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Banks "tighten the belts" of citizens, double their profits in 2023. They increased interest rates on loans, but not on deposits

2024-05-01 09:48:35Biznes SHKRUAR NGA REDAKSIA VOX

Banks "tighten the belts" of citizens, double their profits in 2023.

Last year was one of the best in the banking sector. According to the director of the Department of Financial Stability at the Bank of Albania, Klodion Shehu, the sector recorded about 50% more profits compared to 2022, due to the growing trend of net interest income.

"The main contributor to this performance of the banking sector's profit has been the growth of net interest income, which generally reflects the fact that banks have been faster in increasing the interest rate on assets than in increasing the interest rate the interest of the obligations. However, overall interest rates during this period have been increasing. Regarding the future, we expect that the profit of the banking sector will gradually return to the values ​​of the long-term average".

Regarding the exposure of this sector to risks, Shehu says that they have been generally controlled.

"During the period, we estimate that the risks have been controlled and the exposure of the banking sector to these risks has not changed significantly. For example, if we look at credit risk, we can say that the rate of non-performing loans has dropped to 4.7 percent. The progress of this indicator has come mainly as a result of the decrease in problem loans, while the loan coverage rate with provisions has also increased to the level of 71%. As for the performance of the liquidity risk, we estimate that this risk remains low, the banking sector has liquid assets beyond the minimum regulatory requirements, and at the same time, what are called prudential gaps between assets and liabilities, have not changed during the period."

Last year, the activity of the banking sector expanded by almost 5%, despite the negative effect of the appreciation of the lek.


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