In the first quarter of 2025, Serbia’s 19 commercial banks reported a combined net profit of 416.5 million euros. Since March, the number of banks has decreased by one, standing at 19 as of the latest data.
According to quarterly financial statements published by the National Bank of Serbia, the banking sector continues to experience a period of strong profitability. Net profits increased by 42 percent compared to the same period last year, as noted by Nenad Gujaničić, chief economist at Momentum Securities.
Last year, Serbian banks posted a total net profit of 1.3 billion euros, up from 1.1 billion euros the previous year. If this growth trend continues throughout 2025, the banking sector’s profit could reach nearly 1.7 billion euros by year-end.
Most of the banks’ income comes from interest margins, with net interest income reaching 516 million euros in the first three months of this year. Additionally, net income from fees and commissions was close to 200 million euros during this period.
The total assets of the banking sector amounted to 55.8 billion euros, while capital stood at 7.5 billion euros.
The highest quarterly profit was recorded by Intesa Bank, with nearly 60 million euros. OTP Bank followed closely with 58.9 million euros, Raiffeisen Bank with 58.4 million euros, and AIK Bank with 57.9 million euros. AIK Bank also completed the merger with EFG Direktna banka this quarter. UniCredit Bank rounded out the top five with a profit of 51 million euros.
On the other hand, two banks reported losses in Q1. Jetel Bank posted a deficit of 2 million euros, and Mirabanka reported a loss of 214,000 euros.
Gujaničić emphasized that the positive trend from last year is continuing. He noted that banks benefit from high interest margins without significant pressure from problematic loans. Although interest rates are gradually falling, they remain at levels that support strong profits. He added that 2025 is expected to be another successful year for banks, barring any rise in non-performing loans.
Lending activity has picked up since mid-2024, particularly in consumer cash loans.
At the end of last year, Raiffeisen Bank led in profits with 249 million euros, surpassing Intesa Bank’s 229 million euros, which is the largest bank in the market. OTP Bank earned 219 million euros, UniCredit Bank 200 million euros, NLB 141 million euros, and combined profits for AIK and Eurobanka Direktna were 97 million euros.
