Banks post EUR 18 million losses for 2013

Veroljub Dugalic, the secretary general of the Association of Banks of Serbia (UBS), said Thursday that banks had made EUR 18 million losses in 2013.

Dugalic stressed at the presentation of the latest report of the UBS Credit Bureau that the data from the end of 2013 showed that banks had made a profit of 2-3 percent, adding that that mistake had been corrected at the end of December and that banks had actually made losses.

According to him, the losses were caused by a drop in interest rates on loans, 10% smaller credit activity and indirect write-offs at the end of the year.

The data show that losses were made by 15 banks, including Univerzal banka, while 15 banks turned a profit in 2013.