KMBN: Komercijalna banka profit hits historic high of 69 mln euros
Individually and at group level - with its subsidiaries in Bosnia and Herzegovina and Montenegro - Komercijalna banka Beograd achieved a historic profit in 2018, Komercijalna banka Executive Board President Vladimir Medan said Tuesday. Presenting business results to Komercijalna banka shareholders and investors at the Belgrade Stock Exchange, Medan said the bank's profit had been 8.12 bln dinars - approx. 69 mln euros - last year. When we add to that the two subsidiaries, Komercijalna banka Banjaluka and Komercijalna banka Podgorica, which have contributed significantly to the overall result with 1 mln euros each, the consolidated profit is 8.38 bln dinars, or 71 mln euros, he said.
5.5 bln euro investment cycle to begin, PM and Minister of Construction says
Serbian Deputy PM and Minister of Construction Zorana Mihajlovic opened on Wednesday in Belgrade a conference titled Transport and Logistics of Southeast Europe and the Danube Region - TIL 2019, which has brought together companies with which Serbia will carry out an investment cycle in the infrastructure sector that will be worth over 5.5 bln euros. Speaking to reporters at the Sava Centre, Mihajlovic said she was expecting Serbia to make a major step forward in the transport logistics sector within a year. She said companies interested in working on upcoming infrastructure projects in Serbia were attending the conference.
BELEX introduces continuous trading method for its MTP platform, starting from 5th April
Belgrade Stock Exchange is about to introduce continuous trading method for its Multilateral Trading Platform, starting from 5th April this year, its director Sinisa Krneta said. This will replace current prevailing price method and it is aimed to improve liquidity on the entire stock market he added.
Source: Tanjg, Ilirka
Stocks slip as 10-year Treasury yield hits lowest level since 2017, European stocks close unchanged amid growth fears, Commerzbank shares rise 5%
Stocks fell on Wednesday after a closely watch interest rate fell to its lowest level in more than a year as worries over a possible economic slowdown lingered. The Dow Jones Industrial Average ended the day down 32.14 points at 25,625.59 and fell as much as 232.46 points. The S&P 500 declined 0.5 percent to 2,805.37. The Nasdaq Composite closed 0.6 percent lower at 7,643.38 as a 0.9 percent gain in Apple was overshadowed by losses in Facebook, Amazon, Netflix and Alphabet.
The benchmark 10-year rate traded at 2.386 percent and hit its lowest level since Dec. 15, 2017. Investors are keeping an eye on rates after the 10-year fell below the 3-month rate last week for the first time since 2007. It is a development that investors call an inverted yield curve and is seen as an early indicator of a recession.
Boeing rose 1 percent after the company unveiled fixes to its 737 Max planes, which follow two deadly crashes involving the plane in less than six months.
European stocks closed virtually unchanged on Wednesday, as investors took a cautious stance amid fears of a potential U.S. recession. The pan-European Stoxx 600 provisionally closed 0.02 percent higher, with sectors mixed and most major bourses lower.
Commerzbank surged toward the top of the index during afternoon deals, after the German lender’s annual earnings report showed net profit increased to 865 million euros from 128 million a year earlier. The report also revealed that the bank’s CEO took a 32 percent pay cut last year, in direct contrast with potential partner Deutsche Bank, which increased its top executives’ pay in 2018. Shares of Commerzbank were around 5.2 percent higher on Wednesday.
Fiat Chrysler rose 2.75 percent after a Financial Times report said the Italian-American automaker could be the subject of a takeover bid from Renault after separate merger talks with Nissan.