Operating profit of Intesa Sanpaolo Bank Albania grows 16% y/y in Q1.

By bne IntelliNews May 18, 2010
Italian-owned Intesa Sanpaolo Bank Albania posted an operating profit of EUR 5.5mn in Q1, up by 16.2% y/y, according to the latest financial results announced by the parent bank. Revenues in the period grew by 1.2% y/y thanks to a 2.6% y/y increase in net income. On the other hand, operating costs decreased by 12.9% y/y, due to a strong decrease in administrative expenses, the financial institution said. We note that Intesa Sanpaolo Bank Albania is the third-largest lender operating on the local market. Second-largest National Commercial Bank (BKT), a subsidiary of Turkish holding group Calik, posted a net profit of USD 6.3mn, up by 66% y/y, in Q1. Raiffeisen Albania, the largest commercial bank in the country, has not disclosed Q1 financial data yet.

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