NBS' profit in 2008 - 58.1 billion RSD

- National Bank of Serbia registered 58.1 billion RSD worth of profit in 2008 - the central bank announced on June 1st.

NBS' Council has made the decision about distribution of profit, according to which 22.6 billion RSD will be spent on the losses from the previous years, 14.7 billion RSD will be set aside for special reserves, while remaining 20.7 billion RSD will be used to increase the basic capital of NBS.

NBS has delivered Annual and financial reports for year 2008, along with the report by authorized auditor, to the Parliament of Serbia.

NBS' incomes from interests were 3.1 billion RSD smaller in 2008 than in 2007, while interest-related expenditures grew by 11.7 billion RSD. Because of the high costs of sterilization, net losses based on interests amounted to 9.2 billion RSD.

Profit from fees and commissions in 2008 amounted to 3.8 billion RSD and it was 1.1 billion RSD larger than in 2007, primarily because of the growth of incomes based on payment operations in the country and trading in foreign currencies and effective foreign money, as well as due to reduction of expenses based on revoking of stimuli for exchange offices.

Expressed net incomes from trading include 47.4 billion RSD worth of net incomes from the exchange rate differences, 16.4 billion RSD worth of net incomes from the change in value of property and obligations, and 3.4 billion RSD worth of net profit from the sales of securities that were traded in 2008.

Of all abovementioned trading incomes, only the net profit from trading in securities represents the profit realized by NBS, while all others are unrealized incomes.

NBS had 5.2 billion RSD worth of general and administrative expenses in 2008, while the costs of gross salaries were increased by only 2.7% against year 2007.

On December 31st, 2008, the capital of the National Bank of Serbia amounted to 59.7 billion RSD and it was increased by 57.8 billion RSD, primarily because of the registered profit and increased revalorization reserves.