Aik banka ad Niš
NOTES
31.12.2010 Year
1. ESTABLISHMENT AND OPERATIONS OF THE BANK
Agro-industrial commercial bank AIK Banka AD Nis (hereinafter: "Bank") was established in the Treaty
establishing the 10th August 1993. Year. Its operations and organization of the Bank into line with the Law on
Banks and Other Financial Institutions 1995th year and the Commercial Court in Nis is registered as a joint
resolution 1291/95 of 22 Fi June 1995. year.
The Bank is registered in the Republic of Serbia to provide payment, credit and deposit activities at home and
abroad, and in accordance with the Banking Act is to operate on the principles of liquidity, safety and profitability.
The Bank's headquarters in Nis, Nikola Pasic 42nd Street The Bank conducts its business through its head office
and branches in Nis, Nis, Belgrade, Novi Sad, Kragujevac, Krusevac, Leskovac,
Jagodina, Zajecar Kraljevo, Cacak, Uzice, Novi Pazar, Pancevo, Pozarevac, Sabac,
Valjevo, Smederevo, Zrenjanin, Vrbas, Sombor, Subotica
for a total 21filijale, and 39 branch offices throughout Serbia and 24 counters
At 31 December 2010. The Bank had 478 employees, and the average number zposlenih based on hours of
work in 2010 amounted to 480 (the repentant 2009th godinebilo of 481 employee and the average number of
employees was 463).
Tax Identification Number Bank 100,618,836th
2. BASIS OF PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS
2.1. Basis of Preparation and presentation of reports fiiaisijskih
The Bank maintains records and prepares financial statements in accordance with the Accounting and Auditing of
the Republic of Serbia (Official Gazette 46/2006, 111/2009), the Banking Act (Official Gazette 107/05, 91/10) and
other relevant by issued by National Bank of Serbia, as well as other relevant legislation in the Republic of Serbia.
In accordance with the Accounting and Auditing of legal persons and entrepreneurs in the Republic of Serbia shall
prepare and present financial statements in accordance with legal, professional and internal regulations, with the
professional regulations include applicable framework for the preparation of the financial statements (the
"Framework") , International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and
interpretations that are part of the standard, or the text of IAS and IFRS, which has been implemented, does not
include grounds for concluding, illustrating examples, guidance, feedback, the opposite opinion, elaborated
examples and other supplementary material.
Changes to existing standards and translation of new IFRS and interpretations that are an integral part of the
standards issued by the International Accounting Standards Board and IASB IFRS by 1 January 2009. year, were
formally adopted following the decision of the Minister of Finance no. 401-00-1380/2010-16 and published in the
Official Gazette of RS 77/2010. Amended or issued IFRS standards and interpretations, after this date, been
translated and published, and therefore have not been applied in preparing these financial statements.
The accompanying financial statements have been prepared in the format prescribed by the forms and contents of the
Financial Statements for Banks ("Official Gazette. Gazette, no. 74/08, 3 / 09, 12/09 and 5 / 10), which provides for
the application of a set of financial statements, which form and content did not comply with those stipulated in the
revised IAS 1 - Presentation of Financial Statements, whose application is mandatory for accounting periods starting
at 1 January 2009. year.
1
2.2.
The Bank is in the preparation of these financial statements applied accounting policies described in Note 3
which are based on accounting, banking and tax laws of the Republic of Serbia.
The financial statements are presented in thousands. The dinar is the official reporting currency in the
Republic of Serbia.
The accompanying financial statements present fairly in all material respects, the financial position of banks as of
31.12.2010, as a result of its operations, changes in equity and cash flows for the year ended on that date.
2.2. Standards and iiteriretacije who are irimeii
On the day of publication of these financial statements below the standards are implemented in the
Republic of Serbia.
- IAS 1 - Presentation of Financial Statements (effective from 1 January 2009.)
- IAS 23 - Borrowing Costs (effective from 1 January 2009.)
- IFRS 8 - Operating Segments (effective from 1 January 2009.)
- IFRS 3 - Business Combinations and IAS 27 - Consolidated and Separate Financial Statements (effective
from 1 July 2009.)
- Amendments to IFRS 2 - Share-Based Payment - Vesting Conditions and Cancellations (effective
1. January 2009. years);
- Amendments to IAS 32 - Financial Instruments: Presentation and IAS 1 - Presentation of Financial Statements
(effective from 1 January 2009.) Amendments to IAS 39 - Financial Instruments: Recognition and
Measurement (effective from 1 July 2009.)
- Amendments to IFRS 1 - First-time Adoption of International Financial Reporting Standards and IAS 27 -
Consolidated and Separate Financial Statements (effective from 1 January 2009.)
- Improvements to International Accounting Standards 2008th (Effective from 1 January 2009.)
- IFRIC 15 - Agreements for construction of residential and commercial properties (effective from 1 January
2009.)
- Improvements to IFRS 1 - First-time Adoption of International Financial Reporting Standards (effective from
1 July 2009.)
- IFRIC 17 - Distribution of non-cash assets to owners (effective from 1 July 2009).
- IFRIC 13 - Customer Loyalty Program (effective July 1, 2008.)
- IFRIC 14 - IAS 19 - The Limit on Defined Benefit Asset, Minimum Funding Requirements and their
Interaction (effective 1 January 2008.)
- IFRIC 16 - Hedges of a Net Investment in a Foreign Operation (effective from 1 October 2008.).
The Bank is in the preparation of these financial statements applied accounting policies described in Note 3
which are based on accounting, banking and tax laws of the Republic of Serbia.
The financial statements are presented in thousands. The dinar is the official reporting currency in the
Republic of Serbia.
The accompanying financial statements present fairly in all material respects, the financial position of banks as of
31.12.2010, as a result of its operations, changes in equity and cash flows for the year ended on that date.
2
2.3. Uioredni iodaci
The financial statements are presented comparative data for 2 years, for the current year 2010 and the previous
2009th year, in order to provide information about dynamic trends.
2.4. Using irocenjivanja
Presentation of financial statements requires management of the Bank to make best estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and revenues and expenses during the reporting period. These estimates and
assumptions are based on information available as of the financial statements.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 Income and expenses and interest income and fees
Income and expense recognized in the income statement for all financial instruments that bear interest, based on
interest expense using the effective yield method. Income and expenses are recorded in the income statement in the
period to which they relate in accordance with the principle of income and expenses and terms of contractual
relationships that are defined by contract of the Bank and the client. Bank stops expressing interest income at the
time of Court procedure claims. Interest accrued on this account is recorded as suspended interest in off balance
sheet, in accordance with the applicable Rules of the Chart of Accounts.
Fees related to approved loans, guarantees and letters of credit shall be stored and recognized as revenue in
proportion to the elapsed time of the loan or guarantees and letters.
3.2. Foreign Exchange
Transactions denominated in foreign currencies are translated into RSD at the average exchange rate in the
interbank foreign exchange market, prevailing at the transaction date.
Funds in foreign currencies at the balance sheet date are translated into RSD at the average exchange rate in the
interbank foreign exchange market that was in force on that date. Net gains or losses arising from transactions in
foreign currency and in the translation of balance sheet items denominated in foreign currencies are credited or
charged to the income statement as gains or losses from exchange rate differences.
3.3. Fixed assets and intangible assets
Fixed assets and intangible assets as at 31 December 2010. The stated at cost less depreciation.
Depreciation is provided evenly on the cost of fixed assets by applying the following annual rates in order to
completely write off the assets over their useful lives:
Buildings 1.30%
Computer Accessories 20.00%
Furniture and equipment 11.00%-20.00%
Motor vehicles 15.50%
Software 20.00%
The calculation of depreciation of fixed assets commences when the assets are put into use.
Bank Buildings include investment property used by the Bank for the purpose of earning income from the
issuance of the objects. Investment properties are stated at cost less accumulated depreciation.
3.4. Loans
3
Loans are stated at the balance sheet at the amount of investments, net of principal outstanding principal and
accumulated depreciation, which is based on an assessment of specific risks identified for individual loans and the
risk of that experience shows that are contained in the portfolio. Loans in RSD, which he contracted from the risk of
tying the exchange rate against EUR or binding to the growth of retail prices, are revalued in accordance with the
contract signed for each loan. The effects of this revaluation are recorded in favor or against the revenue and
expenses from revaluation of assets.
Write-offs of uncollectible receivables is based on a court decision, settlement or interested parties on the basis
of decisions of the Management Board and with the consent of the Shareholders.
3.5. Securities held to maturity
Hartaje of securities held to maturity are securities for which there is an intention and ability to hold to maturity.
Securities held to maturity are notes and bonds of old foreign currency savings. All securities are initially recorded
at cost. At the balance sheet securities held to maturity investments are carried at amortized cost with a deduction for
provisions for potential losses.
3.6. Securities available for sale
Securities available for sale include securities that can not be classified as financial assets held for trading or as
financial assets held to maturity. These securities are financial instruments that can be sold for the purpose of
providing liquidity or changes in equity prices and the like. Securities available for sale consist of securities that are
initially reclassified as shares in banks and other legal entities. Equity shares listed on stock exchanges are initially
measured at fair value, and those that are not quoted on the stock market, and when the circumstances are such that
the fair value can not be determined pouzano are recognized by amortšovanoj values, based on information from
persons in whose capital investment has been made.
3.7. Securities traded
Securities traded securities are held for profit from trading in a short period of time. Securities are initially measured
at cost, while at the balance sheet at fair value.
3.8. Tangible assets acquired napltom claims
Tangible assets acquired napltom receivables represent the real estate which was initially set up a mortgage to the
bank, based on security investments, which the bank took over the collection of receivables.
They are valued in the books at a price equal to the gross value of loans that charge from material values, which is
lower than market prices, set by the suskih Appraisers, and the devaluation was not necessary, except for the hotel
"freedom" in Pancevo, whose value devaluation has been reduced to market price.
3.9. Impairment of financial assets
At each balance sheet date the Bank assesses whether there is objective evidence of impairment of an asset or group
of assets. It is believed that the financial asset or group of assets impaired if, and only if there is objective evidence
of impairment resulting from one or more events that occurred after initial recognition of assets and the event (or
events) affect the estimated future cash flows of a financial asset or group of financial means that reliably estimated.
Evidence of impairment may include indications that the borrower or group of borrowers facing significant
financial difficulty, default or delinquency in interest or principal, the likelihood that there will be bankruptcy or
other financial reorganization and where the data show that there was a measurable decrease in future cash flows
such as changes in arrears or economic conditions that correlate with defaults conditions.
a) Loans and advances
4
Assessment of impairment of loans and advances made by the Bank's internal model of classification (by ERNST-
UOUNG) using methods and techniques defined methodology for calculating corrections vrednsoti balance sheet
assets and provisions for losses on off-balance sheet items of the Bank .. At each balance sheet date and the end of
each quarter, the Bank assesses whether there is objective evidence of impairment of an asset or group of assets.
Evidence of impairment may include indications that the borrower or group of borrowers facing significant
financial difficulty, default or delinquency in interest or principal, the likelihood that there will be bankruptcy or
other financial reorganization and where the data show that there was a measurable decrease in future cash flows
such as changes in arrears or economic conditions that correlate with defaults conditions, and that the bank should
take appropriate measures in the collection of its claims of the debtor. Credit risk assessment is done on an
individual and group basis.
Idividualno estimated impairment of non-performing loan portfolio of the Bank with debtors who have
obligations to the Bank over 6 million.
Are assessed collectively for impairment performing part of the portfolio for companies and entrepreneurs (ie Loans
that are not in default) as well as non-performing part of the portfolio (tj.kredita who are in default) for debtors who
have obligations to Bank under 6 million RSD tj.ispod amount to be determined depending on the balance sheet of
the Bank's evaluation of impairment as well as for debtors where there was no increase credit risk. _U Purpose of a
collective evaluation of impairment, financial assets are grouped into segments depending on the number of days of
real delays in settlement of obligations to the Bank and an internal application used to determine whether there has
been a obzvreĎenja. Financial asset or group of assets are obezvreĎeniako and only if there is objective evidence of
impairment resulting from one or more events that occurred after initial recognition of assets and the event (or
events) affect the estimated future cash flows of a financial asset or group of financial assets that can be reliably
estimate.
If there is objective evidence that there was a loss due to impairment, the amount of the loss is measured as the
difference between the carrying amount and the present value of future cash flows (excluding future expected
credit losses that have not yet been incurred).
The carrying value of the asset is reduced through the use of an allowance account and the loss is recognized in the
income statement. Loans together with the associated allowance are written off when there is no realistic prospect
that funding in the future recovery and when the collateral has been realized or has been transferred to the Bank. If,
during the next year, there is a decrease or increase the amount of recognized impairment loss previously
recognized impairment loss is increased or reduced by adjusting the allowance account.
The present value of expected future cash flows is discounted at the original contractual interest rate. The
calculation of present value of estimated future cash flows of a collateralized financial asset reflects the cash flows
that may result from the realization of collateral, less costs for obtaining and selling the collateral, whether it is
likely that there will be a process of realization of the collateral or not.
In accordance with the regulations of the National Bank of Serbia, the bank also needed to allocate rezervzu for
potential losses. Loans, deposits and other exposure in accordance with the Decision on the classification of NBS
are classified in categories A, B, C, D and E, and depending on the assessment of collection, number of days of
delay, the financial position of the client and the quality of collaterals, each potraţivannje classified into various
categories. The estimated amount of reserves for potential losses is calculated by applying the percentages range
from 1% to 2% of loans classified in category A, from 5% to 15% of loans classified as category B, from 20% to
35% on placement category V, from 40% to 75% on loans from categories D and 100% in category D investments.
The difference amount of special reserves for potential losses calculated in accordance with the National Bank of
Serbia on the classification of balance sheet assets and off-balance and the amount of the allowance balance sheet
assets and provisions for losses on off-balance sheet items, which are calculated in accordance with internally
adopted methodology, on the special account in the reserves for potential losses.
5
f) Investments in securities held to maturity
The Bank assesses individually to determine whether there is objective evidence of impairment of investment
securities held to maturity. If there is objective evidence that there had been incurred, the amount of loss from
impairment is measured as the difference between the carrying amount and the present value of estimated future cash
flows. Asset's carrying amount is reduced and the amount of loss recognized in the income statement. If, in the
subsequent year, the reduced amount of the estimated impairment of an event that is due and after the recognition of
impairment, any previously recognized impairment loss is reduced and credited to income.
s) Vrednostiraspoložive stock for sale (equity)
When it comes to securities available for sale, the Bank assesses at each balance sheet date whether there is
objective evidence that the investment is impaired. When there is evidence of impairment, the cumulative loss,
valued as the difference between purchase price and the current fair value, less any impairment loss of investment,
previously recognized in the income statement, is removed from equity and recognized in the income success, and
in favor revalorizicionih reserves, ie. directly to equity.
N) Securities traded
For securities traded also made an assessment of the balance sheet date whether there is objective evidence of their
impairment. If there has been impairment, impairment of securities that are traded shall be charged to the income
statement and increase the value of these securities in which the previously recognized impairment is also
recognized through the income statement.
3.10. Cash and cash equivalents
The cash flow statement, cash and cash equivalents includes cash, current accounts with the NBS, including the
required reserves in RSD and in accounts at other banks.
3.11. Means and ioslovima in behalf of a third person's
Assets managed on behalf of third parties, managed by the Bank for a fee are not included in the balance
sheet.
3.12. Income Taxes
Current-and iorez tax
Income tax is an amount calculated by applying the tax rate of 10% on the profit before tax, after deduction of the
effects of permanent differences that the prescribed tax rate reduced to an effective tax rate. The final amount of
liabilities for income tax determined by applying the statutory income tax rate on the tax base established Tax
returns.
Law on Corporate Profit Republic of Serbia does not allow any tax losses in the current period to be used to recover
taxes paid in previous periods. However, losses of the items reported in the income tax can be used to reduce the tax
base in future periods, but not more than ten years.
Deferred tax iorez
Deferred income tax is calculated using the liability method, for the balance sheet for temporary differences arising
between the tax bases of assets and liabilities and their carrying values. Applicable tax rate on the balance sheet date
or the tax rates that are after that date to take effect, are used to determine deferred income tax expense. Deferred
tax liabilities and pribnaju as gains and losses from the effects of temporary differences in accordance with IAS 12
Indirect iorezi and doirinosi
Indirect taxes and contributions include various taxes and contributions paid by national and local regulations.
3.13. Benefits zaioslenih
In accordance with the regulations prevailing in Serbia, the Bank pays contributions to state funds that protect the
social security of workers. These are contributions paid by employees of the Bank calculates the prescribed rates,
withheld from gross salary and paid by funds.
6
The Bank also calculates and contributions for employees paid by the employer and paid by the funds.
In accordance with the Labor Law, the Bank paid employees retirement pension, in accordance with its laws and
pay for the actual jubilee 10, 20, 30 and 40 years in the Bank. Long-term liabilities Provisions for retirement
benefits and jubilee awards in accordance with IAS 19, represents the present value of expected future payments
determined by measuring the actuarial.
4. RISK MANAGEMENT POLICIES
Risk management processes are critical to the continuing profitability of the Bank and each individual in the
Bank, in its domain, responsible for the exposure. The Bank is exposed to credit risk, liquidity risk and market
risk. The Bank is also subject to influence operational risk.
Independent risk control process does not include business risks such as changes in the environment, technology
and industry. The Bank monitored through the strategic planning process.
Board of Directors are responsible for identifying and controlling risks. However, the Bank established a
separate organizational unit - Department of Risk Management, responsible for monitoring and controlling risk.
Also, boards, as separate independent bodies, within their jurisdiction, are responsible for managing and
monitoring risks.
Upraeni Board and Executive Committee
Board of Directors and Executive Committee are responsible for the overall risk management, approval of strategy
and risk management principles, as well as the implementation of the principles, framework, policies and limits.
They are responsible for making and monitoring of relevant decisions about risk.
Sector upraeljanje risk
Risk Management Department identifies, measures, assesses and manages risks to which the Bank is exposed in
its operations. The sector is responsible for implementing and maintaining procedures related to risk, which
provides independent control process. This unit also provides complete coverage of risk in the system for
measuring and reporting on risk.
Committee on upraeljanje aktieom and pasieom
Committee on Asset and Liability Management monitors the Bank's exposure to risks arising from the structure
of its balance sheet claims and liabilities and off-balance sheet items and propose measures to manage interest
rate risk and, in particular, liquidity risk. Also, he is primarily responsible for funding and liquidity.
Upraeljanje risks and systems izeeštaeanja
The Bank's risks are measured using a method that reflects the losses that may arise in normal circumstances,
current operations and expected losses, which are based estimate of the ultimate losses on the basis of likely events.
Models using the probability derived from the available current and historical data, adjusted to reflect the economic
environment.
7
Monitoring and controlling risks is primarily based on the establishment of procedures and limits. These limits
reflect the business strategy and market environment of the Bank, and the level of risk that the Bank is willing to
accept. The Bank constantly monitors and measures the capacity of the overall risk by taking into account the
overall exposure to all risk types and activities. Information gathered from all its activities are examined and
processed in order to identify, analyze and control new risks. This information is presented and explained to the
Board of Directors and Executive Committee. The reports contain the total credit exposure, forecast investments,
deviations from the set limit, the measurement of market risk, liquidity ratios and risk profile changes. Over the
Bank's quarterly review the adequacy of allowance for indirect. The Committee on Asset and Liability
Management also submits quarterly reports on the risks which contains all the necessary information to evaluate
and draw conclusions about the risks to which the Bank is exposed. The daily report shall be submitted to the
Executive Board of the Bank and the relevant directors to limit utilization of market, liquidity, foreign exchange
risks and other significant information.
4.1. Credit risk
Bank loan approval is subject to credit risk, which is a possibility that the borrower become unable to partially or
fully pay the obligation at maturity.
In the implementation of credit policy, the Bank adheres to certain principles established by the Decision of credit
and other banking services and thereby protect against excessive exposure to credit risk. The bank manages and
controls credit risk by establishing limits the amount of risk it is willing to accept for some customers, the level of
groups of interrelated legal and natural persons, as well as among segments of customers, types of work that is
funded by a loan from the Bank, the industries to which they belong Bank account holders with constantly
monitoring the level izoţenosti those risks.
The Bank has established a process of monitoring the quality of loans to ensure timely identification of potential
changes in the creditworthiness of counterparties, including regular review of security. Limits in relation to clients is
provided using the credit risk classification system, which classifies each customer by a credit rating. Classification
of customers is subject to regular consideration. The process of monitoring the quality of loan enables the Bank to
estimate potential losses as a result of the risks incurred and to take corrective measures. Credit proposal is based on
analysis of the financial statements of the client, data on debt based on reports from Credit Bureau and the data
obtained from the clients themselves, data from the RIR and the liquidity account, business or business plan ...
Analyzing the structure operating income and expenses, cost and profitability, the development of net working
capital, financial stability, liquidity, impairment of asset positions, turnover ratio of certain categories of assets, and
cash flows. Analyzed, too, quality guarantors, the value and marketability of mortgages, the value of and quoting
Harry shares (taken as a pledge) of the Exchange, and the value and competitiveness of goods given in pledge.
The Bank constantly monitors the financial condition and operations of the borrower and controlling the proper
use of resources if the same contracted with the client - a borrower.
Risks for potential liabilities related to credit risk
The Bank issues guarantees and letters of credit to its customers and, based on a contingent liability to make
payment to third parties. In this way the Bank is exposed to risks related to credit risk, which could be overcome by
the same control processes and procedures that. Bank in the same way watching the exposure to credit risk in
issuing guarantees or letters of credit opened and in extending credit.
Collateral and other means of protection against credit risk
8
The amount and type of collateral required depends on an assessment of credit risk of each customer. The
main types of collateral are as follows:
- For commercial loans: mortgage on real estate, inventories and receivables, deposits, securities of other
persons, pledge on shares, pledge of goods, equipment.
- For loans to households: a mortgage on real estate and deposits, and the mortgage loans and insurance by
the National Corporation for Housing Loan Insurance.
The Bank also uses the guarantee (jointly and severally guarantee) from parent companies for lending
subsidiaries.
Management monitors the market value of collateral, requests additional collateral in accordance with the
agreements. Also, the management takes into account the market value of collateral when reviewing the adequacy of
allowance for impairment losses. In accordance with the policies of the Bank taken as collateral for sale in the
ordinary course of business. In this way, reduce or settle outstanding amounts due from customers.
Assessment obezeređenja
The impairment losses of balance and off-potraţivnja The Bank in accordance with its accounting policy and
methodology for calculating the allowance for the internal model and the Guidelines for Implementation
Methodology IAS 39 (by ERNST-UOUNG).
The main factors are taken into account when assessing impairment include: whether the delay in servicing of
principal or interest due, the perceived weakness in the cash flows of customers, existence of a deteriorating credit
rating, as well as the terms of the contract. The Bank assesses impairment at the individual client and group
evaluation of certain claims ..
Assessment obezeređenja loans and advances to banks and individuals praenim
The impairment losses of loans and advances to banks and corporate clients, based on the division of the Bank's
loan portfolio at the performing portfolio (loans that are not in default) and non-performing portfolio (loans that are
in default). Default loans are loans above the threshold of materiality that are burned in delay for more than 90 days
from the date of filing of accounts due and the due date specified by the host contract and the annex thereto (if it
exists) to shift part of maturity. Materiality threshold for legal entities and entrepreneurs is determined by the iznosz
of 10,000 RSD per individual placement or the client if they have an obligation to the Bank under a single plsmanu.
The Bank assesses individually impaired receivables from non-performing portfolio of clients who have obligations
to the Bank over 6 million NT with cil ^ em to determine whether there is objective evidence of impairment of
financial assets that are individually significant. Collective assessment of impairment is the Bank for financial assets
that are in the performing portfolio and the financial resources that are in non-performing portfolio and the amount
under 6 milionRSD per client.
Individual assessment of impairment is based on an estimate of the expected time of payment, when taking into
account the time intervals for assessment of potential damage-impairment claims. This estimate is based on
reducing the influx of loan repayment and interest on sadaĎšnju value of future cash flows and discounting them
using the agreed-discount interest rate stated on an annual basis. Estimated state individual updates of values as
opposed to total estimate represents the present value of future cash flows and overall status of all claims per course
credit partiji.Procena expected time of collection and assessment of the percentage of the realization of real estate
taken as collateral claims, depends on the type of real estate, the mortgage bvaničnim order entered in the land
register, the location at which it is located, the market's current economic strength and interest from potential
buyers and others.
Idividualno estimated impairment of non-performing loan portfolio of the Bank with debtors who have
obligations to the Bank over 6 million.
9
The present value of expected future cash flows are discounted using the effective interest rate contracted financial
asset (for financial resources for which the same has been calculated in accordance with the laws of the Republic of
Serbia) or application of contractual nominal interest rate is calculated at an annual rate (for the financially assets
which are not calculated effective interest rate) or the NBS discount rate for loans in which the effective interest rate
or nominal rate calculated at an annual rate less than the Discount rate. The calculation of present value of
estimated future cash flows of a collateralized financial asset reflects the cash flows that may result from the
realization of collateral.
That group. collectively assessed impairment performing loan portfolio of the Bank, and its non-performing loan
portfolio of debtors who have obligations towards the Bank under 6 million. and for debtors where there was no
increase credit risk.
Collective assessment of impairment performing loans is based on determining the probability that it will incur
default (PD) and assess the loss in the event of default (LDG). Collective assessment of impairment of non-
performing portfolio is based on the estimated loss in case of default, because the default has occurred. PD is
estimated by looking at claims that are not in default during a period of time and calculation of percent of claims that
enter into default during that period. The Bank made its loan portfolio segmentation based on the number of days of
delay in settlement of obligations. Probability of default in period to identify the loss is estimated using the transition
matrix. These matrices show the transition of clients from different groups performing portfolio in default in the
period between two dates. Loss given default and (LGD), the amount of loans that are not reimbursed, investments
that do not return to regular status and placements that can not napaltom compensation claims.
Risk assessment of guarantees and letters of credit is determined by applying the average rate guarantees and letters
of the fallen at the expense of their bank balance on the day of impairment. The average rate is calculated as the
ratio of guarantees and letters of the fallen at the expense of banks (including the initial state) in relation to the total
issued guarantees and letters of credit on the basis of data for the previous period of 12 months back from the day of
reckoning.
Exceptions are the guarantees and letters of credit fixed 100% in the past, and those claims that are covered by
deposit as collateral for securing the applicable provisions of the rate of 0%.
For other off-balance sheet exposures, provisions are estimated at the level of the client using the weighted average
rate of the allowance receivable balance estimated for the underlying client. For off-balance sheet exposures to
customers who do not have balance sheet exposure provision is calculated using the rate of performing loans
without delay.
Assessment impairment of loans to households
Assessment of impairment of loans to individuals and holders of registered farms is based on the division of
portfolios of performing portfolio (loans that are not in default) and non-performing portfolio (loans that are in
default). Default occurs when claims are material (in the population that is the amount above 1,000 RSD) west in
delay longer than 90 days. Provisions for performing portfolio is based on a collective assessment of impairment,
and non-performing portfolio: the individual assessment of clients which exceed 6 million NT, and the collective
assessment of the holders of not more than 6 million USD. Assessment of impairment for entrepreneurs is viewed
in the same way as for corporate clients.
Individually assessed for impairment based on an estimate of the expected time of collection, and is based on
reducing the influx of loan repayment and interest on the present value of future cash flows discounted using their
contractual / discount interest rate stated on an annual basis. Estimated state individual impairment assessment of
the difference of the total present value of future cash flows and overall status of all claims under the credit party.
Estimate of the expected time of collection and the percentage of the value of collateral that will be charged is done
depending on the type of collateral (a type of real estate, deposit), the legal basis on which they are based, real
estate and location dr.faktora.
10
Collective assessment of impairment performing loans to individuals and to legal persons based on the
determination of the probability that it will incur default (PD) and assess the loss in the event of default (LDG),
except that the placement of individuals PD estimates by type of loan products with similar credit risk profile, and
then each group product is divided into segments based on the delay, and on that basis to calculate the amounts are
not recoverable. Migration matrix for loans to individuals and holders of registered farms are based on the parties.
Estimation of the provision of off balance sheet risk exposure from guarantees to citizens is in the same way as for
corporate clients. Contingent liabilities that the bank may terminate unconditionally and without notice, are not
valued.
4.2. Foreign currency risk
Currency risk is the risk that the valuation of assets and liabilities due to foreign currency fluctuations. The Bank
has set limits on positions by currency, and positions are monitored on a daily basis.
The principle of protection against foreign exchange risk of the Bank to achieve and maintain foreign currency
liabilities to the extent of foreign currency or foreign currency liabilities. This ratio is reconciled from the
maturities of foreign currency assets and liabilities.
4.3. Liquidity risk
Liquidity risk is the risk that the Bank will not be able to settle within its due obligations. In order to reduce or limit
this risk, the Bank seeks to diversify its sources of funding, to manage the assets of reviewing its liquidity, and
monitors future cash flows and daily liquidity. This includes an assessment of expected cash flows and availability
of high grade collateral that may be of use to ensure additional funds, if required.
The Bank is exposed to daily requests for withdrawal by customers, affecting the funds available from current
accounts, deposits, withdrawal of credit. The Bank does not need to maintain the level of funds that would come out
to meet all the requirements to potential, estimating that the minimum level of reinvestment of funds due can be
safely predicted.
The Bank's management considers the daily report on the status of bank accounts and deposits. Empirically
determining the critical days for the Bank's liquidity, or the dates of significant outflows. Based on the
identification of available funds and daily needs, the decision on use of funds.
The Bank expects that not all contingencies and irrevocable commitments will be withdrawn before their maturity.
4.4. Risk of changes in interest rates
The risk to interest rates arises from the possibility that changes in market interest rates affect both the fair value
of financial instruments.
11
The Bank is exposed to interest rate risk as the maturity mismatches of assets and liabilities, which were
agreed fixed interest rate.
4.5. Capital Management
The Bank's management regularly monitors the Bank's capital adequacy ratios and other performance indicators
prescribed by the National Bank of Serbia and submit quarterly reports to the National Bank of Serbia on actual
indicators. Banking Act of the Republic of Serbia stipulates that banks must maintain minimum capital in the
amount of dinar equivalent of 10 million euros at the official average exchange rate, capital adequacy ratio of at
least 12%, and that the scope and structure of its operations in accordance with the performance decision on risk
management (Official Gazette no. 129/2007, 63/2008 and 112/2008) and the Decision on Capital ("Official Gazette.
Gazette No. 129/2007 and 63/2008).
5. INCOME AND EXPENSES
Thousands of RSD
Year 2010 Year 2009
Interest income
For loans:
- in RSD (700) 9,741,136 10,082,748
- in foreign currency (705) 170,960 287,553
9,912,096 10,370,301
For deposits:
- in RSD (701) 246,809 233,040
- in foreign currency (706) 271,365 189,063
518,174 422,103
Securities issued - in RSD (702):
- NBS bills in repo transactions 279,046 453,491
- Government Bills 146,118 244,431
- bill 752,560 627,945
- RS Bonds 30,657 0
1,208,381 1,325,867
From other investments:
- in RSD (703) 109,620 44,684
- in foreign currency (708) 0 0
109,620 44,684
11,748,271 12,162,955
Interest expense
In respect of loans in RSD: (gr.600) for deposits: -170,191 -166,790
- In RSD (gr.601 603) - Foreign
currency (gr.606) -1,623,844 -2,488,876
-3,312,527 -1,889,711
-4,936,371 -4,378,587
-5,106,562 -4,545,377
Net interest income
6,641,709 7,617,578
a) Interest income
Thousands of RSD
Deposits with National Bank of Serbia Year 2010 Year 2009
176,812 152,933
12
Placements with banks 308,626 288,410
Loans and advances to customers 10,054,452 10,395,745
Interest on securities:
- Bills of the NBS repo transactions 279,046 453,491
- Government Bills 146,118 244,431
- Bill 752,560 627,945
- RS bonds 30,657 0
11,748,271 12,162,955
5) Interest expense
Thousands of RSD
Year 2010 Year 2009
Deposits and loans 621,765 512,363
Deposits and loans to customers 4,484,797 4,033,014
5,106,562 4,545,377
6. INCOME AND EXPENSES AND COMMISSIONS
Thousands of RSD
Year 2010 Year 2009
Fee and commission income:
- By credit card transactions 76,859 86,991
- Payments 384,353 422,357
- Other fees 398,454 283,555
859,666 792,903
Fee and commission income:
- By credit card transactions -4,310 -1,957
- Payments -123,818 -178,476
-128,128 -180,433
Net fee and commission income 731,538 612,470
7. OTHER OPERATING INCOME
Thousands of RSD
Year 2010 Year 2009
Revenues from the lease of office space (7461000) 160,355 48,958
Revenue expenses refund. (746 d) 26,630 14,496
Gains from the sale of material and property (761) 338,498 0
Of liabilities (762) 65,313 10,702
Other income 7,406 29,002
598,202 103,158
8. INCOME AND EXPENSE INDIRECT WRITE-OFF
LOANS AND PROVISIONS
a) Items of the benefit / (charges) income Thousands of RSD
Year 2010 Year 2009
Losses balance sheet items:
- Interest and fees -700,942 -1,101,818
- Loans and deposits -4,611,368 -6,267,737
- Securities (excluding treasury shares) -141,691 -448,735
- Shares (participation) -522 0
- Other investments -286,359 -379,100
- Other assets -8,369 -909
-5,749,251 -8,198,299
Provisions for off-balance -524,500 -354,273
Provisions for Long-term benefits of employees -13,515 -2,444
13
Losses from suspension of interest 0 0
-6,287,266 -8,555,016
Revenue Impairment of balance sheet items:
- Interest and fees 291,481 147,963
- Loans and deposits 3,003,474 4,566,214
- Securities (excluding treasury shares) 114,718 254,904
- Shares (participation) 0 0
- Other investments 198,162 325,716
- Other assets 2,706 8,135
3,610,541 5,302,932
Reversal of provisions formed against
off-balance sheet items 356,904 722,426
Income from litigation ukid.rezervis.po 338,794 0
Prih.od ukid.rezervis.po dugor.benefic.zaposlenih 11,210 0
Income from collection of suspended interest 1,822 1,497
4,319,271 6,026,855
Net impairment losses and provisions -1,967,995 -2,528,161
b) Structure of provision (state)
Thousands of RSD
31. 12. 2010 31. 12. 2009
Interest and fees 1,528,023 1,155,091
Loans and deposits 9,143,056 7,640,492
Securities 641,472 614,499
Participation 19,795 19,273
Other investments 821,631 756,358
Other assets 107,879 102,224
12,261,856 10,287,937
c) Changes in allowance for impairment
Equity
Interest, fees Investmen
and Loans and Securities ts Other Other Total
(Interests )
commissions deposits Placements. assets.
(Note.1 (Note (Note.19
(Note.15) (Note.16) 7) .18) ) (Note.21)
At 1 January 2009. 218,856 5,938,969 420,668 19,273 702,978 109,446 7,410,190
Charge for the year 1,101,818 6,267,737 448,735 379,100 909 8,198,299
Reversal of allowance
for impairment -147,963 -4,566,214 -254,904 -325,716 -8,135 -5,302,932
Write-off, and transfer to,
suspended interest. -17,620 -4 4 -17,620
At 1 January 2010. 1,155,091 7,640,492 614,499 19,273 756,358 102,224 10,287,937
Charge for the year 700,942 4,611,368 141,691 522 286,359 8369 5,749,251
Reversal of allowance
for impairment -291,481 -3,003,474 -114,718 0 -198,162 -2,706 -3,610,541
Write-off, and transfer to,
suspended interest. -36,529 -105,330 0 0 -22,924 -8 -164,791
Balance at the end of 2010 1,528,023 9,143,056 641,472 19,795 821,631 107,879 12,261,856
g) Provision for estimated losses
Based on the categorization of investments established in accordance with regulations of the National Bank of Serbia on
31 December 2010. The calculation of the special reserve for estimated losses on the bank's exposure to credit risk:
in thousands
14
31. 12. 2010 31. 12. 2009
Special reserve for potential losses determined as per the
National Bank of Serbia requirements with respect to:
- balance sheet exposures 24,631,071 18,890,881
- off-balance sheet exposures 1,483,599 478,990
26,114,671 19,369,871
Allowances for impairment and provisions determined in
accordance with the internally adopted methodology
(IAS 39):
- allowance for impairment of balance sheet items -12,261,856 -10,287,937
- provision for losses contingent on off-balance sheet items -651,665 -484,069
-12,913,521 -10,772,006
Provisions determined in accordance with the internal
methodology exceeding the amount of provision
as per the NBS Decision 699,615 828,716
Special reserve for potential losses 13,900,765 9,426,581
Reserve for potential losses formed in prior years -9,426,581 -4,573,104
Additional provision for potential losses to be set
aside as appropriation of retained earnings 4,474,184 4,853,477
In accordance with the National Bank of Serbia on the classification of balance sheet assets and off-balance, the difference
amount of special reserves for potential losses calculated in accordance with this decision and the amount of the allowance
balance sheet assets and provisions for losses on off-balance sheet items, which are calculated in accordance with
internally adopted methodology , recorded in a special account in the reserves for potential losses.
The amount of missing special reserves for potential losses the Bank will allocate the burden of
accumulated profits, according to the Decision of the Bank.
15
9. WAGES, SALARIES AND OTHER PERSONNEL EXPENSES
Thousands of RSD
Year 2010 Year 2009
Salaries (630) 304,979 326,366
Benefits (631) 112,528 116,009
Taxes and contributions 152,500 148,423
(632,633)
Other staff costs (634,635) 38,401 104,284
608,408 695,082
10. OPERATING AND OTHER BUSINESS EXPENSES
Thousands of RSD
Year 2010 Year 2009
Materials (640D) 77,513 99,124
Servicing (640D) 41,178 39,811
Rentals (6410.6461) 187,693 158,943
PTT and Telecommunications. services (6411, 6438002) 118,821 116,976
Maintenance and security (6413) 110,746 119,584
Marketing and advertising (6412) 86,360 91,242
Donations and Sponsorship (6433) 25,997 62,984
Entertainment (6435) 31,459 25,811
Audit and expertise expenses (6434) 16,455 9,553
Insurance premium (6437) 217,243 120,820
Membership fee (64380000) 10,990 12,204
Court and other fees (64385, 6439006) 29,374 14,436
Brokerage fees and cost of Securities Commission (6438604,
6438704) 15,983 13,885
Costs of keeping the property (64388000) 100,961 71,762
Cost of acquisition of material values 67,895 17,356
(64389006,643891,6460)
Troš.dodatnog insurance zaposl.i finansir.invalida 17,916 17,230
(6439d)
Other intangible costs 26,045 30,511
Taxes and contributions (644.645) 258,747 141,167
Rash.nakn.utrĎ.obav.za refund on krditima (668 004) 160,100 0
Other expenses (66D) 78,947 16,970
1,680,423 1,180,369
11. NET INCOME PROPERTY VALUATION AND LIABILITIES
Thousands of RSD
Year 2010 Year 2009
Approaches on the basis of valuation:
- Loans and receivables (770) 6,902,660 4206756
- Securities (771) 0.00 50677
- Liabilities (772) 236,764 101651
7,139,424 4,359,084
Losses from the valuation:
- Loans and receivables (670) -2,532,320 -1,004,349
- Securities (671) -22,050 0
- Liabilities (672) -800,746 -567,443
- tangible assets received in lieu of debt settlement (673) 0 -12,820
-3,355,116 -1,584,612
Net income 3,784,308 2,774,472
16
12. INCOME TAX
a) Income tax components
Thousands of RSD
31. 12. 2010 31. 12. 2009
Current tax -610,478 -585,599
Deferred tax 2,860 1,290
-607,618 -584,309
b) Reconciliation of income tax, profit before tax and prescribed tax rates
Thousands of RSD
31. 12. 2010 31. 12. 2009
Profit before tax 6,198,450 6,163,772
Income tax calculated at a rate of 10% 619,845 616,375
Tax effects of expenses not recognized for tax purposes -1,870 6,721
.
Tax credits for capital expenditures -7,489 -22,268
Tax credits for employees hired on open-end basis 0 -15,229
Tax effect of income from dividends -8 0
Effects of changes in temporary differences on property and
equipment -2,860 -1,290
Other income is not taxed 0 0
607,618 584,309
v. Deferred tax liabilities
Thousands of RSD
31. 12. 2010 31. 12. 2009
Temporary differences in property, equipment and intangible
assets 6,874 9,734
Temporary differences arising on remeasurement of AFS
securities 2,347 3,569
9,221 13,303
g. Changes in deferred tax liabilities
Thousands of RSD
31. 12. 2010 31. 12. 2009
Balance at January 1 13,303 16,363
(Decrease)/increase in deferred tax liabilities based on:
- temporary differences in property, equipment and intangible
assets -2,860 -1,290
temporary differences arising on remeasurement of AFS
securities -1,222 -1,770
Balance at December 31, 2010 9,221 13,303
17
13. CASH AND CASH EQUIVALENTS
Thousands of RSD
31. December 2010. 31. December 2009.
In RSD:
- - gyro account (000) 3,106,903 7,398,331
- Cash in hand (001) 709,213 796,462
- Republic of Serbia treasury bills 0 1,539,075
3,816,116 9,733,868
In foreign currency:
- Foreign currency accounts with other banks (0500) 154,432 54,889
- Regular foreign currency accounts with foreign 939,422 786,931
banks (0501)
- Cash in hand (051) 923,861 1,517,097
2,017,715 2,358,917
5,833,831 12,092,785
In accordance with the National Bank of Serbia on mandatory reserves of banks with the NBS, the dinar
bank reserve requirement calculation basis:
- at a rate of 5% - the portion of dinar base comprised of the CSD;
- at a rate of 25% - on the part of the dinar base comprised of liabilities in RSD, foreign currency clause
indexed;
- at a rate of 25% - on liabilities in foreign currency from the foreign exchange deposits and loans.
Of calculated reserve requirements according to the calculation of 17 December 2010th years (based on the
average balance of deposits from novemra) amounted to 73,285,581 thousand (for the same period from
December 2009.: 7,567,587 thousand).
According to this calculation the bank was obliged to December maintain average daily balance of bank account
in the amount of calculated reserve dinar to the next calculation, ie up to 17.01.2011.
Bank during the period 18.12.2010 to 17.01.2011 on the bank account held by the average daily balance
above the amount calculated dinar reserve
The Bank in 2010 did not use the reserve funds for the purpose of maintaining liquidity.
The average interest rate on the dinar reserves allocated in 2010. amounted to 2.5% per annum.
18
14. REVOCABLE DEPOSITS AND LOANS
Thousands of RSD
31. December 2010. 31. December 2009.
In RSD:
- Liquidity surpluses deposited 0 300,000
with NBS (010)
- Placements with NBS arising from repurchase
transactions (013) 4,000,000 2,200,000
4,000,000 2,500,000
In foreign currency:
- Obligatory reserves held with NBS (060) 16,219,755 8,904,919
20,219,755 11,404,919
At 31 December 2010. year, funds in accounts at National Bank of Serbia has been deposited surplus liquidity.
The interest rate on deposit excess liquidity with the National Bank of Serbia in 2010. year ranged from 5.5% to
9% per annum.
Obligatory reserve a minimum reserve of foreign currency allocated in accordance with the National Bank of
Serbia on mandatory reserves of banks with the National Bank of Serbia (Official Gazette. Gazette
RS No. 12/2010 and 78/2010, which states that calculate the foreign currency reserve at a rate of 25% of the
average daily balance of foreign currency assets during the previous calendar month. National Bank of Serbia does
not pay interest on required reserve currency, the 01jula 2005.
At 31 December 2010. year, required reserves in the currency was in line with the National Bank.
15. RECEIVABLES ARISING FROM INTEREST, FEES AND COMMISSIONS, TRADE,
FAIR VALUE ADJUSTMENTS OF DERIVATIVES AND OTHER RECEIVABLES
Thousands of RSD
31. December 2010. 31. December 2009.
Interest receivables:
- In RSD 3,061,023 2,423,645
- In foreign currency 58,385 47,499
3,119,408 2,471,144
Allowance for impairment of interest receivables:
- In RSD -1,475,800 -1,116,246
- In foreign currency -34,838 -29,092
-1,510,638 -1,145,338
Fee and commission receivables in RSD 37,633 24,238
Allowance for impairment of fee and commission
receivables -17,342 -9,707
20,291 14,531
Receivables from selling tangible assets 49 49
Allowance for impairment of receivables from
selling tangibles: -43 -46
Net 6 3
19
16. LOANS AND DEPOSITS
In thousands of RSD.
31. December 2010. 31. December 2009.
Deposits (LDC 11+21)
Long-term deposits.- Banks. (LDC 111) 187 187
Long-term deposits - Customers. (LDC 113) - din 69 69
Short-term deposits.- Banks. (LDC 211) - Val 36,503,629 18,132,572
Short-term deposits - Customers (LDC 213) - Val 16,625 16,625
36,520,510 18,149,453
Allowance for impairment of deposit -187 -187
36,520,323 18,149,266
Loans (Kto 10 20)
Short-term loans::
- Banks (k.108800B) 9,608 9,608
- Customers (10d) 44,202,549 35,323,381
Long-term loans to customers in dinars 23,647,598 16,871,086
Short-term loans to customers in foreign currency 1,127,854 1,326,347
Long-term loans to customers in foreign currency 305,874 415,088
69,293,483 53,945,510
Allowance for impairment of loans -9,142,869 -7,640,306
60,150,614 46,305,204
Net 96,670,937 64,454,470
Short-term deposits in foreign currency to domestic banks were granted for the period O / N up to a year, at an
interest rate per annum from 0.5 to 5% annually. And to provide long-term deposits (13 months) interest rate ranged
up to 6 % per annum.
Short-term loans to banks in RSD, overnajt up to 7 days, were approved at an interest rate of 6.1 to 12% per year.
Short-term loans in RSD have been granted to legal entities and businesses up to 12
months with the prevailing nominal rates ranging from 6% to 29% per annum (effective
interest rate of 7% to 34%), and the long-term loans in RSD (indexed in foreign currency)
legal entities and entrepreneurs, mostly in the range of 5% -15% per annum (effective interest rate of 6.5% to 16.5%).
Nominal interest rates on short-term loans to legal entities in foreign currency, mostly ranged in
ranging from 4% to 15% per annum (effective interest rate in the range 4.5% -20%), and the
long-term loans to corporate customers in foreign currencies, mostly in the range of 4% to 12% pa
level (the effective interest rate in the range 4.5% -14%).
Entrepreneurs are granted loans under the conditions that apply to legal persons.
Short-term investments in RSD, individuals have been granted to the effective interest rate of 20.27% to
36.19% a year, a dinar investments in foreign currency, have been granted to the effective interest rate of 4.59
to 19.78% a year.
Short-term investments in RSD holders ragistrovanih farms, were approved with the effective interest rate of
15% to 29.46% a year.
Long-term investments in RSD have been granted to individuals with the effective interest rate of 23.14% to
36.13% (subsidized cash and purpose at a rate of 8.04%), and the dinar investments in foreign currency, the
effective interest rate of 4 , 66% to 18.93% god.išnje.
Long-term investments in RSD (in foreign currency), holders of registered polloprivrednih farms, were
approved with the effective interest rate of 4.71% to 17.89% a year.
20
17. SECURITIES (EXCLUDING SOPS. SHARES)
Thousands of RSD
31. December 2010. 31. December 2009.
Securities at fair value through profit and loss:
- shares of Agrobanka A.D., Beograd 160,421 80,404
Securities held-to-maturity:
In RSD:
- bills of exchange issued by other corporate
customers 3,749,033 3,552,081
Republic of Serbia treasury bills 627,062 845,677
- Bonds issued by other companies 15,197 15,197
Allowance for impairment -641,472 -614,499
3,749,820 3,798,456
In foreign currency:
- Foreign currency savings bonds 35,203 31,998
3,945,444 3,910,858
Changes in ispraekama erednosti securities erednosti are as follows:
In thousands RSD
2,010 2,009
At 1 January 614,499 420,668
Ispraeke during the year (Note 8) 141,691 448,735
Reversal of ispraeki (Note 8) -114,718 -254,904
At 31 December 641,472 614,499
21
18. EQUITY INVESTMENTS
(INTERESTS) Thousands of RSD
31. December 2010. 31. December 2009.
Shares that are not listed on the Stock Exchange 49,659 658,808
Investments listed on Stock Exchange 41,376 54,266
91,035 713,074
Allowance for impairment -19,795 -19,273
71,240 693,801
Provisions for equity refers to the devaluation of participation that is not listed on berzi.ObezvreĎivanje was based
on the estimates based on information provided by izdavoca shares and other findings.
Other investments in shares listed on stock exchanges are recorded at fair value. Review of fair value is done
periodically, and the effects of price fluctuations are directly reflected as changes in equity.
At 31 December 2010. the Bank has equity investments following legal entities.
In thousands
31. December 2010. 31. December 2009.
Equity investments up to 10%:
- Trţište novca a.d., Beograd 267 347
- Univerzal banka a.d., Beograd 11,357 21,097
- OTP banka Srbija a.d., Novi Sad 16,128 16,128
- Marfin Bank a.d., Beograd 115 115
- PB Agrobanka a.d., Beograd 50 57
- Hypo Alpe-Adria Bank a.d., Beograd, 0 986
- AMS Osiguranje a.d., Beogard 700 806
- Politika a.d., Beograd 13,026 15,076
- BetraTrans a.d., Beograd 57 57
- Šar holding 19,050 19,050
- Plava tačka a.d. – in liquidation 745 223
- Agroţiv a.d., Pančevo 0 609,593
61,495 683,535
Equity shares above 10%:
- AIK Savings and Credit Organization
(Štedno kreditna organizacija AIK,
Vranje) 29,080 29,080
- AIK Company 418 418
Small Business Development Center in
Niš 41 41
- AIK Invest d.o.o.- in liquidation, Niš 0 0
29,539 29,539
91,034 713,074
22
Participation Hupo Alpe Adria Bank was sold by value of 986 thousand RSD, and in the unsuccessful
reorganization Aroziva participation is canceled and returned to the previous status of receivables on credit
basis.
19. OTHER INVESTMENTS (kto 16 26)
Thousands of RSD
31. December 2010. 31. December 2009.
Receivables based on payments on guarantees,
bills of exchange and letters of credit
(K.163+ 263+265) 826,224 612,999
Short-term dinar placements with public entities.
(164 ) 861,867 2,619,430
Receivables from banks based citizen cheques 34,722 13,403
(1680_B)
Receivables from payment cards, not matured 3,114,764 3,498,315
(K.168006 + 168007)
Short-term dinar placements with corporate
entities (16,802 G) 0 310,404
Long-term dinar placements with public entities.
(K.16812.F) 730,743 994,928
Receivables from payment cards, matured (k.
1688.) 474,830 393,879
Other investments 33,694 40,867
6,076,844 8,484,225
Allowance for impairment
based on:
- payments on guarantees, bills of exchange -423,989 -446,543
and letters of credit. (k.1693, 2693)
- short-term dinar placements with public entities -16,183 -44,268
(1694 )
- receivables from banks based citizen cheques.
(16980.B) -888 -498
- receivables from payment cards, not matured -119,223 -93,341
23
(K.1698006. 1,698,007th)
- short-term dinar placements with corporate entities 0 -9,082
. (169802.G)
- long-term dinar placements with public entities -11,838 -16,814
. (k.169812.F)
- receivables from payment cards, matured (k. 16988.) -193,224 -116,778
- Other investments (169d, 269d) -56,286 -29,034
-821,631 -756,358
Net 5,255,213 7,727,867
Short-term investments in RSD, public enterprises from 861,867 million RSD were based on claims of the contract fee and
relate mainly to:
- DP Novi Sad - Gas for a total of 368,587 million RSD (11.5% one-time charges,
back in installments - the last in August 2011.)
- PUC HEATING ZRENJANIN totaling 217,153 million
RSD (11.5% one-time fees, return in installments - the last in August 2011.) - HEATING PUC PANČEVO a total of
97,262 million RSD (11.5% one-time fees, return in installments - the last in November 2011 . years);
- DEPARTMENT OF ROADS ŠAPCA a total of 79,979 million RSD (11.5% one-time fees, return in installments -
the last in December 2011.)
- GAS - FEROMONT AD for a total of 40,461 million RSD (fee 10% off, returning in installments - the latest in
March 2011.).
Long-term investments in RSD, public enterprises from 730,743 mln RSD claims of "Public Roads of Serbia":
- in the amount of 331,642 million RSD, according to the claims of the contract and loan agreement travel industry
businesses (loans matured 30.06.2010., interest rate 1.415%, konf.metod, monthly);
- in the amount of 399,101 million RSD, according to the claims of the contract and loan agreement travel industry
companies (based on reprogramming the 5 years, with the return in annual installments and the interest rate equal to
the quarterly BELIBOR increased by 4 percentage points annually);
24
20. FIXED ASSETS, INVESTMENT PROPERTY AND INTANGIBLE ASSETS
Thousands of RSD
Land and. Equipment and Invest. Total Intangible
Buildings other assets Property. assets
Acquisition value
Balance, 1 January 2010. The 579,874 849,322 522,580 1,951,776 79,993
Transfers 1,404,583 1,404,583
Increase 171,602 171,602 14,488
Disposals -2,264 -1,157 0 -3,421 0
Balance, 31 December 2010. The 577,610 1,019,767 1,927,163 3,524,540 94,481
Provisions for:
Balance, 1 January 2010. The 48,625 441,700 44,582 534,907 33,160
Amortization 6,584 120,163 6,794 133,541 15,938
Disposals -304 -596 -900
Transfers 0
Balance, 31 December 2010. The 54,905 561,267 51,376 667,548 49,098
Present value, 31 December 2010. g 522,705 458,500 1,875,787 2,856,992 45,383
Present value, 31 December 2009. g 531,249 407,622 477,998 1,416,869 46,833
At 31 December 2010. The Bank has no fixed assets encumbered by mortgage, to ensure regular repayment of borrowings.
25
21. OTHER ASSETS
Thousands of RSD
31. December 2010. 31. December 2009.
Other receivables: (03, 09, 304)
- Advances for current assets (k.030, 090) 5,604 5,504
- Advances for fixed assets (k.031) - 15,731 16,607
- Receivables from Beogradska Banka a.d.- in
bankruptcy. 92,300 92,300
- Tangible assets received in lieu of debt settlement
. (k.304) . 4,572,905 4,555,041
- Other receivables in dinars. 133,080 22,194
- Other receivables in foreign currency 2,906 5,522
4,822,526 4,697,168
Allowance for impairment of other receivables:
- Receivables from Beogradska Banka a.d.- in
bankruptcy. -92,300 -92,300
- Other receivables in dinars. (LDC 039309) -15,363 -8,454
- Other receivables in foreign currency. (LDC 099) -216 -1,470
-107,879 -102,224
Prepayments::
- Deferred interest receivables in
. dinars (190.191) - 137,775 44,178
- Prepaid interest on savings deposits
placed by retail customers (192) 193,624 1,680,736
- Prepaid rental expenses (194) 8,284 7,271
- Deferred receivables for interest accrued
in foreign currency (290) 1,235 5,608
340,918 1,737,793
net 5,055,565 6,332,737
The rest of the net assets Dinar funds accounted for 5,051,640 hillada RSD, the currency with 3.925 hil ^ ada CSD
26
22. TRANSACTION DEPOSITS
Thousands of RSD
December 31, 2010 December 31, 2009
In RSD:
- Banks and other financial institutions 201,817 239,496
- Public Enterprises 379,607 673,629
- Other companies 1,619,992 2,340,524
- Entrepreneurs 192,655 179,841
- Population 528,453 521,091
- Foreign legal entities 79 186
- Public Sector 126,943 108,084
- Other customers 191,522 116,048
3,241,068 4,178,899
In foreign currency:
- Banks and other financial institutions 16,063 294,416
- Public Enterprises 22,348 16,061
- Other companies 863,867 574,418
- Entrepreneurs 12,003 8,878
- Population 282,038 216,772
- Foreign legal entities 384 62,368
- Public Sector 9,486 346
- Other customers 75,368 11,451
1,281,557 1,184,710
4,522,625 5,363,609
On transaction deposits The Bank pays interest ranging from 3% to 12% per annum.
On sight deposits in RSD, public sector, the Bank does not pay interest. Also, the bank pays no interest in any
transaction in foreign currency deposits of the public sector, or foreign legal entities.
On sight deposits in RSD Bank pays interest at a rate of 3% per year.
Transaction deposits in foreign currencies are non-interest bearing.
27
23. OTHER DEPOSITS
The structure of deposits by sector and currency is shown in the following table:
Thousands of RSD
31. December 2010. The 31. December 2009. The
In Foreign. In Foreign
In RSD Currency. Total In RSD Currency Total
Savings deposits:
Population 3,172,335 59,186,594 62,358,929 560,989 35,267,962 35,828,951
Foreign individuals 299,470 533,861 833,331 116 456,011 456,127
3,471,805 59,720,455 63,192,260 561,105 35,723,973 36,285,078
Deposits from
of loans:
Banks and other financial
Organization 118,341 147,697 266,038 200 1,588 1,788
Other enterprises 469,979 202,879 672,858 314,108 175,694 489,802
Entrepreneurs 17,798 0 17,798 2,553 0 2,553
Population 644 846,243 846,887 1,440 945,828 947,268
Public sector 2,826 0 2,826 4,758 0 4,758
Other customers 2,045 0 2,045 0 0 0
611,633 1,196,819 1,808,452 323,059 1,123,110 1,446,169
Designated deposits:
Banks and other financial
Organization 8,631 16 8,647 1,475 498 1,973
Other enterprises 47,249 538 47,787 76,496 813 77,309
Entrepreneurs 12 906 918 9 1,045 1,054
Population 12,887 1,558 14,445 26,293 1,415 27,708
Foreign individuals 4 0 4 0 0 0
Public sector 693 0 693 1,405 0 1,405
Other customers 284 431 715 1,372 2 1,374
69,760 3,449 73,209 107,050 3,773 110,823
Other deposits:
Banks and other financial
Organization 5,830,433 1,114,902 6,945,335 4,489,575 138,012 4,627,587
Other enterprises 7,452,923 2,672,744 10,125,667 7,078,530 3,799,493 10,878,023
Entrepreneurs 19,129 7,986 27,115 22,953 6,465 29,418
Population 283 0 283 88 0 88
Foreign individuals 1,316 0 1,316 1,476 0 1,476
Public sector 1,220,244 39 1,220,283 4,551,151 0 4,551,151
Other customers 2,965,242 306,646 3,271,888 462,094 50,616 512,710
17,489,570 4,102,317 21,591,887 16,605,867 3,994,586 20,600,453
Total other deposits 21,642,768 65,023,040 86,665,808 17,597,081 40,845,442 58,442,523
28
The effective interest rate on savings deposits of individuals amounted to savings of EUR mostly from 0.5% to 1.2% (2% early this
year), a savings of CHF was 1.4% by October 2010, and then reduced to 0.15% annually, and savings in U.S. dollars was 1.8% by
October 2010 and then decreased to 0.25% per year.
The effective interest rate on term deposits in the currency up to one year ranged from 2% - 7.25% per annum on deposits in EUR, a
1.5% -2% annual savings in CHF, as well as a , 9% -2.6% per annum on deposits in U.S. dollars.
The effective interest rate on term deposits in RSD to one year ranged from 6% to 12% per annum.
The effective interest rate on term deposit in CURRENCY over one year (from 13 to 36 months) ranged from 6.5% to 8% per
annum on deposits in EUR.
The effective interest rate on term deposits in RSD over a year (at 13 and 15 months) was 14% and 15% per annum.
The effective interest rate on a dedicated local and foreign currency deposits (collateral for the approved loans), ranged mainly
from 0.5% to 8% per annum in USD (a very interest-free collateral, as well as special purpose deposit with the effective interest
rate of 9.06% per year-saving from last year with the payment of interest in advance, which is the portion of separated and on the
2010 year), or 0.5% -15% per year in rates.
Foreign currency deposits for cover for the transfer of non-interest bearing.
Short-term dinar deposits from banks deposited for periods of one to 12 months at an interest rate that ranged
annually from 4.5% to 12%.
Short-term dinar deposits from public enterprises have been deposited for a period of one to 12 months at an interest
rate that varied annually from 8% to 14.4%.
Short-term dinar deposits from the public sector have been deposited at the time of the adapted version to 12 months
at an interest rate that ranged annually from 8.1% to 11.5%.
Other deposits presented per separated products, maturity and currency:
Thousands of RSD
31. December 2010. The 31. December 2009. The
Foreign Foreign
In RSD currency. total In RSD currency. total
Savings deposits:
(LDC 402, 502)
Short-term 360,828 33,602,202 33,963,030 561,105 34,332,624 34,893,729
Long-term 3,110,977 26,118,253 29,229,230 0 1,391,349 1,391,349
3,471,805 59,720,455 63,192,260 561,105 35,723,973 36,285,078
Deposits -
collateral against
loans approved:
(LDC 403, 503)
Short-term 148,299 178,713 327,012 41,489 275,464 316,953
Long-term 463,334 1,018,106 1,481,440 281,570 847,646 1,129,216
611,633 1,196,819 1,808,452 323,059 1,123,110 1,446,169
Special purpose
deposits: (kto
404, 504)
Short-term 69,760 3,449 73,209 107,050 3,773 110,823
69,760 3,449 73,209 107,050 3,773 110,823
Other deposits:
(LDC 405, 505)
Short-term 17,434,006 3,986,269 21,420,275 16,585,314 3,946,642 20,531,956
Long-term 55,564 116,048 171,612 20,553 47,944 68,497
17,489,570 4,102,317 21,591,887 16,605,867 3,994,586 20,600,453
total 21,642,768 65,023,040 86,665,808 17,597,081 40,845,442 58,442,523
29
24. BORROWINGS
Thousands of RSD
December 31, 2010 December 31, 2009
In RSD:
Short-term borrowings:
- Hypo Alpe-Adria Bank a.d., Beograd 2,109,964 1,917,776
- Raiffeisen Bank a.d., Beograd 0 480,000
- Erste Bank a.d., Novi Sad 0 380,000
- Banca Intesa a.d., Beograd 0 920,000
2,109,964 3,697,776
Ost.finansijske obav. (LDC 409, 509) 10,195 91,445
total 2,120,159 3,789,221
Short-term borrowings in RSD from the Hypo Alpe Adria Bank is taken within 14 days, with interest of
5.5% per year.
25. PROVISIONS
Thousands of RSD
December 31, 2010 December 31, 2009
Provision for litigation 0 338,794
Provisions for losses on off-balance sheet items 651,665 484,069
Provisions for retirement benefits and jubilee
awards 13,515 11,781
Other provisions 0 6,970
665,180 841,614
Movements in provisions during the year,: Thousands of RSD
Provisions for
Provisions for Retirement
Losses on Off- Benefits and
Provisions for Balance Sheet Jubilee Other
Litigations Items Awards Provisions Total
Balance, 1 January 2009. 338,794 852,222 9,886 3,960 1,204,862
New provisions (Note.8 and 10) 0 354,273 2,444 3,010 359,727
Discharged (Note 8) 0 -722,426 -549 0 -722,975
Balance, 31 December 2009. 338,794 484,069 11,781 6,970 841,614
Balance, 1 % year 2010 338,794 484,069 11,781 6,970 841,614
New provisions (Note.8 and 10) 0 524,500 13,515 0 538,015
Discharged (Note 8) -338794 -356,904 -11,210 -6970 -713,878
Severance payments paid by -571
book. -571
Balance, 31 December 2010. The 0 651,665 13,515 0 665,180
In the course of 2010 abolished the provision in dispute bailiffs in income because the company AIK NIS, Ltd withdrew the
complaint.
30
26. OTHER LIABILITIES
Thousands of RSD
December 31, 2010 December 31, 2009
Other liabilities:
- accounts payable in dinars (430 42,349 35,910
- advances received in dinars (431) 1,136 27,508
- liabilities for issued guarantees and other sureties
(433) 320 325
- liabilities arising from assets managed in the name 6,744 8,638
and for the account of customers. (436).
- liabilities arising from ceded receivables (4374) - 0 208,281
- Primlj.sreds.od States for kam.po 1,095,060 0
subv.stamb.kred. (437,709), Mr.
- Other liabilities to employees (445) - din 68 76,416
- other liabilities in dinars, (437d, 438.439) 65,874 73,476
- other liabilities in foreign currency (53) 966 1,169
1,212,517 431,723
Accruals:
- accrued interest payable in dinars. (490) 89,363 36,437
- Razg.ost.Trosk.budug.perioda (491) - din 4,345
- accrued interest payable in foreign currency.
(590) - 740,036 135,544
- interest charged in advance.
(492d) 146,075 179,976
- accrued fee and commission income
(492d) 273,494 377,000
- interest on Republic of Serbia bills charged in
advance 17,504 21,837
- fee on guarantees issued paid in advance (494) 42,804 13,937
1,313,621 764,731
total 2,526,138 1,196,454
31
27. EQUITY
The Bank's capital consists of: equity capital, reserves, share premium and accumulated profits.
Thousands of RSD
December 31, 2010 December 31, 2009
Share capital:
Ordinary shares 15,857,218 15,857,218
Preferred shares 2,375,423 2,375,423
18,232,641 18,232,641
Share premium and 7,157,924 7,157,924
Reserves from profit 13,165,376 8,091,898
Revaluation reserve 21,353 32,339
Unrealized losses on securities available-for-sale -229 -223
Retained earnings:
- Previous years 0 0
- Current year 5,590,832 5,579,463
5,590,832 5,579,463
44,167,897 39,094,042
Shareholder structure
Shareholder structure as at 31 December 2010. year, with the participation of over 1%, is shown in the following
table:
Share capital %
Participat
in thousands. RSD ion
AGRICULTURAL BANK OF GREECE 3,800,500 20.84
925 - UNICREDITBANK OF SERBIA-VIENNA
476KFN150714P 992,422 5.44
NATIONAL BANK OF GREECE SA, GREECE 902,793 4.95
Venturer MANAGEMENT AG 664,687 3.65
UNICREDIT BANK SERBIA JSC-476K119107 630,530 3.46
EPS BELGRADE 810,084 4.44
EAST CAPITAL ASSET MANAG. 539,469 2.96
AIDA Asset Association AKTINGESELLSCHAFT 525,770 2.88
ZB INVEST DOO UPR.INVEST.FOND. 493,136 2.70
HUGO 345K000004-ALPE-ADRIA-BANK AD BEOGRAD
CUSTODY ACCOUNT- 519,235 2.85
E Templeton. M. SMALL CAP FUND 399,714 2.19
Franklin Templeton INVESTMENT 377,823 2.07
SEE CAPITAL GROUP AG 344,991 1.89
SUNOKO DOO NOVI SAD 324,115 1.78
Globos osiguranje ad Beograd 341,939 1.88
Other 6,565,433 36.02
Total 18,232,643 100.00
Capital adequacy and performance indicators prescribed by the Law on Banks
The Bank is required to maintain minimum capital adequacy ratio of 12% established by the National Bank of
Serbia.
At 31 December 2010. year, according to the calculation of the Bank, all indicators of business, or the scope
and structure of risk assets were within their prescribed.
32
28. OFF-BALANCE SHEET ITEMS Thousands of RSD
December 31, 2010 December 31, 2009
Managed on behalf of third parties 652,789 587,695
Commitments and contingent liabilities 15,090,839 11,260,557
Accepted sureties for liabilities 2,058,170 2,517,822
Other off-balance sheet items 95,781,854 75,184,840
113,583,652 89,550,914
a) Managed on behalf of third parties
Managed funds in dinars
- Short term 114,002 111,023
- Long-term 538,787 473,182
Managed funds in
foreign currency: 0 3,490
652,789 587,695
b) Contingent liabilities assumed
Financial guarantees:
- in RSD (LDC 9100) 3,581,956 3,304,352
- In foreign currency (9150) 2,116,006 1,874,735
Performance guarantees:
- In RSD (LDC 9101) 5,651,370 3,561,756
- In foreign currency (9151) 141,153 117,709
Issued sureties and acceptances (9102) 18,938 16,105
11,509,423 8,874,657
Uncovered letters of credit (LDC 9155) 429,544 291,880
Undrawn credit lines (LDC 913) 3,142,737 2,084,884
15,081,704 11,251,421
Own a guarantee (LDC 914) 9,135 9,136
15,090,839 11,260,557
Irrevocable commitments relating to the unused loan commitments that can not be canceled
unilaterally to: overdrafts, revolving loans to businesses, multi-purpose revolving loans, buying and
selling foreign exchange from banks for ^ ard transactions, and other irrevocable commitments.
Irrevocable commitments generally have fixed dates when stress or other provisions relating to
expiration. Since irrevocable commitments may expire without withdrawal of credit by customers, the
total contracted amount does not necessarily represent future cash requirements. The Bank monitors the
maturity of the assumed liabilities based on irrevocable unused loans for long-term commitments have a
greater degree of credit risk than short-term commitments.
December 31, 2010 December 31, 2009
c) Accepted Sureties for Liabilities
Received a guarantee to the Bank (LDC 911) 0 0
Securities received as collaterals (LDC 932) 2,058,170 2,517,822
2,058,170 2,517,822
d) Other off-balance sheet items
Suspended interest (LDC 930) 145,082 140,712
Pledges on movables received as
collaterals (LDC 9330) 19,748,847 5,654,916
Received mortgages (LDC 9331) 69,829,121 64,011,220
Undrawn revocable credit
arrangements. (LDC 9333) 4,134,922 3,835,764
Other 1,923,882 1,542,228
95,781,854 75,184,840
33
29. RELATED PARTIES
a) Business relationships with members of the Board
Business relationships and relation with members of the Board are based on the usual
market conditions
in thousands
(RSD.) (RSD.)
Executive compensation 2010 2009
Members of the Executive Board -60,208 -65,332
Board Members -75,392 -57,961
Agg. Executive compensation -135,600 -123,293
Income. (Rash) Income. (Rash)
Other relationships with members of the Board 31.12.2010 31.12.2009 2010 2009
Overdrafts, credit 108 30
Cards, cash and consumer loans 9,208 940 135
Mortgage loans 11,599 3,090 4,298 241
Deposits 318,060 241,748 -7,712
Other liabilities 6,936 11 -17,055 -314
Total relationships with members of the Board 345,803 245,897 -12,757 -7,620
5) The transactions with related parties
У their daily business, the Bank realized a business transaction with shareholders and other related parties, under
normal market conditions.
The following table shows the status of claims and liabilities arising from business relationships with related parties as
at the balance sheet date:
gross exposure
Balance sheet sheet
31. December 2010. The gross exposure exposure Total Liabilities
Staff 330,677 52,997 383,674 414,361
Other individuals 86,826 46,185 133,011 1,012,484
Corporates * 409,659 1,127,679 1,537,338 206,755
827,162 1,226,861 2,054,023 1,633,600
31. December 2009. The
Staff 225,658 71,576 297,324 439,572
Other individuals 92,011 50,369 142,380 644,759
Corporates * 284,833 521,376 806,209 63,577
602,502 643,321 1,245,913 1,147,908
34
AFFILIATED COMPANIES
Off-balance
Balance sheet sheet
31. December 2010. g gross exposure exposure Total Liabilities Income Expenses
FSH MAHIPROTEIN CLOSED AD
POZEGA 0 500 500 3,825 784
MK COMMERCE DOO NOVI SAD 0 73,033 73,033 7 18,087 9,932
MK GROUP LTD BELGRADE 211,001 897,446 1,108,447 6,711 46,370 45,490
AGROUNIJA AD INVIJA 0 149,843 149,843 11 1,902 105
SUNOKO DOO NOVI SAD 0 0 0 158,504 65,347 26,899
NEW AD VOJVODINA MILOŠEVO 52,749 0 52,749 4 8,112 2,438
AD GRANEHPORT PANCEVO 0 0 0 16,376 38,185 9,851
DILL MAH DOO BEOGRAD 87,800 527 88,327 1,786 26,981 3,372
PARMONS DOO NOVI SAD 38,901 0 38,901 0 6,932 0
FLOP SZR SABAC 212 289 501 1 62 -8
GAVRILOVIC ENGINEERING CACAK 399 657 1,056 214 76 9
Radulaška DRAGAN, SZTR
Radulaška BECEJ MAIN 76 209 435 644 216 159 69
SINGLE DOO NIS 105 0 105 33 109 31
ICC PROFESSIONAL LLC 105 0 105 0 607 0
EMCO LTD VALJEVO 3,936 332 4,268 0 1,095 26
MDM DRINA DOO BELGRADE BATAJNICA 1,859 0 1,859 0 503 832
PANONIJA COMMERCE 5,262 0 5,262 4,508 1,656 788
MAKEL ELECTRIC LTD PANCEVO 0 0 0 5,532 235 0
Vujanovic-PETROVIC GROUP LTD
NOVI SAD 6,882 3,802 10,684 24 63 192
ANVELA SUPER MARKET 239 815 1,054 1 206 44
OTHER 0 0 0 9,002 1,262 0
total 409,659 1,127,679 1,537,338 206,755 218,733 100,070
31. December 2009. g
ICC PROFESSIONAL LLC 1,063 0 1,063 0 282 356
ANVELA SUPER MARKET 608 351 959 1 119 13
FLOP SZR SABAC 3 450 453 2 69 24
SZ OFFICE BELGRADE 2,048 0 2,048 2 1,370 150
SINGLE DOO NIS 306 0 306 74 163 23
EMCO LTD VALJEVO 4,055 0 4,055 122 1,002 2
PROINKOM BELGRADE 0 0 0 159 9 107
"ATRIUM LLC 0 0 0 191 8 196
MASINAC-LEADER 0 0 0 212 50 53
MILDEPROM DOO NIS 0 0 0 251 24 3
MASINAC-AGENCY ACTION 0 0 0 258 62 22
MK COMMERCE DOO 95,894 44,003 139,897 281 22,061 4,316
Vujanovic-PETROVIC GROUP, USA 0 0 0 302 2 0
AD GRANEHPORT PANCEVO 102,989 5,000 107,989 1,793 13,369 3,959
BDD M & V INVESTMENTS AD 0 0 0 1,832 7 2
SUNOKO DOO NOVI SAD 0 0 0 3,841 30,801 77
MK GROUP LTD BELGRADE 5 470,604 470,609 7,027 21,594 58,619
MK MOUNTAIN RESORT 0 0 0 4,661 218 11,272
MAH DILL AD BEOGRAD 77,860 468 78,328 10,724 12,644 11,445
MAKEL ELECTRIC LTD PANCEVO 0 0 0 31,268 510 41
OTHER 2 500 502 576 59,636 12,581
total 284,833 521,376 806,209 63,577 164,000 103,261
35
30. CREDIT RISK
30.1. The maximum exposure to credit risk
The table below represents the maximum credit risk exposure collateral or other credit rating increase
credit securities. Exposure is based on the carrying value of the balance sheet.
Thousands of RSD
31. December 2010. 31. December 2009.
Interest, fee and commission receivables 3,157,039 2,495,424
Loans and advances to banks 36,683,764 18,149,197
Loans and advances to customers (including
credit cards) 75,282,020 62,429,981
Securities at fair value through profit and loss 160,421 80,404
Securities held-to-maturity in dinars 3,764,231 4,444,952
Securities available-for-sale and equity
investments (interests) 91,034 713,074
Other balance sheet assets 2,957,489 146,935
122,095,998 88,459,967
Guarantees and sureties 11,509,423 8,874,658
Letters of credit without coverage 429,544 291,881
Irrevocable loan facilities 3,142,735 2,094,022
Undrawn revocable loan facilities 4,134,922 3,826,625
Maximum gross exposure
off-balance sheet items 19,216,624 15,087,186
In the case of financial instruments at fair value (market value), indicated amounts represent the current credit
risk exposure, but not the maximum risk exposure that could arise in the future as a result of changes in value.
Concentration of risk is managed by setting limits in relation to individual clients, as well as the geographic
and industrial diversification.
The following table shows the credit risk to groups of customers. Gross balance sheet assets and off-balance
sheet items for which the established credit risk is presented without lowering effects of risk on the basis of
collateral or other hedging instruments.
36
30.2. On-balance sheet credit exposure
risk Not
Impaired Not
Loans, Impaired
Individual (portfolio Loans,
Individually Allowance based (portfolio Portfolio Total
Individually Impaired for allowance) based Based Allowance
Neither due Impaired and Impairmen not allowance) allowance for for
PORTFOLIO - 31 12 2010 nor impaired not Matured Matured t Matured Matured Impairment Total Gross Impairment Total Net
1. BANK 30,142,876 6,687,724 14,256 127,097 36,844,856 127,097 36,717,759
2. COMPANY 2,770,665 462,972 15,838,488 9,188,646 49,229,651 4,993,739 1,919,217 73,295,515 11,107,863 62,187,652
3. ENTREPRENEURS 8,409 184,363 46,540 480,084 27,324 25,960 700,180 72,500 627,680
TOTAL Corpor: 32,913,541 7,159,105 16,037,107 9,362,283 49,709,735 5,021,063 1,945,177 110,840,551 11,307,460 99,533,091
4. Retail STANDARD LOANS 7,691 259 4,633,183 137,835 164,748 4,778,709 165,007 4,613,702
5. Retail MORTGAGE LOANS 28,702 8,738 11,204 1,627,146 10,495 43,212 1,675,081 54,416 1,620,665
6. Retail AGRICULTURAL LOANS 5,275 961 3,117 435,175 59,693 173,031 501,104 176,148 324,956
7. Retail CREDIT CARDS 3,108,298 465,862 308,379 3,574,160 308,379 3,265,781
8. Retail CURRENT ACCOUNT OVERDRAFT 201,176 73,898 41,424 275,074 41,424 233,650
9. Retail OTHER 196,933 188,878 2,187 743 348 199,863 189,226 10,637
TOTAL RETAIL: 33,977 214,323 203,458 10,007,165 748,526 731,142 11,003,991 934,600 10,069,391
Raspoloz.za securities sales and participation 160,422 91,034 - 19,795 - - - 251,456 19,795 231,661
Total 33,073,963 7,284,116 16,251,430 9,585,536 59,716,900 5,769,589 2,676,319 122,095,998 12,261,855 109,834,143
NEOBEZVR. (33,073,963)
89,022,035
(122,095,998)
30.2. Balance sheet exposure to credit risk
Gross assets Correction Gross assets Correction in thousands
Neither due Individually Impaired. Individually. Collective allowance. Collective Total Total Net
not not
PORTFOLIO - 31 12 2009 nor impaired Matured. Matured Impaired Matured. Matured allowance. Gross correction 31.12.2009
1. BANK 8,054,659 10,119,214 105,201 122,969 - - - 18,279,074 122,969 18,156,105
2. COMPANY 1,110,168 2,133,375 12,929,364 7,832,652 41,060,605 2,096,384 1,540,460 59,329,896 9,373,112 49,956,784
3. ENTREPRENEURS - 66,657 158,112 67,138 332,518 21,413 19,673 578,700 86,811 491,889
TOTAL Corpor: 9,164,827 12,319,246 13,192,677 8,022,759 41,393,123 2,117,797 1,560,133 78,187,670 9,582,892 68,604,778
4. Retail STANDARD LOANS - 34,491 10,426 21,513 3,073,297 70,045 89,624 3,188,259 111,137 3,077,122
5. Retail MORTGAGE LOANS - 7,944 6,563 4,843 1,447,448 6,400 23,506 1,468,355 28,349 1,440,006
6. Retail AGRICULTURAL LOANS - - - - 549,956 27,457 131,306 577,413 131,306 446,107
7. Retail CREDIT CARDS - - 1,431 1,431 3,491,378 378,796 201,512 3,871,605 202,943 3,668,662
8. Retail CURRENT ACCOUNT OVERDRAFT - - - - 207,708 48,021 26,977 255,729 26,977 228,752
9. Retail OTHER - - 193,220 184,131 1,715 2,927 929 197,862 185,060 12,802
TOTAL RETAIL: - 42,435 211,640 211,918 8,771,502 533,646 473,854 9,559,223 685,772 8,873,451
Raspoloz.za securities sales and participation 693,801 19,273 - 19,273 - - - 713,074 19,273 693,801
Total 9,858,628 12,380,954 13,404,317 8,253,950 50,164,625 2,651,443 2,033,987 88,459,967 10,287,937 78,172,030
37
30.2. Off-balance
exposure to credit
risk
31. December of 2010. 31. December 2009.
Off-balance sheet items Total % Total %
Exposure Provisions Risk Exposure Provisions Risk
Legal entities 14,946,442 648,343 4.34% 11,119,673 481,656 4.33
Entrepreneurs 138,082 3,322 2.41% 84,691 2,413 2.85
Individuals 4,132,100 0 0.00% 3,882,822 0 0.00
Total off-balance 19,216,624 651,665 3.39% 15,087,186 484,069 3.21
30.3. Individual and group impaired loans and advances to customers by segment, according to IAS
The invalidation of the claims made on the basis of credit risk, provided by the sst INDIVIDUAL assessment looks at each claim, and the group estimates are determined
by the average credit risk of devaluation.
The good assets categorized as receivables from customers in which:
- Estimated financial condition as satisfactory or does not indicate a significant deterioration in the future although there are some problems in the business.
- where no and do not expect major problems in the collection,
- claims secured by a first class security services,
- claims provided adequate means of security,
- Receivables from customers in which the index of total debt is less than 0.85%, and - potraţ.od debtor
liabilities are settled, and exceptionally with no lag longer than 60 days.
The risk assets are classified as receivables due from the debtor:
- Whose financial situation is not satisfactory, or are the problems in business - the cash flows are not
adequate and there is no maturity match of assets and liabilities,
- their claims are settled with a lag over 61 days but less than 180 days
- and Receivables. of illiquid and insolvent debtors and debtors who do business with the loss.
The bad assets are categorized claims of the debtor:
- in liquidation or bankruptcy;
- claims on debtors who settle their obligations with lag longer than 181 days
- claims with dubious or controversial legal basis,
- proceeds paid by the Bank potraţibanja not alienate, or put into the business within one year from the date of acquisition, and receivables for which collection is very problematic
38
30.3. Individual and group impaired loans and advances to customers by segment, according to IAS - continued
in thousands
CATEGORY BANK Corporates ENTREPRENEURS Retail TOTAL
Gross Allowance for Gross Allowance for Gross Allowance for Gross Allowance for Gross Allowance for
31. 12. 2010. Balance Impairment.. Balance Impairment.. Balance Impairment.. Balance Impairment.. Balance Impairment..
Pass
CATEGORY A 6,574,530 0 16,172,648 322,329 353,798 6,575 8,355,890 82,080 31,456,866 410,984
CATEGORY B 28,112 338 21,539,555 779,421 22,394 631 731,674 30,594 22,321,735 810,984
6,602,642 338 37,712,203 1,101,750 376,192 7,206 9,087,564 112,674 53,778,601 1,221,968
Assets: 0 0
CATEGORY V 426 195 16,115,834 670,293 73,461 1,551 285,835 42,498 16,475,556 714,537
CATEGORY G 2,016,492 75,457 44,101 2,519 494,486 137,232 2,555,079 215,208
426 195 18,132,326 745,750 117,562 4,070 780,321 179,730 19,030,635 929,745
Substandard Assets: 0 0
CATEGORY D 126,564 126,564 14,743,703 9,260,363 206,426 61,225 1,136,106 642,196 16,212,799 10,090,348
Assets that
Classification. 6,729,632 127,097 70,588,232 11,107,863 700,180 72,501 11,003,991 934,600 89,022,035 12,242,061
122,095,998 Gross Total
undue
33,073,963 neobezvredjeni
89,022,035 impaired
31. 12. 2009
Pass
CATEGORY A 9,823,766 67 7,949,678 245,749 295,607 6,061 6,924,653 65,284 24,993,704 317,161
CATEGORY B 17,560 12 22,252,159 784,498 3,960 145 925,359 31,150 23,199,038 815,805
9,841,326 79 30,201,837 1030247 299,567 6206 7,850,012 96434 48,192,742 1,132,966
Assets:
CATEGORY V 2 2 13,123,114 385,176 54,997 1,552 418,601 53,736 13,596,714 440,466
CATEGORY G 2,658,105 940,107 196,736 56,861 453,759 118,444 3,308,600 1,115,412
2 2 15781219 1325283 251733 58413 872360 172180 16905314 1,555,878
Substandard Assets:
CATEGORY D 383,087 122,953 12,255,945 7,036,790 27,400 22,192 836,851 417,158 13,503,283 7,599,093
Assets that
Classification. 10,224,415 123,034 58,239,001 9,392,320 578,700 86,811 9,559,223 685,772 78,601,339 10,287,937 ^
39
Default in Collection of Matured
30.4. Balance Sheet Assets
in thousands
Due assets as of 31.12.2010. The 30 days from 31 to 60 from 61 to 90 from 91 to 180 from 181 to 360 from 1 to 5 years over 5 years Total
Loans to legal entities 2,260,478 1,730,361 465,082 1,873,283 2,283,627 9,984,249 190,934 18,788,015
Loans to entrepreneurs 4,699 455.09235 1,050 1,025 3,238 185,849 42.058 196,360
Loans to individuals 39,808 17,246 11,258 25,996 36,497 90,081 4528.146 225,414
Payment Cards 158,066 13,980 9,982 32,428 77,421 183,252 213.64 475,343
Other investments 58,850 8740.5805 4,701 2,888 15,529 320,497 167,727 578,933
Guarantees and backing at the expense of the bank 12,648 0 7,641 55,166 84,164 578,091 0 737,711
Notes and bonds 281,821 99710 0 8,397 1,000 600,095 28,222 1,019,245
Balance due as of 12/31/2010 g. 2,816,371 1,870,493 499,714 1,999,184 2,501,477 11,942,114 391,666 22,021,019
Than that covered by mortgage and deposit 1,081,483 304,810 324,461 1,292,358 1,765,384 6,926,943 29524.09 11,724,963
% Coverage 38.40% 16.30% 64.93% 64.64% 70.57% 58.00% 7.54% 53.24%
N
D A AND A C D E HE
from 31 to from 91 to from 181 to
Due assets as of 31.12.2009. 30 days 60 from 61 to 90 180 360 from 1 to 5 years over 5 years Total
Loans to legal entities 2,531,323 303,773 441,316 723,095 4,391,671 5,183,017 199,675 13,773,870
Loans to entrepreneurs 4,502 47 1,082 41885 111356 7,421 166,293
Loans to individuals 22,004 12,776 9,137 18,901 22,950 35,026 97 120,891
Payment Cards 187,984 16,352 11,499 27,533 58,785 93,673 395,826
Other investments 134,768 937 20,366 5,332 17349 37,962 142765 359,479
Guarantees and backing at the expense of the bank 9,084 165 133,460 67987 63,990 323932 598,618
Notes and bonds 3,550 7,283 137045 477,708 15,197 640,783
Balance due as 31.12.2009 2,893,215 334,050 616,860 892,016 4,803,146 6,158,739 357,734 16,055,760
Than that covered by mortgage and deposit 1,710,674 257,726 356,035 766,258 2,828,450 3,813,784 9,732,926
% Coverage 59.13% 77.15% 57.72% 85.90% 58.89% 61.92% 0.00% 60.62%
The total amount of loans due at the end of 2010 amounted to 22,109,954 thousand and the same, compared to the year 2009, in absolute terms increased by more than 6 billion
RSD, or 37.71%
Compared to the year 2009 has been increased and the amount due loans are secured by mortgages - in the absolute amount of approximately 2 billion
It is notable that in two consecutive years have seen a shift in the distribution of delay, which is justified if we take an environment in which banks are operating, as well as
problems that include the real sector, which are largely dependent on global economic crisis. The study notes that in 2010. was dominated kašnena ranging from 1 to 5 years.
Such developments are not surprising because the activation and implementation of security requires a certain time limits.
40
30.5. The fair value of collateral
Thousands of RSD
31. December 31. December
2010 2009
Deposits to secure placements 5,244,204 3,554,729
Received a mortgage to secure loans 28,266,254 24,128,778
Guarantees and sureties collateralizing liabilities 0 0
Pledges in shares collateralizing placements 2,058,171 2,517,824
Bank as a mortgaged property whose value is taken, the assessment authorized appraiser, must be in ratio
of 1 to 1.1 and more than the ranking.
Properties used as collateral are living spaces, family and residential buildings, office buildings, business premises
and land depending on location and future investments namene.Kod corporate focus is on: business premises, business
premises and land (agricultural and graĎebinskom ) and for loans to households emphasis is on residential premises
(flats, family houses) built or under construction when the same item purchase from the Bank loan.
In taking the pledge of securities, The Bank monitors the price of securities used as collateral security. The value of
the collateral in the actions taken with the same value underpriced by at least 30% of the price at which it traded on
the Exchange on the day of contracting the pledge.
30.6. Restructured loans
Restructuring of loans are made to borrowers who, due to deteriorating financial condition are unable to regularly
pay their debts to the Bank, but with the immediate acceptance of the financial consolidation of the debtor.
Agreement on the restructuring of loans significantly change conditions compared to the previous placement and all
claims of the debtor shall be replaced with a new placement. Substantial changes in conditions considered in
particular: the extension of principal or interest payments, reducing interest rates, changes in valuation methods.
Restructuring of investments acceptable to the Bank only if the loans that are otherwise difficult to be collected, and
the restructuring of loans by financial consolidation program allows you to within an acceptable to the Bank,
substantially improving the financial situation of the debtor, by a high security payment loans in the agreed amount
and in new maturities, additional collateral in the form of guarantors - disburser, pristupioca debt or pledge of assets
and mobile - fixed the debtor or third parties, and improving asset quality, and thus affect the credit ratings from the
standpoint of potential risks, the recovery of loans and restructuring of the rest.
During the restructuring of loans the Bank made a financial analysis of the debtor and if it estimates that the borrower
after the loan restructuring generate cash flows that will be sufficient to repay principal and interest shall be decided
on the procedure of restructuring loans.
During 2010, there were no restrukturinja placement.
41
30.7. Tangible assets acquired from the collection of receivables
Initial state 01.01.2010.g. materijlanih shares acquired collection of claims from previous years amounted to 4,555,042. dinaraa
thousands of which is in the buildings and land 4,552,023 thousand in movable assets (7 cars) 3018 thousand.
1) In 2010, the bank sold the material values as follows:
- Objects taken from the Universal Holding knjig.vrednosti 142,137 hill.din.što is 1.5 million. EUR. Sold for approximately
2.8 million.
- Ugost.turist.preduz objects. SPLIT EČKA books, vred.142.137 hilj.din.što is 1.5 million. EUR, were sold for approximately
1.7 million.
- Polj.zemljište downloaded from AGROSTAN a PLUS N. SADm kljig.vred. 285,955 hilj.din.što is 2.96 m EUR. Sold for
approximately 4 million.
2) Part of the material assets acquired collection of claims in the previous year, the bank reclassified to investment property,
issued by the rental income and gains, which are:
- Objects taken from''TRANSPORT''IMPEKS NIS, the location of 12th February bb, Nis, in the amount of 617,165
thousand. Which is 6.5 mln EUR, a facility''and''SUPERMARKET PEVAC in attractive location
у ul.Vojvode Muscles 36 Nis into valuable. 69.229 hill.din.što as a hill.EUR 734.4.
- Objects taken from''RODI9 M & B INVEST Novi Sad,''''ELNOS Sentandrejski time - amounting to 245 604 hill
din.
- Objects taken from''STOTEKS and Novi Sad, in the amount of 472.584 hill. din.
3) in 2010. year ^ bit on the activities of women naplatei claims preubimanjem material values as follows:
- KERI Kesen and administrative buildings in Vrbas from FIGRAD in the value of 231.330 hill. Din.što is 2.332 m EUR.
- Office building-market Odzaci of FIGRAD in the value of 32,002 thousand. What is 322.6 hill.din.
- The building of the textile industry in Prijepolje of Lj Miodragovića, worth hill.din 2188. Which is 21.5 thous.
- Apartment in ul.Teodora Dreiser in Belgrade (HABIT FARM-A) in the value of 116,189 is 1.1 million hilj.din.što. EUR.
- Residential and commercial building from Luton to Belgrade Duro Jaksic No.8 into valuable. 253,504 hill.din. and 2.4 million.
- ALEXANDER''Hotel''in Vrnjacka Spa of (product trade finans,) in a hard. of 295,755 thousand. and 2.8 million.
- Njiva Jakovci 2 acres and 8 acres of EUROLUKSPETROL ELP-16 in the amount of 134,327 hilj.din.što is a 1.27 m EUR. -
Form''of''Krčevina EUROLUKSPETROL ELP-15 in the amount of 210,779 thousand. What is a 2.0 m EUR.
- Residential and commercial building''Lake''Ţunji KNI9, amounting to 162,218 thousand. Which is 1.25 million. EUR.
- Posl.objekat in Drajzera, 27, Belgrade, (of Habit farm) worth 316,880 hill. Din. Which is 2.98 m EUR.
- Posl.zgrade''Vit Bel''NIŠ, in Nis, worth 114,680 thousand. What is a 1.07 m EUR.
- Two bedroom apartment in ul.Cara Dusan br.87 Novi Sad, in the amount of 5020 thousand. Din. Which is 47.0
thousand. EUR. Of personal property (cars) in 2010, the protad a car, so they are able to rest six in total
knjigovodstvenenoj worth 2.5 million RSD.
Condition of material values acquired collection of claims of 31.12.10.godine iznosi.4.572.905 thousand. All material values that
are acquired collection of claims, is estimated by the authorized procenitenja.
Fair values are in all cases, higher than book value.
The Bank intends to be in the future sells materijalnin value, while the funds back into operation, by which time
certain material assets leased to generate income.
42
30.8. Geographic concentration
Thousands of RSD
European Total
2010 Serbia Union 2010
Interest and fees 3,157,039 3,157,039
Loans and advances to banks 6,721,023 29,962,741 36,683,764
Loans and advances to customers 75,282,020 75,282,020
Securities at fair value through profit or loss 160,421 160,421
Securities held to maturity 3,764,231 3,764,231
Securities available for sale 91,034 91,034
Other 2,957,489 2,957,489
Maximum exposure per balance sheet assets 92,018,978 30,077,020 122,095,998
Guarantees and backing 11,509,423 0 11,509,423
Uncovered Letters 429,544 429,544
Irrevocable lines of credit 3,142,735 3,142,735
Undrawn revocable loan facilities 4,134,922 4,134,922
Maximum exposure per off-balance sheet items 19,216,624 0 19,216,624
Total exposure 111,235,602 30,077,020 141,312,622
European Total
2009 Serbia Union 2009
Interest and fees 2,495,424 2,495,424
Loans and advances to banks 10,094,538 8,054,659 18,149,197
Loans and advances to customers 62,429,981 62,429,981
Securities at fair value through profit or loss 80,404 80,404
Securities held to maturity 4,444,952 4,444,952
Securities available for sale 713,074 713,074
Other 146,935 146,935
Maximum exposure per balance sheet assets 80,405,308 8,054,659 88,459,967
Guarantees and backing 8,874,658 0 8,874,658
Uncovered Letters 291,881 291,881
Irrevocable lines of credit 2,094,022 2,094,022
Undrawn revocable loan facilities 3,826,625 3,826,625
Maximum exposure per off-balance sheet items 15,087,186 0 15,087,186
Total exposure 95,492,494 8,054,659 103,547,153
Pplasmani the European Union as of 31 December 2010 relate to the Commerzbank AG FRANFUKR 249th million euros and $ 8 million, and
Deutsche Bank depouit FRANFURT 29 million, which is the total equivalent of 29,962,741 thousand, and the state of 31.12.2009 was deposited
with Commerce Bank in Frankfurt iunosu of 84 million, it was 8,054,659 RSD ..
43
30.9. Country Risk
Country risk is the risk of negative effects on the financial result and capital of the Bank's inability to collect receivables from
these entities for reasons which are a consequence of political, economic or social conditions in the country of origin of such
persons. Limits its exposure to country risk are determined individually by country of origin of the debtor, and in the assessment
and measurement of risk the bank uses the internationally defined and accepted standards for risk assessment of the country. The
Bank conducts adopted internal policies and procedures for risk management of the country to protect its business from the
aforementioned risks.
30.10. Credit Risk Concentration per Separate Industries
The following table presents the Bank's gross exposure categorized by the sectoral structure of clients:
Credit risk on balance sheet and off-balance sheet assets
31. December 2010. The 31. December 2009. The
Maximum gross exposure Maximum gross exposure
Balance off-balance off-balance
sheet sheet Total Balance sheet sheet total
Finance, leasing, 19,872,701 94,108
and pension funds 42,396,842 1,052,398 43,449,240 19,966,809
Agriculture, hunting, forestry, 4,578,631 297,010 4,875,641 3,882,754 170,987 4,053,741
water management and fishing 14,112,649 2,820,345
industry 16,121,818 4,116,438 20,238,256 16,932,994
Production and delivery of
electricity, gas and water 2,879,605 251,942
Ore and stone extraction and
processing industry 1,733,581 220,228 1,953,809 3,131,547
Civil engineering 12,859,941 3,307,087 16,167,028 7,467,421 2,326,092 9,793,513
Trade 17,165,269 2,558,007 19,723,276 19,999,231 2,611,115 22,610,346
Services, tourism,
accommodation
traffic and communications 4,774,219 1,811,611 6,585,830 5,486,804 1,372,329 6,859,133
Education, health and
Social Work 0 666,914 54,335 721,249
Real estate activities, public
services and other public utilities 2,960,232 670,714 3,630,946 2,787,148 1,373,217 4,160,365
Entrepreneurs 700,047 138,082 838,129 578,701 84,691 663,392
State administration (public 567,116 156
Sector) 4,579,363 818,906 5,398,269 567,272
Retail clients 10,417,975 4,094,218 14,512,193 8,894,945 3,848,369 12,743,314
Foreign natural persons 11,785 5,967 17,752 1,718 192 1,910
Private households 576,838 31,915 608,753 664,075 34,261 698,336
Other activities 3,219,457 94,043 3,313,500 598,185 45,047 643,232
122,095,998 19,216,624 141,312,622 88,459,967 15,087,186 103,547,153
* NAP0MENA:
Data on the credit exposure on balance sheet assets and off balance sheet items in the sectoral structure formed
on the basis of data from USSPO.
44
31. CURRENCY RISK
The following table presents the Bank's foreign exchange risk by knjigovodsstvenoj carried at values and
currencies. Positions with foreign currency are included in the dinar currency position.
in thousands
Other Total Local
ASSETS EUR USD CHF currency FX Currencies Total
Cash and cash
Equivalents 1,553,964 148,472 286,799 28,480 2,017,715 3,816,116 5,833,831
Callable deposits and
Loans 16,219,755 16,219,755 4,000,000 20,219,755
Interest, fee and
commission receivables 23,547 23,547 1,605,520 1,629,067
Loans and deposits 37,074,581 653,986 37,728,567 58,942,370 96,670,937
.
Securities 35,203 35,203 3,910,241 3,945,444
Equity investments (interests) 0 71,240 71,240
Other investments 130,519 130,519 5,124,694 5,255,213
Intangible assets 0 45,383 45,383
Property, equipment
and investment 0 2,856,992 2,856,992
Other assets 4,740 1,799 6 4 6,549 5,049,016 5,055,565
Total assets 55,042,309 804,257 286,805 28,484 56,161,855 85,421,572 141,583,427
LIABILITIES
Transaction deposits 1,174,161 85,145 19,691 2,559 1,281,556 3,241,069 4,522,625
Other deposits 63,825,246 1,083,012 114,629 153 65,023,040 21,642,768 86,665,808
Borrowings 9,298 899 10,197 2,109,962 2,120,159
Interest,
fee and commission
payables. 24,733 5 48 24,786 72,539 97,325
Provisions 0 665,180 665,180
Taxes and
payables 0 13,006 13,006
Income taxes and
dividends payable 0 796,068 796,068
Deferred tax liabilities 0 9,221 9,221
Other liabilities 738,984 1,670 349 741,003 1,785,135 2,526,138
Total liabilities 65,772,422 1,170,731 134,717 2,712 67,080,582 30,334,948 97,415,530
Net Foreign Currency Exposure
- At 31 December -
2010. 10,730,113 -366,474 152,088 25,772 -10,918,727 55,086,624 44,167,897
- At 31 December -
2009. -9,393,988 2,037,471 117,355 24,849 -11,289,255 50,383,297 39,094,042
At 31 December 2010, total assets in RSD, which is contracted by the risks attaching to the exchange rate against foreign
currencies amounted to 40,919,859 thousand and is shown in the Dinaric sub-balance.
Total liabilities indexed to foreign currency amounting to 7,657,889 thousand is also shown in the Dinaric sub-balance.
In the period under AIK banka ad, Niš has managed its business policy to protect itself from changes in exchange rates.
The principle of the risks of changes in exchange rates was to establish and maintain foreign currency claims (foreign
assets) at the volume of foreign liabilities (foreign currency liabilities). This ratio is complying with the views maturities
of foreign currency
and receivables, which is secured to the Bank
у terms of fluctuations of foreign exchange, foreign exchange losses on foreign currency exchange gain offset
obligations arising from foreign currency.
45
32. INTEREST RATE RISK
Risk exposure of interest rates at 31 December 2010. is shown in the following table:
in thousands
to 1 1 to 3 3 to 6 6 до 12 over Non-interest Total
months months months months 1 year
ASSETS
Cash and cash
Equivalents 3,106,903 2,726,928 5,833,831
Callable deposits and loans 4,000,000 16,219,755 20,219,755
Dived. interest, fees. 1,629,067 0 1,629,067
Loans and deposits 44,748,977 618,694 10,111,780 20,745,583 19,015,173 1,430,730 96,670,937
Stock value. (Without
sopst.akc.) 879,834 675,460 611,149 1,578,967 200,034 3,945,444
Shares (participation) 71,240 71,240
Other investments 3,103,729 2,151,484 5,255,213
Intangible assets 45,383 45,383
Property, equipment
and investment property 2,856,992 2,856,992
Other assets 5,055,565 5,055,565
Total assets 57,468,510 1,294,154 10,722,929 22,324,550 19,215,207 30,558,077 141,583,427
LIABILITIES
Transaction deposits 882,556 3,640,069 4,522,625
Other deposits 3,373,480 12,347,431 6,761,164 32,624,912 31,067,098 491,723 86,665,808
Borrowings 2,109,964 10,195 2,120,159
Interest, fee and commission
payables 97,325 97,325
Provisions 665,180 665,180
Taxes 13,006 13,006
Liabilities from income distribution 796,068 796,068
Deferred tax liabilities 9,221 9,221
Other liabilities 2,526,138 2,526,138
Total liabilities 6,366,000 12,347,431 6,761,164 32,624,912 31,067,098 8,248,925 97,415,530
Net risk exposure to interest rate risk
At 31 12. 2010 51,102,510 -11,053,277 3,961,765 -10,300,362 11,851,891 22,309,152 44,167,897
At 31 12. 2009th 30,051,962 -7,735,542 1,790,153 -12,322,416 11,178,760 16,131,125 39,094,042
46
33. LIQUIDITY RISK
Liquidity risk on balance sheet assets
In the national table below summarizes the maturity of assets and liabilities from the date due until the date
of balance sheet, or by remaining maturity:
Thousands of RSD
3 months from 1 to 5 over 5
up to 1 month to 3 months 1 year years years Total
ASSETS
Cash and cash equivalents. 5,833,831 5,833,831
Callable deposits. and loans 20,219,755 20,219,755
Interest, fee and commission
receivables 1,629,067 1,629,067
Loans and deposits 42,205,701 752,423 33,457,931 8,814,874 11,440,008 96,670,937
Securities (without your own.
share) 679,638 728,688 2,337,414 199,704 3,945,444
Interest (stake) 71,240 71,240
Other investments 3,701,313 507,133 1,001,045 45,722 5,255,213
Intangible assets 45,383 45,383
Property, equipment and
investment property 2,856,992 2,856,992
Other assets 5,055,565 5,055,565
Total assets 82,298,485 1,481,111 36,302,478 10,015,623 11,485,730 141,583,427
LIABILITIES
Transaction deposits 4,522,625 4,522,625
Other deposits 3,765,839 12,349,749 39,443,824 30,580,095 526,301 86,665,808
Borrowings 2,120,159 2,120,159
Interest, fee and commission
payables 97,325 97,325
Provisions 665,180 665,180
Tax payables 13,006 13,006
Liabilities from income distribution 796,068 796,068
Deferred tax liabilities 9,221 9,221
Other liabilities 2,526,138 2,526,138
Total liabilities 14,515,561 12,349,749 39,443,824 30,580,095 526,301 97,415,530
Maturity mismatch:
At 31 12. 2010th g. 67,782,924 -10,868,638 -3,141,346 -20,564,472 10,959,429 44,167,897
At 31 12. 2009th g. 40,561,690 -11,280,722 -6,642,363 6,426,317 10,029,120 39,094,042
Liquidity risk on off balance sheet items
Thousands of RSD
3 months from 1 to 5 over 5
years years Total
up to 1 month 1 to 3 months to 1 year Total
31. December 2010. The
Irrevocable commitments 3,606,698 3,360,972 5,171,354 2,750,506 192,172 15,081,702
Revocable commitments 18,525 10,292 45,211 4,060,891 2 4,134,921
Total 3,625,223 3,371,264 5,216,565 6,811,397 192,174 19,216,623
31. December 2009. The
Irrevocable commitments 2,696,097 2,999,100 3,449,685 1,862,295 244,247 11,251,424
Revocable commitments 204,346 85,537 87,263 3,458,590 27 3,835,763
47
34. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
Fair value of financial instruments is the amount for which an asset could be exchanged or a liability settled,
between knowledgeable, willing parties in the course of the transaction. Given that there is sufficient market
experience for certain financial instruments, it is necessary to estimate fair value based on current economic
conditions and specific risks that can bind to a specific instrument.
The fair value of loans with variable interest rate and the deposit is approximately equal to knjigovodstenoj
value of financial assets reported at the balance sheet.
Placements with banks, including those with fixed interest rates, have agreed on a clause that due to
changes in market conditions, the Bank may change the terms of lending.
For demand deposits, and deposits with remaining maturities of less than one year, it is assumed that
the estimated fair value does not deviate significantly from their carrying values reported in the
balance.
For fair value of borrowings with variable interest rate stated at amortized cost, it is assumed that
approximates the carrying value of these obligations at the reporting date.
Value in the financial statements reflect a realistic position financially and material situation of the bank, and in
the circumstances are valid and useful for the purposes of financial reporting by accounting regulations of the
Republic of Serbia.
35. SENSITIVITY ANALYSIS
35.1 Sensitivity analysis (currency risk)
Impact of exchange rate changes ranging from 10% to 10% compared to the rates given below
Changes in exchange rate
31. December 2010. The Foreign 10% -10%
Currencies
ASSETS
Cash and cash equivalents 2,017,715 201,772 -201,772
Callable deposits and loans 16,219,755 1,621,976 -1,621,976
Interest, fee and commission receivables 23,547 2,355 -2,355
Loans and deposits 37,728,567 3,772,857 -3,772,857
Securities (excluding own shares) 35,203 3,520 -3,520
Shares (participation) 0 0 0
Other investments 130,519 13,052 -13,052
Other assets 6,549 654.9 -655
TOTAL ASSETS 56,161,855 5,616,186 -5,616,186
LIABILITIES
Transaction deposits 1,281,556 128,156 -128,156
Other deposits 65,023,040 6,502,304 -6,502,304
Borrowings 10,197 1019.7 -1019.7
Liabilities. 24,786 2,479 -2,479
Other liabilities 741,003 74,100 -74,100
TOTAL LIABILITIES 67,080,582 6,708,058 -6,708,058
% Net foreign currency position and
At 31 December of 2010. -10,918,727 -1,091,873 1,091,873
Net foreign currency position
At 31 December 2009. -11,289,255 -1,128,926 1,128,926
At 31 December 2010. year, assuming all other parameters unchanged, the change rate of other currencies in relation to rates of
10% and 10%, the Bank's profit would be reduced or increased by 1,128,926 thousand.
48
35.2. Sensitivity analysis (interest rate)
During the process of risk management of interest rate, the Bank performs a sensitivity analysis of changes of assets
and liabilities with variable interest rates.
It is important to emphasize that, regardless of market developments, it is never possible to equate the movement of
lending and deposit rates. This is because the lending rates have a significant impact and other forms of risk, so that
rates are a kind of active resistance in the situation where a decline in rates, especially rates on deposits and external
sources to the Bank.
Hypothetically, assuming that it is identical movement of active and passive interest rate risk, interest rate could be
represented by the following tabular presentation.
Statutrani Promenakamanet stope thousand
Foreign
currency Local currency Total Total
receivables and receivables and Reduced.
liabilities liabilities Increase in in
Foreign Local interest. interest.
31. December
In 2010. currency currency 4% -4% 4% -4 % rates
ASSETS
Interest, fee and
Commission
receivables 23,547 1,605,520 942 -942 64,221 -64,221 65,163 -65,163
Loans and
deposits 37,728,567 58,942,370 1,509,143 -1,509,143 2,357,695 -2,357,695 3,866,837 -3,866,837
Other investments 130,519 5,124,694 5,221 -5,221 204,988 -204,988 210,209 -210,209
Total 37,882,633 65,672,584 1,515,305 -1,515,305 2,626,903 -2,626,903 4,142,209 -4,142,209
LIABILITIES
Other deposits 66,304,596 24,883,837 2,652,184 -2,652,184 995,353 -995,353 3,647,537 -3,647,537
Borrowings 10,197 2,109,962 408 -408 84,398 -84,398 84,806 -84,806
Interest,
Fees 24,786 72,539 991 -991 2,902 -2,902 3,893 -3,893
Total 66,339,579 27,066,338 2,653,583 -2,653,583 1,082,654 -1,082,654 3,736,237 -3,736,237
Net exposure
31.12.2010 -28,456,946 38,606,246 -1,138,278 1,138,278 1,544,250 -1,544,250 405,972 -405,972
Net exposure
31.12.2009 -22,458,036 28,244,190 -898,321 898,321 1,129,768 -1,129,768 231,446 -231,446
It is assumed that interest rates in "extreme" move in the direction of growth / decline by 400 BP, which would
have impact on business results, and in extreme cases and the Bank's capital. Reducing interest rates for 400Bp
would lead to a reduction in operating results of the Bank for 406 million RSD, while for the same amount
increased the score in the event of a jump in interest rates. Having regard to the achieved operating results of the
Bank for 2010, we concluded that the Bank is exposed to interest rates.
Compared to the year 2009 the Bank reduced the interest-bearing assets sensitive to changes in interest rates, so
further reduce the impact of changes in interest rates on earnings.
49
36. CAPITAL MANAGEMENT
In accordance with the Decision on the capital adequacy of banks, defined by the National Bank of Serbia
(Official Gazette RS, No. 129/2007 and 63/2008) shall be determined by the method of calculating the Bank's
capital adequacy ratio and the capital. The basic capital is defined by the aforementioned
decision and must be at least 50% of the capital of the Bank.
The following table shows the calculated amounts of capital, additional capital and total capital, and the
calculation of capital adequacy as at 31 December 2009. year:
Thousands of RSD
December 31, 2010 December 31, 2009
Core capital 36,252,564 31,179,086
Additional capital 2,324,502 2,335,494
38,577,066 33,514,580
Deducted from equity -4,503,225 -4,882,558
Equity 34,073,841 28,632,022
Total risk balance sheet 93,195,126 77,885,757
Total risk off-balance sheet assets 10,141,215 7,964,432
Total risk assets 103,336,341 85,850,189
Capital adequacy ratio as of December 31 32 32
Minimum capital adequacy ratio for banks is 12%.
At 31 December 2010. year, the Bank's capital adequacy ratio was above the statutory minimum.
The Bank is required to scope and structure of its operations with the performance by the Banking Act
and the regulations of the National Bank of Serbia.
50
37. ECONOMIC CRISIS AND ITS IMPACT ON BUSINESS ACTIVITY
The economic crisis is still present and the economic recovery is still neibvestan. Bank and in 2010 operated
under difficult and uncertain economic conditions., And the impact of the crisis on its operations is not possible
to fully predict ..
Bank in 2010, as in previous years, had no problem in maintaining liquidity, despite the constant prisiutne
insolvency clients with which it operates, and above all thanks to the available domestic capital.
The Bank has used its advantages: it is still a local bank (the bank with majority domestic share capital), business-
autonomous (no majority shareholder), a political independent, and its business aktivnosst create priority on
maintaining liquidity and achieving profit margins of established patterns of lending activities which by its
estimate less risky. It also has tightened lending criteria and assessing their creditworthiness of potential
borrowers, has increased its security instruments, shorten the terms of use. The Bank has systematically and
continuously reduced their exposure to specific customers and prestruktuirala loans to less risky customers (the
public sector, state) and the purchase of government securities.
In order to achieve a profit within the projected limits and maintain the integrity of its capital, the Bank is in the
fourth quarter of 2010. was significantly reduced its lending activity, and it significantly more, and a business
focused on debt collection, whose effects have led to an increase in total assets of the Bank.
Starting from the negative effects of financial crisis on the real sector of economy, government measures to
mitigate the economic crisis, which is slow to realize, the main task of the Bank is in reviving business growth and
development credit and deposit activities with simultaneous optimization of potential business risk (risk
management) .
51
38. Segment reporting (IFRS 8)
38.1. ITEM BANK INCOME BY SEGMENT
in h and lj and d a m a
2 0 10 2 0 09
Retail Retail
Corporate Corporate
Operations Other Total Operations Other Total
Operations Operations
BILANSUSPEHA
Net interest income -1,742,453 7,331,591 1,052,571 6,641,709 -451013 8,077,912 -9,321 7,617,578
Net income from fees and commissions. 64,926 648,697 17915 731,538 76,943 577,803 -42,276 612,470
Net income from sale of securities 753 753 2,261 0 0 2,261
Net ac. / (Rash.) on foreign exchange
difference -1151,834 -1151,834 -399,712 -399,712
Other income 598,281 598,281 103,159 103,159
Net losses on impairment and
provisions -248,810 -1,804,137 84,951 -1967,997 -118,175 -2,407,542 -2,444 -2,528,161
Salaries and wedges
Expenditures -608,408 -608,408 -695,082 -695,082
Depreciation expense -149,477 -149,477 -142,844 -142,844
Operating expenses and other business expenses -1,680,423 -1,680,423 -1180,369 -1180,369
Net gains on the valuation
of assets and liabilities 10,264 3,374,272 399,772 3,784,308 36,380 2,316,962 421130 2,774,472
Profit before taxation -1,916,073 ?, 550.423 1,435,899 6,198,450 -453,604 8,565,135 1,947,759 6,163,772
Income tax and deferred tax -607,618 -584,309
Net income 5,590,832 5,579,463
52
38.2. Bank’s Asset/Liability Position per Separate Operating Segments
in thousands
3 1. 1 2. 2 0 10 3 1. 12. 2009
Retail Corporate Retail Corporate
BALANCE SHEET Operations Operations Other Total Operations Operations Other Total
ASSETS
Cash and cash
Equivalents 5,833,831 5,833,831 12,092,785 12,092,785
Callable deposits and loans 20,219,755 20,219,755 11,404,919 11,404,919
Interest, fee and
commission receivables 21,665 14 513 85 156,017 1,629,067 16,939 1,226,572 96,829 1,340,340
Loans and deposits 6,773,763 46,116,992 43,780,182 96,670,937 5,177,072 40,796,404 18,480,994 64,454,470
Securities value. (Without
Own shares) 3,121,739 823,705 3,945,444 31997 3,798,457 80,404 3,910,858
Shares (participation) 14,509 56,731 71,240 625,184 68,617 693,801
Other investments 3,271,546 1,699,795 283,872 5,255,213 3,677,590 3,907,441 142,836 7,727,867
Intangible assets 45,383 45,383 46,833 46,833
Property, equipment and
investment property 2,856,992 2,856,992 1416,869 1416,869
Other assets 1775 85,405 4,968,385 5,055,565 859 10,140 6,321,738 6,332,737
Total assets 10,068,749 52,489,825 79,024,853 141,583,427 8,904,457 50,364,198 50,152,824 109,421,479
LIABILITIES
Transaction deposits 810,491 3,303,093 409,041 4,522,625 799,979 4,455,155 108,475 5,363,609
Other deposits 64,063,405 14,627,535 7,974,868 86,665,808 37,261,619 14,953,766 6,318,582 58,533,967
Borrowings 2,120,159 2,120,159 3,697,776 3,697,776
Interest, fee and commission payables 25,214 39,108 33,003 97,325 43,938 58,078 39,155 141171
Provisions 665,180 665,180 0 841,614 0 841,14
Taxes 13,006 13,006 12,977 12,977
Liabilities from income distribution 796,068 796,068 526,566 526,566
Deferred tax liabilities 9,221 9,221 13,303 13,303
Other liabilities 26,887 35,040 2,464,211 2,526,138 21745 260,416 914,293 1196 ,454
Total liabilities 64,925,997 18,004,776 14,484,757 97,415,530 38,127,281 20,569,029 11,631,127 70,327,437
EQUITY
Share and other capital 25,390,565 25,390,565 25,390,565 25,390,565
Reserves 13,165,376 13,165,376 8,091,898 8,091,898
Revaluation reserve 21353 21353 32,339 32,339
Unrealized losses on securities available-for-sale. -229 -223
Retained earnings 5,590,832 5,590,832 5,579,463 5,579,463
Total equity 44,167,897 44,167,897 39,094,042 39,094,042
Total liabilities 64,925,997 18,004,776 58,652,654 141,583,427 38,127,281 20,569,029 50,725,169 109,421,479
53
39. Geographical segments
391. Bank’s Income Position per Geographical Segments in thousands
Regional. Regional. Regional. Regional. Total
Center Center New Center Center
INCOME STATEMENT Nis Belgrade Sad Kragujevac Switchboard Bank
2010
Net interest income 1364,129 -17,866 1,840,294 394,220 3,060,932 6,641709
Net income from fees and commissions. 272,485 177,124 145,024 41,880 95,025 731538
Net income from sale of securities 753 0 753
Net foreign exchange gains and losses -1,102,505 -1,933,747 -754,934 -470,077 3,109,429 -1151,834
Other income 25,468 19,475 36,599 5,957 510,782 598,281
Net losses on impairment and
provisions. -481,902 -99,014 -1,007,547 -355,621 -23,913 -1967,997
Staff costs -112,112 -154,898 -134,488 -63,656 -143,254 -608,408
Depreciation expense -149,477 -149,477
Operating expenses and other business expenses -196,044 -418,803 -226,785 -103,528 -735,263 -1,680,423
other business expenses
liabilities 799,428 814,162 1,105,556 370,603 694,559 3,784,308
Profit before taxation 569,700 -1,613,567 1,003,719 -180,222 6,418,820 6,198,450
Income tax -607,618
Net income 5,590,832
2009
Net interest income 871,635 347,058 2,244,947 564,369 3,589,569 7,617,578
Net income from fees and commissions. 208,019 174,977 122,341 25,278 81,855 612,470
Net income from sale of securities 2,261 2,261
Net foreign exchange gains and losses -485,050 -820,017 -295,969 -172,684 1374,008 -399,712
Other income 36,432 9,289 3,283 3,954 50,201 103,159
Net losses on impairment and provisions
provisions. 422,417 612,220 -1,709,464 -713,055 -1,140,279 -2,528,161
Staff costs -112,745 -163,941 -145,512 -68,816 -204,068 -695,082
Depreciation -142,844 -142844
Operating expenses and other business expenses -146,459 -309,792 -197,834 -83,712 -442,572 -1180,369
other business expenses
liabilities 638,325 583,517 713,764 224,418 614,448 2,774,472
Profit before taxation 1,432,574 433,311 735,556 -220,248 3,782,579 6,163,772
Income tax -584,309
Net income 5,579,463
54
in h and lj and d a
39.2. Bank's asset position by geographic segments ma
Regional. Regional. Regional. Regional. 3112.2010.
Center New Center Center Total
BALANCE SHEET Centre Nis Belgrade Sad Kragujevac Switchboard Bank
ASSETS
Cash and cash equivalents 495,532 502,06 419,386 215,551 4,200,756 5,833,831
Callable deposits and loans 20,219,755 20,219,755
Interest, fee and commission
receivables, 239,069 284,386 582,276 160,201 363,135 1,629,067
Loans and deposits 12,129,020 14,011,395 14,871,779 4,042,668 51,616,075 96,70,937
Securities (excluding own shares) 782,284 1075,91 1,094,363 20,356 972,750 3,945,444
Shares (participation) 71,239 1 71,240
Other investments 1451138 1,634,704 1,557,562 480,542 131267 5,255,213
Intangible assets 45,383 45,383
Property, plant and equipment
Property 2,856,992 2,856,992
Other assets 71,571 200,098 77,575 26,929 4,79 ,3 92 5,055,565
Total assets 3112 . 2010. 15,239,853 17,708,880 18,602,941 4,946,247 85,085,506 141,583,427
LIABILITIES
Transaction deposits 1089,741 1,515,584 1,350,466 296,237 270,597 4,522,625
Other deposits 19,230,388 38,390,084 15,520,117 8,765,141 4,760,078 86,65,808
Borrowings 304 16 11 2,119,828 2,120,159
Interest, fee and commission payables 17,178 56,26 15,730 3,187 4,04 97,325
Provisions 77,687 194,836 194,709 26,00 171,348 665,180
Taxes 8,911 413 362 171 3,149 13,006
Liabilities from income distribution 0 796,068 796,068
Deferred tax liabilities 0 9,221 9,221
Other liabilities 346,942 1,597,169 340,909 145,224 95,894 2,526,138
Total liabilities 20,771,151 41,754,728 17,422,293 9,236,571 8,230,787 97,415,530
EQUITY
Share and other capital 25,390,565 25,390,565
Reserves 8,091,898 13,165,376
Revaluation reserve 32,339 21353
Unrealized losses on securities available-for-sale. -223 -229
Retained earnings 5,579,463 5,590,832
Total equity 44,167,897 44,167,897
Total liabilities 3112 . 2010. 20,771,151 41,754,728 17,422,293 9,236,571 52,398,684 141,583,427
55
INCOME STATEMENT
Regional. Regional. Regional. Regional. 3112.2009
Center Center New Center Center Total
Nis Belgrade Sad Kragujevac Switchboard Bank
ASSETS
Cash and cash equivalents 672,705 493,872 777,216 369,766 9,779,226 12,092,785
Revocable deposits and loans
11,404,919 11,404,919
Interest, fee and commission receivables
83,113 130,139 475,784 113,815 537,489 1,340,340
Loans and advances to customers
8,254,739 7,025,013 13,051,633 4,231,057 31,892,028 64,454,470
Securities
742,596 843,672 932,872 31,641 1360,077 3,910,858
Equity investments (interests) 693,801 693,801
Other placements
2,243,536 3,357,084 1,535,927 553,141 38,179 7,727,867
Intangible assets 46,833 46,833
Property, equipment and investment property
1416,869 1 4 1 6,8 69
Other assets 468,366 639,049 423,661 232,886 4,568,775 6 ,332,737
Total assets at 31.12. 2009
12,465,055 12,488,829 17,197,093 5,532,306 61,738,196 109,421,479
LIABILITIES
Transaction deposits 1,322,321 2,065,262 1477,532 299,334 199,160 5,3 63,09
Other deposits
12,335,055 25,374,883 12,601,888 5,217,544 3,004,597 58,533,967
Borrowings
3,697,776 3,697,776
Interest, fee and commission payables 28,963 65,346 36,900 5,534 4,428 141171
Provisions
374,650 116,066 130,585 21050 199,263 841,14
Income taxes payable 8,538 59 25 116 4,239 12,977
Tax and dividend payables 52 6,5 66 52 6, 5 66
Deferred tax liabilities
13,303 13,303
Other liabilities 308,723 267,077 395,424 49,430 175,800 1 1 9 6 ,454
Total liabilities
14,378,250 27,888,693 14,642,354 5,593,008 7,825,132 70,327,437
EQUITY
Share and other capital
25,390,565 25,390,565
Reserves
8,091,898 8,091,898
Revaluation reserves 32,339 32,339
Unrealized losses on securities available-for-sale
-223 -223
Retained earnings
5,579,463 5,579,463
Total Equity 39,094,042 39,094,042
Total Liabilities at 31.12.2009
14,378,250 27,888,693 14,642,354 5,593,008 46,919,174 109,421,479
al liabilities 31st 12. 2009
56
40. EXCHANGE RATES
Exchange rates determined in the interbank meeting applied for the calculation of
the balance sheet into RSD at 31 December 2010. and 2009. for the major
currencies are:
31. December 31. December
2010. 2009.
USD 79.2802 66.7285
EUR 105.4982 95.8888
GBP 122.4161 107.2582
CHF 84 4458 64.4631
Sneţa Zivkovic
57