NIIS: NIS reported RSD 11.5bn in 1H18 net profit, down 7% y/y
NIS (NIIS) reported RSD 11.5bn in its 1H18 net profit, down 7% y/y, mainly due to poor performances in 1Q18. On a quarterly basis, net profit amounted to RSD 7.8bn, up 10% y/y. The EBITDA in the first half of the year amounts to 24 billion dinars, which is six percent more than in the same period of the previous year. At the same time, the trend of growth of liabilities of NIS on the basis of taxes and other public revenues in the first six months of the current year amounted to 90.9 billion RSD, or 17% more than in the previous year. The company’s 1H18 sales arrived at RSD 120.4bn, up 12% y/y, on higher prices of petroleum products.
Source: NIS, Ilirika
Serbian banks' NPL ratio falls to 7.8% at end-June - c-bank governor
The ratio of non-performing loans (NPLs) in Serbia's banking sector declined to 7.8% at the end of June, central bank governor Jorgovanka Tabakovic said. According to the latest data, for June 30, the NPL ratio amounts to 7.8% and we expect an even better result at the end of July, Tabakovic said in a video file published by Serbian news agency Tanjug. The reduction of the NPL ratio strengthens the stability of the Serbian banking system and opens space for lending, Tabakovic said. Last month, Tabakovic said the ratio of NPLs in Serbia's banking sector fell to a record-low level of 8.8% at the end of April. Serbia's NPL ratio amounted to 9.8% at the end of 2017.
KMBN: Komercijalna reported RSD 3.6bn in its 1H18 net profit, down 35% y/y on absence of tax gain, lower net interest income and other income reduction
Komercijalna Banka (KMBN) reported RSD 36bn in its 1H18 per –tax profit, down 18% y/y on lower net interest income and lower other income. Net profit was also at RSD 3.6bn, down 35% as this time the bank had no huge tax gain as in 1H17. Net interest income arrived at RSD 6.2bn, down 2.4% y/y, while net F&C income was at RSD 2.55bn, up 3.6% y/y.
Source: KMBN, Ilirika
Croatia's INA suffers 39% drop in cons net profit
Croatian oil and gas company INA [ZSE:INA-R-A] said on Friday its first-half consolidated net profit fell 39% on the year to 533 million kuna ($83.8 million/72 million euro). INA's net sales revenue rose by an annual 13% to 9.5 billion kuna in January-June, mainly driven by higher sales resulting from higher crude oil and product prices, which were partially offset by slightly lower upstream production volumes, the company said in a Zagreb bourse filing.
Nasdaq drops more than 1% as Intel and Twitter lead tech rout, European stocks end the week higher, Carrefour rallies 12%
Stocks fell on Friday as poor earnings from Intel and Twitter trumped a strong growth reading for the economy. The Nasdaq Composite dropped 1.46 percent to 7,737.42, its biggest drop since June 27, when it fell 1.54 percent. The S&P 500 fell 0.7 percent to 2,818.82 with tech dropping 2 percent. The Dow Jones Industrial Average declined 76.01 points to close at 25,451.06.
Intel dropped more than 8.5 percent after announcing delays on its next generation chips. The company did report better-than-expected earnings, however. Twitter, which reported earnings that matched expectations, dropped more than 20 percent after it said its number of monthly active users fell.
The Commerce Department said the U.S. economy grew by 4.1 percent in the second quarter, in line with analyst expectations. In recent days, White House officials have been indicating the reading will be strong.
European stocks closed higher Friday, tracking their fourth straight week of gains, as investors digested fresh earnings and growth data from the U.S. The pan-European Stoxx 600 closed provisionally 0.4 percent higher.
Looking across the European benchmark, Carrefour rose 12.01 percent after reporting a profit increase in the first half of the year, whereas Kering fell 7.72 percent after Gucci sales came in slightly weaker than forecasts.