring programs, charity initiatives with unparalleled access to leading banks in its and environment-related projects. UniCredit 14 core markets as well as in another 18 coun- Bank is making a difference by contributing to tries worldwide. UniCredit European banking the economic, social and cultural welfare of the network includes Italy, Germany, Austria, Bos- communities in which it operates. nia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Serbia, RSD RSD EUR EUR 31.12.2017. Slovakia, Slovenia and Turkey. (million) (u milionima) (million) (u milionima) Since 2001, when UniCredit Bank entered the Serbian market, it has been building its identity Balance Sheet Assets / Ukupna bilansna veličina 362,749 362.749 3,062 3.062 as a universal bank, striving to provide multiple Total Capital / Ukupni kapital 69,340 69.340 585 585 values added to all the stakeholders. In 2017 Equity Capital / Akcijski kapital 23,608 23.608 199 199 thanks to its improved processes, and introduction of additional products and services, each Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.73% 18,73% tailored to the needs of the clients, the bank Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.04% 2,04% managed to further strengthen the position as Return on Equity / Stopa prinosa na kapital 28.10% 28,10% one of the market leaders in terms of profitability, efficiency and productivity. Number of Employees / Broj zaposlenih 1,254 1.254 In line with its strategy, UniCredit Bank con- Organizational Structure 2 Head Offices, 71 Branch Offices tinued to engage itself in the process of increas- Organizaciona mreža 2 centrale, 71 ekspozitura ing reputation on the local market through its socially responsible business. Namely, in 2017 UNICREDIT BANKA SRBIJA A.D. BEOGRAD UniCredit Bank invested additional efforts to Rajićeva 27-29, 11000 Beograd www.unicreditbank.rs position itself highly in this respect, having

94 niCredit banka Srbija je članica UniCredit publiku, Mađarsku, Rumuniju, Rusiju, Srbiju, UGrupe, što joj omogućava lokalnu eksper- Slovačku, Sloveniju i Tursku. tizu, ali i međunarodni opseg, odnosno praće- Od 2001. godine, kada je ušla na tržište Srbije, nje i podršku klijentima na globalnom nivou, UniCredit banka gradi svoj identitet kao uni- obezbeđujući im pristup vodećim bankama verzalna banka, sa željom da njeno poslovanje na 14 ključnih tržišta, ali i u 18 zemalja širom svim zainteresovanim stranama donese više- sveta. UniCreditova evropska bankarska mreža struke prednosti. U 2017. godini banka je, za- obuhvata Italiju, Nemačku, Austriju, Bosnu i hvaljujući unapređenim procesima i plasiranju Hercegovinu, Bugarsku, Hrvatsku, Češku Re- dodatnih proizvoda i usluga, skrojenih u skladu sa potrebama klijenata, uspela da dodatno ojača RSD RSD EUR EUR poziciju jednog od lidera u pogledu profita, efi- 31.12.2017. (million) (u milionima) (million) (u milionima) kasnosti i produktivnosti. U skladu sa svojom strategijom, UniCredit Balance Sheet Assets / Ukupna bilansna veličina 362,749 362.749 3,062 3.062 banka je nastavila da se angažuje u aktivno- Total Capital / Ukupni kapital 69,340 69.340 585 585 stima koje dodatno unapređuju reputaciju na domacem tržištu kroz društveno odgovorno Equity Capital / Akcijski kapital 23,608 23.608 199 199 poslovanje. Naime, u 2017. godini UniCredit Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 18.73% 18,73% banka je uložila vanredne napore da se viso- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva 2.04% 2,04% ko pozicionira u ovom pogledu, nastavivši da Return on Equity / Stopa prinosa na kapital 28.10% 28,10% uključuje zaposlene u različite volonterske aktivnosti širom Srbije. Kao rezultat toga, skoro Number of Employees / Broj zaposlenih 1,254 1.254 polovina zaposlenih je bila angažovana u men- Organizational Structure 2 Head Offices, 71 Branch Offices torskim programima, humanitarnim inicijati- Organizaciona mreža 2 centrale, 71 ekspozitura vama i sređivanju okoline. UniCredit banka je jedinstvena po tome što doprinosi ekonomskoj, UNICREDIT BANKA SRBIJA A.D. BEOGRAD socijalnoj i kulturnoj dobrobiti zajednica u ko- Rajićeva 27-29, 11000 Beograd www.unicreditbank.rs jima posluje.

95 ojvodjanska banka is one of the most rec- janska banka became a member of OTP Group, Vognized local brands in the country with the largest financial services provider in Hun- 150 years of business tradition. In 2017 it main- gary and the dominant regional player in the tained its position among the top ten largest CEE market. The merger with OTP Bank was banks by asset size. It is highly capitalized and aimed at creating a dynamic and promising fi- liquid, among the best banks in the market with nancial institution that would ensure its place improved capital adequacy ratio of 21.34% at at the top of the banking system, providing the the year end. highest quality banking operations along with With the fourth largest business network the enhanced financial products and services. in Serbia consisting of 105 branches and 137 ATMs, along with the four regional business centres, the bank serves over a million of its clients across the country. In 2017 the main goal RSD RSD EUR EUR 31.12.2017. in the bank’s activities with corporate and retail (million) (u milionima) (million) (u milionima) clients was to maintain long-term relationships, provide quality services and various products Balance Sheet Assets / Ukupna bilansna veličina 122,728 122.728 1,036 1.036 such as the specially tailored housing loans and Total Capital / Ukupni kapital 17,970 17.970 152 152 special benefits for credit and debit card users, Equity Capital / Akcijski kapital 16,338 16.338 138 138 as well as to introduce a new package of products and services for small business clients. Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.34% 21,34% In 2017 the bank signed the fifth sponsorship Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -1.64% -1,64% agreement with the Olympic Committee of Ser- Return on Equity / Stopa prinosa na kapital -12.90% -12,90% bia, and became a proud member of the Friends of UNICEF Club, thereby starting a strategic Number of Employees / Broj zaposlenih 1,473 1.473 cooperation of the two institutions. Coopera- Organizational Structure Head Office, 105 Bank Branches tion with the Gallery of Matica srpska success- Organizaciona mreža Centrala, 105 filijala fully continued through the project "Responsi- bly in Culture". VOJVOĐANSKA BANKA A.D. NOVI SAD On 1 December 2017, through the acquisition Trg Slobode 7, 21000 Novi Sad www.voban.rs of 100% shares by OTP banka Srbija, Vojvod-

96 ojvođanska banka predstavlјa jedan od naj- četiri regionalna biznis centra, banka uslužuje Vpoznatijih domaćih brendova u zemlјi sa preko milion klijenata širom zemlјe. Osnovni tradicijom poslovanja dugom 150 godina. Ban- cilј u poslovanju sa privredom i stanovništvom ka je i u 2017. godini zadržala svoju poziciju tokom 2017. godine bio je održavanje dugoroč- među deset najvećih banaka po veličini aktive. nih odnosa sa klijentima uz pružanje kvalitetne Visoko je kapitalizovana i likvidna, među naj- usluge i raznovrsnih proizvoda poput specijal- bolјim bankama na tržištu uz unapređen po- ne ponude stambenih kredita, posebnih pogod- kazatelј adekvatnosti kapitala koji je na kraju nosti za korisnike kreditnih i debitnih kartica, godine iznosio 21,34%. kao i uvođenje novog paketa proizvoda i usluga Sa četvrtom najvećom poslovnom mrežom za klijente malog biznisa. u Srbiji od 105 filijala i 137 bankomata, kao i Tokom 2017. godine potpisan je peti po redu ugovor o sponzorstvu sa Olimpijskim komite- RSD RSD EUR EUR tom Srbije, a postali smo i ponosni član „Kluba 31.12.2017. (million) (u milionima) (million) (u milionima) prijatelјa UNICEF-a“, čime je započeta strate- ška saradnja ove dve institucije. Uspešno je na- Balance Sheet Assets / Ukupna bilansna veličina 122,728 122.728 1,036 1.036 stavlјena saradnja sa Galerijom Matice srpske Total Capital / Ukupni kapital 17,970 17.970 152 152 na projektu „Odgovorno u kulturi“. Vojvođanska banka je 1. decembra 2017. go- Equity Capital / Akcijski kapital 16,338 16.338 138 138 dine, akvizicijom 100% akcija od strane OTP Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.34% 21,34% banke Srbija, postala članica OTP Grupe, naj- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -1.64% -1,64% većeg pružaoca finansijskih usluga u Mađarskoj Return on Equity / Stopa prinosa na kapital -12.90% -12,90% i dominantnog regionalnog igrača na tržištu Centralne i Istočne Evrope. Integracija sa OTP Number of Employees / Broj zaposlenih 1,473 1.473 bankom imala je za cilj da stvori dinamičnu i Organizational Structure Head Office, 105 Bank Branches perspektivnu finansijsku instituciju koja će osi- Organizaciona mreža Centrala, 105 filijala gurati mesto u vrhu bankarskog sistema, obez- beđujući najviši kvalitet svakodnevnog ban- VOJVOĐANSKA BANKA A.D. NOVI SAD karskog poslovanja uz unapređene finansijske Trg Slobode 7, 21000 Novi Sad www.voban.rs proizvode i usluge.

97 TB Bank a.d. Belgrade, which has been groups, which includes flexibility, promptness, Vpresent at the Serbian market for 5 years, efficiency and adequate monitoring of their de- is part of VTB Group, a strong global financial velopment plans and objectives. group from the Russian Federation operating With respect to the principles of sustainable in 30 countries worldwide. By developing its development and corporate social responsibil- business according to the specialized corporate ity, VTB Bank strives to base its operations on bank model, VTB Bank combines global ex- the balance of economic, social and environ- perience and best international practices of its mental goals, contributing thereby to the prog- parent company with the local know-how and ress of the entire social community through its understanding of the local market. investments in educational institutions, as well In 2017, the main operating priorities in- as in institutions providing care for persons cluded the digitalization of business processes, with mental and intellectual disabilities. optimization of operations and operational expenses, as well as the increase of the capital RSD RSD EUR EUR 31.12.2017. base. The undertaken activities contributed to (million) (u milionima) (million) (u milionima) the bank’s effort to create a stable basis for generating profit. Balance Sheet Assets / Ukupna bilansna veličina 10,671 10.671 90 90 The strategic orientation of VTB Bank is to Total Capital / Ukupni kapital 1,635 1.635 14 14 strengthen the economic exchange between Equity Capital / Akcijski kapital 3,672 3.672 31 31 Serbia and the Russian Federation through numerous forms of financial support to the local Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.64% 21,64% Serbian exporters and importers, whose op- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -0.79% -0,79% erations are directed towards the Russian mar- Return on Equity / Stopa prinosa na kapital -5.01% -5,01% ket and the markets of the Commonwealth of Independent States. Through a wide range of Number of Employees / Broj zaposlenih 69 69 products and services, aimed at contributing to Organizational Structure Head Office, 2 Bank Branches the healthy development of the local economy, Organizaciona mreža Centrala, 2 filijale VTB Bank provides quality financial support for the SMEs segment, as well as for the local VTB BANKA A.D. BEOGRAD and foreign investors. The significant advantage Balkanska 2, 11000 Beograd www.vtbbanka.rs of VTB Bank is its unique approach to all client

98 TB banka a.d. Beograd, Vkoja na tržištu Srbije posluje već 5 godina, deo je VTB grupe, snažne finansijske globalne grupacije iz Ruske Federacije koja posluje u 30 zemalja sveta. Razvijajući svoje poslovanje po modelu specijalizovane korporativne banke, VTB banka kombinuje globalno iskustvo i najbolje internacionalne prakse svoje matične kuće sa lokalnim znanjem i razumevanjem do- maćeg tržišta. Tokom 2017. godine glavni prioriteti u poslovanju bili su digitalizacija poslovnih procesa, optimizacija poslovanja i operativnih troškova, kao i uvećanje kapitalne osnove. Pre- duzete aktivnosti doprinele su da banka stvori stabilnu osnovu za generisanje profita. Strateško opredeljenje VTB banke je osnaživanje privredne razmene između Srbije i Ruske Federacije kroz brojne vidove finansijske podrške domaćim kompanijama izvoznicima i uvoznicima iz Srbije, čije je poslovanje usmereno na rusko tržište, kao i tržišta zemalja Zajednice Neza- RSD RSD EUR EUR visnih Država. Kroz širok spektar proizvoda i 31.12.2017. (million) (u milionima) (million) (u milionima) usluga, u nastojanju da doprinese zdravom razvoju domaće privrede, VTB banka pruža kva- Balance Sheet Assets / Ukupna bilansna veličina 10,671 10.671 90 90 litetnu finansijsku podršku za segment malih i Total Capital / Ukupni kapital 1,635 1.635 14 14 srednjih prduzeća, ali i za domaće i inostrane investitore. Značajna prednost VTB banke je- Equity Capital / Akcijski kapital 3,672 3.672 31 31 ste jedinstven pristup svim grupama klijenata Capital Adequacy Ratio / Koeficijent adekvatnosti kapitala 21.64% 21,64% koji podrazumeva fleksibilnost, brzinu, efika- Return on Total Assets / Stopa prinosa na ukupno angažovana sredstva -0.79% -0,79% snost i adekvatno praćenje njihovih razvojnih Return on Equity / Stopa prinosa na kapital -5.01% -5,01% planova i ciljeva. Uvažavajući principe održivog i društveno Number of Employees / Broj zaposlenih 69 69 odgovornog poslovanja, VTB banka nastoji da Organizational Structure Head Office, 2 Bank Branches svoje poslovanje zasniva na ravnoteži ekonom- Organizaciona mreža Centrala, 2 filijale skih, socijalnih i ekoloških ciljeva, dajući svoj doprinos napretku celokupne društvene zajed- VTB BANKA A.D. BEOGRAD nice kroz ulaganja u obrazovne ustanove, kao Balkanska 2, 11000 Beograd www.vtbbanka.rs i ustanove koje brinu o osobama sa mentalno- -intelektualnim invaliditetom.

99 SECURITIES COMMISSION REPUBLIC OF SERBIA

he last year was characterized by the con- further clarify the manner of reporting to the Ttinuation of work on the capital market Commission and the electronic submission of legislation and further alignment with the EU prescribed information and documents. As of acquis. At the beginning of 2017 the Securi- March last year, all the information referring ties Commission adopted the new Rulebook on to publicly traded companies is filed with the the content and form of takeover bids, follow- Commission – electronically, through the Elec- ing the amendments to the Law on Takeovers tronic Submission Gateway. of Joint-Stock Companies. Furthermore, the The new Rulebook on the Official Register of Rulebook on Market Abuse, Permitted Trading Information was adopted. The Official Register During Closed Periods and Market Research receives information through the Electronic was adopted, whereas the Rulebook on supervi- Submissions Gateway, entailing that filings sion exercised by the Commission got amended. must be signed using qualified electronic sig- The Commission also adopted the Rulebook on nature. Moreover, submissions from licensed Exemptions from the Requirement to Produce market participants such as annual financial a Prospectus. Aiming to further align the RS statements, audit reports, annual reports on op- legal framework with the EU, support has been erations etc. are also being filed electronically. provided through the project of the Policy and In addition, a new management company, Legal Advice Center (PLAC II) for the purpose four open-end investment funds, and a private of harmonization of legislation in the area of in- fund were entered into the registers of the Secu- vestment services, preparation of the new draft rities Commission. The new private investment law on the capital market, draft law governing fund PIF WMEP-1 is managed by the invest- investment funds in addition to the draft law ment fund management company Fima Invest. introducing alternative investment funds. Furthermore, a new investment fund manage- In the course of the last year, a working ment company WVP Fund Management was group comprising several ministries and insti- licensed. The company was authorized to or- tutions was formed and tasked with the com- ganize four open-end investment funds: WVP modity exchange market regulation. At the CASH money-market fund, WVP BALANCED moment, there is an ongoing public discussion balanced fund, WVP PREMIUM and WVP concerning the Draft Law on Commodity Stock DYNAMIC growth funds. Exchanges. Activities have been continued to SECURITIES COMMISSION OF REPUBLIC OF SERBIA Omladinskih brigada 1, 11070 Novi Beograd www. sec.gov.rs

100 roteklu godinu obeležio je rad na regulati- sve informacije koje se odnose na javna društva Pvi kojom se uređuje oblast tržišta kapitala i dostavlјaju se Komisiji putem Portala isklјučivo dalјem usklađivanju sa propisima EU. Naime, u elektronskom obliku. početkom 2017. godine Komisija za hartije od Usvojen je Pravilnik o službenom registru vrednosti je donela novi Pravilnik o sadržini i informacija. Službeni registar prima informa- formi ponude za preuzimanje akcija nakon iz- cije i izveštaje od obveznika izveštavanja preko mena i dopuna Zakona o preuzimanju akcio- Portala, a propisuje da svaka informacija koja narskih društava. Takođe, donet je Pravilnik o se dostavlјa mora biti potpisana kvalifikovanim zloupotrebama na tržištu, odobrenju trgovanja elektronskim sertifikatom. Od prošle godine i tokom perioda zabrane trgovanja i istraživanju dostavlјanje redovnih godišnjih finansijskih iz- tržišta, a izmenjen je i Pravilnik o nadzoru koji veštaja licenciranih učesnika, revizorskog izve- sprovodi Komisija. Usvojen je Pravilnik o pri- štaja, godišnjeg izveštaja o poslovanju i odluka meni izuzetaka od obaveze objavlјivanja pro- o njihovom usvajanju vrši se samo elektron- spekta. U cilјu pripreme za dalјe usklađivanje skim putem, preko Portala za izveštavanje. sa propisima EU, u okviru projekta EU Pravna Pored toga, u registre Komisije upisani su podrška pregovorima – PLAC II, obezbeđena novo društvo za upravlјanje, četiri otvorena je podrška za usklađivanje propisa iz oblasti fi- investiciona fonda, kao i jedan privatni fond. nansijskih usluga, odnosno za pripremu nacrta Novim privatnim investicionim fondom PIF novog zakona kojim se uređuje tržište kapitala, WMEP-1 upravlјa društvo za upravlјanje inve- nacrta novog zakona o investicionim fondovi- sticionim fondovima FIMA INVEST. Takođe, ma i nacrta zakona o alternativnim investicio- Komisija za hartije od vrednosti je sredinom nim fondovima. protekle godine dala dozvolu za rad društvu Tokom protekle godine, bila je aktivna i me- za upravlјanje investicionim fondovima WVP đuresorna radna grupa na zadatku unapređenja FUND MANAGEMENT. Ovom društvu date i uređenja robno-berzanskog poslovanja. Na- su dozvole za organizovanje četiri otvorena crt zakona o robnoj berzi trenutno se nalazi na investiciona fonda: WVP CASH fond očuva- javnoj raspravi. Nastavlјen je rad na pojedno- nja vrednosti imovine, WVP BALANCED ba- stavlјenju načina obaveštavanja Komisije i elek- lansirani fond, kao i WVP PREMIUM i WVP tronskom dostavlјanju propisanih informacija DYNAMIC fondovi rasta vrednosti imovine. i dokumenata. Naime, od marta prošle godine KOMISIJA ZA HARTIJE OD VREDNOSTI REPUBLIKE SRBIJE Omladinskih brigada 1, 11070 Novi Beograd www. sec.gov.rs

101 16th International Conference, UPGRADE IN BELGRADE 2017

he momentum provided by the European of the Belgrade Stock Exchange, as a result of Tregulators to the European capital markets, recognizing the need for cheaper and more effi- having in mind, above all, the Capital Markets cient financing options by the Serbian economy, Union Initiative of the European Commis- as well as the need to adapt to the dynamic in- sion, represents just one of the impulses to the ternational environment. Belgrade Stock Exchange in the process of re- When it comes to the annual turnover in 2017, establishing the capital market in Serbia as a it amounted to RSD 66.91 billion, i.e. EUR 553 main driver and propeller of economic growth. million, which represents an increase by 50.1% Although, in terms of liquidity and diversifica- compared to 2016, denominated in Serbian tion of trading materials, 2017 cannot be con- dinars. The increase in the trading turnover sidered as a year with important improvements, was recorded both for the Republic of Serbia it should be noted that a number of new initia- government bonds and shares, but most of the tives have been introduced at the Belgrade Stock turnover was recorded in government bonds, Exchange all aiming to improve the Stock Ex- the same as in the year before. The benchmark change contribution to the Serbian economy. index of the Belgrade Stock Exchange – BEL- The most important activities in 2017 aimed EX15 ended 2017 at the level of 759.80 points, at the significant improvements at the local cap- that is an annual increase by 5.91%, which is ital markets are: launching the Serbia: IPO Go! at the same time the highest value of this in- Project, financed by the EBRD Shareholder Spe- dicator since June 2011. The total market in- cial Fund, targeting the realization of the first dex – BELEXline ended the year at the level of initial public offering in Serbia; cooperation 1,662.53, with an annual increase by 5.93% also with the Funderbeam platform, granting the recording the maximum value since October Serbian SMEs an opportunity to be financed 2008. Traditionally, at the end of the year, in by investors worldwide; as well as the SEElink November, 16th International Conference of project, enabling regional integration of the the Belgrade Stock Exchange, UPGRADE IN capital markets a more efficient regional cross- BELGRADE 2017, was organized and was dedi- border market participation for investors and cated to the support provided by other market intermediaries. All the above mentioned activi- participants to the new activities and the new ties, are focused on the strategic reorientation business model of the Stock Exchange.

BELGRADE STOCK EXCHANGE Omladinskih brigada 1, 11070 Novi Beograd www.belex.rs

102 amajac koji tržišta kapitala dobijaju inicija- Ztivama evropskih regulatora u poslednjih nekoliko godina, imajući tu u vidu pre svega inicijativu Unije za tržišta kapitala Evropske komisije, samo je dodatni podsticaj aktivnostima Beogradske berze u cilju postavljanja tržišta kapitala u Srbiji na ispravne osnove. Iako se, posmatrano sa aspekta likvidnosti i raznovrsnosti tržišnih materijala za 2017. godinu ne može reći da je srpskom tržištu kapitala donela značajni- je novine, činjenica je da je u toku prethodne godine na Beogradskoj berzi pokrenut određen broj projekata koji bi u narednom periodu trebalo da doprinesu značajnijem učešću domaće Berze u srpskoj privredi. Najznačajnije aktivnosti koje bi u narednom periodu trebalo da dovedu do značajnih una- pređenja na domaćem tržištu kapitala u toku 2017. bile su: pokretanje projekta Serbia: IPO Go! koji finansira Specijalni akcionarski fond EBRD-a, i koji za cilj ima realizaciju prve ini- cijalne javne ponude u Srbiji; saradnja sa kom- panijom Funderbeam, na bazi koje bi i srpska mala i srednja preduzeća imala priliku da se 16. Međunarodna konferencija - UPGRADE IN putem inovativne crowdfunding platforme po- BELGRADE 2017 vežu sa zainteresovanim investitorima širom sveta; kao i aktivnosti na projektu SEElink, koji kao i prethodne godine, evidentirana apsolutna omogućava regionalno integrisanje tržišta kapi- dominacija obveznica RS. Indeks najlikvidnijih tala, kako bi se investitorima i brokerima obez- akcija srpskog tržišta kapitala BELEX15 je 2017. bedio efikasniji pristup lokalnim tržištima. Sve godinu završio na nivou od 759,80 indeksnih navedene aktivnosti fokusirane su upravo na poena, što je za +5,91% viša vrednost u odnosu stratešku preorijentaciju Beogradske berze kao na kraj 2016. godine i istovremeno najviša vred- posledicu prepoznavanja potreba srpske privre- nost ovog pokazatelja ostvarena od juna 2011. de za dodatnim jeftinijim i efikasnijim izvorima Opšti indeks domaćeg tržišta BELEXline je kapitala, kao i na potrebu da se i srpsko tržište prethodnu godinu završio na nivou od 1.662,53 kapitala prilagodi dinamičnom međunarod- indeksnih poena, sa rastom vrednosti od 5,93% nom ambijentu. u odnosu na kraj 2016. godine i takođe rekord- Kada je reč o vrednosti prometa, ona je u nom vrednošću zabeleženom od oktobra 2008. 2017. godini na srpskom tržištu kapitala izno- godine. Krajem godine, tradicionalno, orga- sila 66,91 milijardu dinara, odnosno skoro 553 nizovana je i 16. Međunarodna konferencija milona evra, što izraženo u dinarima predsta- Beogradske berze, UPGRADE IN BELGRADE vlja rast prometa od 50,1% u odnosu na 2016. 2017, u okviru koje je, između ostalog, Beograd- godinu. Na godišnjem nivou zabeležen je rast ska berza dobila podršku za dalji rad na novim vrednosti prometa i u trgovanju obveznicama projektima i unapređenje poslovnog modela. Republike Srbije i u trgovanju akcijama, ali je,

BEOGRADSKA BERZA Omladinskih brigada 1, 11070 Novi Beograd www.belex.rs

103 CIP - Katalogizacija u publikaciji Narodna biblioteka Srbije, Beograd 336.71 (497.11) BANKARSTVO / glavni i odgovorni urednik Verolјub Dugalić. - God. 32, br. 1/2 (2003) -. - Beograd: Udruženje banaka Srbije, 2003 - (Beograd: Čugura print). - 30 cm Tromesečno. - Tekst uporedo na srp. i engl. jeziku. - Je nastavak: Jugoslovensko bankarstvo = ISSN 0350-4077 ISSN 1451-4354 = Bankarstvo COBISS. SR-ID 109903884

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