Raiffeisen banka a.d. Beograd

1
Annual Report
2015
2
Survey
of key data
Raiffeisen banka a.d.
2015
Change
2014
Net interest income after provisioning
8,709,194
(4.18)%
9,088,973
Net commission income
3,540,479
6.59%
3,321,542
(1,977)
(104.56)%
43,329
(8,858,307)
9.58%
(8,084,020)
Profit before tax
4,845,320
(17.02)%
5,839,418
Profit after tax
4.341.952
(16.94)%
5,227,634
28,864,439
(2.68)%
29,660,044
117,196,887
(3.40)%
121,324,042
3,078,982
(84.33)%
19,649,381
174,319,264
18.70%
146,859,266
55,105,451
(1.34)%
55,852,176
234,426,451
4.59%
224,133,732
51,170,411
2.07%
50,132,469
14,740,902
9.25%
13,492,212
Core capital ratio
28.01%
(6.65)%
30.00%
Own funds ratio
27.77%
(6.59)%
29.73%
Return on equity (ROE) before tax
8.72%
(16.35)%
10.42%
Return on equity (ROE) after tax
7.82%
(16.33)%
9.34%
54.97%
12.53%
48.85%
2.08%
(21.79)%
2.66%
16.93%
(19.63)%
21.06%
1,482
(1.92)%
1,511
83
0,00%
83
Monetary values are in thousands RSD
Income Statement
Net trading income
General administrative expenses
Balance Sheet
Loans and advances to banks
Loans and advances to customers
Amounts owed to other banks
Amounts owed to customers
Equity (incl. minorities and profit)
Balance-sheet total
Regulatory information
Total own funds
Own funds requirement
Performance
Cost/income ratio
Return on assets (ROA) before tax
Risk/earnings ratio
Resources
Number of staff on balance-sheet date
Business outlets
3
Pregled
najvažnijih podataka
Raiffeisen banka a.d.
2015
Promena
2014
Neto dobitak po osnovu kamata posle rezervisanja
8.709.194
(4,18)%
9.088.973
Neto dobitak po osnovu naknada i provizija
3.540.479
6,59%
3.321.542
(1.977)
(104,56)%
43.329
(8.858.307)
9,58%
(8.084.020)
Dobitak pre oporezivanja
4.845.320
(17,02)%
5.839.418
Dobitak posle oporezivanja
4.341.952
(16,94)%
5.227.634
Plasmani bankama
28.864.439
(2,68)%
29.660.044
Plasmani klijentima
117.196.887
(3,40)%
121.324.042
Obaveze prema bankama
3.078.982
(84,33)%
19.649.381
Obaveze prema klijentima
174.319.264
18,70%
146.859.266
55.105.451
(1,34)%
55.852.176
234.426.451
4,59%
224.133.732
Ukupni sopstveni kapital
51.170.411
2,07%
50.132.469
Potreban sopstveni kapital
14.740.902
9,25%
13.492.212
Adekvatnost kapitala (osnovni kapital)
28,01%
(6,65)%
30.00%
Adekvatnost kapitala (ukupni kapital)
27,77%
(6,59)%
29.73%
Stopa povraćaja kapitala pre oporezivanja
8,72%
(16,35)%
10,42%
Stopa povraćaja kapitala posle oporezivanja
7,82%
(16,33)%
9,34%
54,97%
12,53%
48,85%
2,08%
(21,79)%
2,66%
16,93%
(19,63)%
21,06%
1.482
(1,92)%
1.511
83
0,00%
83
Vrednosti su izražene u hiljadama dinara
Bilans uspeha
Neto prihodi od trgovanja
Administrativni troškovi
Bilans stanja
Kapital
Bilans stanja - ukupno
Kontrolne informacije
Pokazatelji poslovanja
Odnos rashoda i prihoda
Stopa povraćaja aktive
Učešće ispravke vrednosti u neto prihodima od kamate
Izvori
Broj zaposlenih na dan bilansa
Broj poslovnica
4
Contents
Report by the Chairman of the Board of Directors
6
Introductory Address by the Chairman of the Managing Board
8
Raiffeisen Bank International at a Glance
12
Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects
14
Social Responsibility
26
Corporate Banking
28
Retail Banking
30
Treasury and Investment Banking
34
Raiffeisen Leasing d.o.o.
38
Raiffeisen Future
40
Raiffeisen Invest
42
Branch Network
44
Organization Structure
46
Addresses
48
Financial Statements
52
Independent Auditor’s Report
54
Separate Statement of Profit or Loss
55
Separate Statement of Other Comprehensive Income
56
Separate Statement of Financial Position
57
Separate Statement of Changes in Equity
58
Separate Statement of Cash Flows
59
5
Sadržaj
Izveštaj predsednika Upravnog odbora
7
Uvodna reč predsednika Izvršnog odbora
9
Kratak pregled Raiffeisen Bank International
13
Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive
15
Društvena odgovornost
27
Poslovanje sa privredom
29
Poslovanje sa stanovništvom
31
Sredstva i investiciono bankarstvo
35
Raiffeisen Leasing d.o.o.
39
Raiffeisen Future
41
Raiffeisen Invest
43
Mreža filijala
44
Organizaciona struktura banke
46
Adrese
48
Finansijski izveštaj
52
Nezavisno mišljenje revizora
52
Pojedinačni bilans uspeha
55
Pojedinačni izveštaj o ostalom rezultatu
56
Pojedinačni bilans stanja
57
Pojedinačni izveštaj o promenama na kapitalu
58
Pojedinačni izveštaj o tokovima gotovine
59
6
Report of the
Board of Directors
In 2015, RBI significantly strengthened its capital base,
with the fully loaded CET1 ratio standing at 11.5 per cent
at year-end, and also achieved a consolidated profit of
€ 379 million. The primary reason for the result being so
positive was lower net provisioning for impairment losses.
Furthermore, general administrative expenses were reduced
by 4 per cent compared to 2014, in line with RBI’s cost
cutting initiative.
As far as Raiffeisen banka a.d. Beograd is concerned, it is
my pleasure to state, on behalf of the Board of Directors,
that the bank has successfully completed the year 2015.
Despite the quite challenging economic environment, the
bank succeeded in keeping its business activities on a very
successful level. Raiffeisen banka maintained its outstanding
business activities and its high positioning in the Serbian
banking industry thanks to professional risk management,
which is part of its crediting policy, as well as its activities
in the domain of cost optimization.
It is important to stress that the bank was successful thanks
to the great dedication, team work and professionalism of
its employees.
We appreciate the fact that clients recognized in Raiffeisen
banka a.d. Beograd a reliable partner, ready to foster
long-term cooperation with them and to offer them firstrate banking services. We are convinced that the future
cooperation of the bank with its clients will develop further
to their mutual satisfaction.
Ladies and gentlemen,
At the beginning of 2015, Raiffeisen Bank International
announced a review of the corporate strategy which the
market received very positively. An emphasis on markets in
which RBI can generate sustainable returns due to a strong
position is also being welcomed, as is the action taken so
far to achieve these goals. The plan to become a more
focused universal bank with strong customer relationships by
reducing complexity and risk as well as through bolstering
the capital buffer is well on track and valued by market
participants.
More than ever before, a bank today needs a focus – and
RBI’s is on CEE and Austria. RBI, therefore, needed to look
at all operations unrelated to that focus, even when, in
some cases, they have been highly successful in the past.
The footprint in CEE was also reviewed at this time. All of
this took place against the backdrop of higher regulatory
capital ratio requirements, which were taken into account
while determining the target CET1 and total capital ratios.
I would like to take this opportunity to thank all employees
of Raiffeisen banka a.d. Beograd for their hard work and
constant efforts to serve our customers and bring benefits to
the entire Raiffeisen Group.
On behalf of the Board of Directors,
Karl Sevelda
Chairman
7
Izveštaj predsednika
Upravnog odbora
Tokom 2015. godine, RBI je u značajnoj meri ojačala
svoju kapitalnu bazu, sa stopom fully loaded osnovnog
kapitala 1 koja iznosi 11,5% godina-na-godinu, takođe
je ostvarila konsolidovani profit u iznosu od 379 miliona
evra. Najvažniji razlog zašto je rezultat tako pozitivan
jesu niža rezervisanja za gubitke po plasmanima. Osim
toga, opšti administrativni troškovi umanjeni su za 4% u
poređenju sa 2014. godinom, u skladu sa inicijativom
RBI-a za smanjenje troškova.
Što se tiče Raiffeisen banke a.d. Beograd, zadovoljstvo mi
je da konstatujem, u ime Upravnog odbora, da je banka
veoma uspešno završila 2015. godinu.
Uprkos ekonomski veoma izazovnom okruženju, banka
je uspela da održi svoje poslovne aktivnosti na zavidno
uspešnom nivou. Uspeh u radu i visoku pozicioniranost u
bankarskom sektoru Srbije, Raiffeisen banka je ostvarila
zahvaljujući profesionalnom upravljanju rizicima u okviru
usvojene kreditne politike, kao i aktivnostima u oblasti
optimizacije troškova.
Važno je napomenuti da je banka uspešno poslovala
zahvaljujući i velikoj posvećenosti, timskom radu i stručnosti
svojih zaposlenih.
Izuzetno cenimo to su što klijenti u Raiffeisen banci a.d.
Beograd prepoznali istinskog partnera, spremnog da razvija
dugoročnu saradnju sa njima i da im pruži prvoklasnu
bankarsku uslugu. Uvereni smo da će se i ubuduće saradnja
banke sa kljentima razvijati na obostrano zadovoljstvo.
Dame i gospodo,
Početkom 2015. godine, Raiffeisen Bank International
najavila je reviziju poslovne strategije, što je tržište vrlo
pozitivno primilo. Dobrodošlicom je dočekano i usmerenje
na tržišta na kojima RBI može da ostvari održiv prinos
kao rezultat svoje jake pozicije, kao i aktivnosti koje su do
sada sprovedene u tom cilju. Uveliko se odvija plan da
postanemo univerzalna banka sa boljim fokusom, jakim
vezama sa klijentima tako što ćemo umanjiti složenost i
rizik, kao i jačanjem kapitalne zaštite, što tržišni učesnici
cene.
Više nego ikada ranije, jednoj banci je u današnje vreme
neophodno usmerenje – a RBI je usmerena na srednju
i istočnu Evropu i Austriju. Zbog toga je RBI morala da
preispita sve aktivnosti koje nisu u vezi sa ovim usmerenjem,
čak i kada su, u nekim slučajevima, te aktivnosti u prošlosti
bile veoma uspešne. Tokom ovog perioda proveru je
takođe prošlo i poslovanje u srednjoj i istočnoj Evropi.
Sve ovo dešavalo se u svetlu viših regulatornih zahteva za
raciom kapitala, koji su uzeti u obzir dok se određivao ciljni
osnovni kapital tier 1 i ukupni racio kapitala.
Želim da iskoristim ovu priliku i zahvalim se svim
zaposlenima Raiffeisen banke na njihovom vrednom radu i
stalnim naporima da usluže naše klijente i ostvare prednosti
za celokupnu Raiffeisen grupaciju.
U ime Upravnog odbora,
Karl Sevelda
Predsednik
8
Introductory Address
by the Chairman
of the Managing Board
In 2015 Raiffeisen banka again devoted its special
attention to risk management, implementing the measures
of the credit policy agreed upon, as well as the constant
care to optimize expenditures in 2015.
The continuous application of the principles that the bank’s
priorities are to offer high-quality service to its clients and
develop mutual cooperation with the aim of overcoming
current problems and limitations in business, resulted in the
fact that Raiffeisen banka maintained its leading position in
the market. Proof of this fact is the award given to Raiffeisen
banka for the third time in a row by the eminent magazine
“The Banker”, part of the Financial Times Group, that
awarded it the title “Bank of the Year in Serbia”.
The experience and support of Raiffeisen Banking Group,
one of the oldest and largest banking groups in Austria,
greatly contributed to the bank’s success. Raiffeisen banka
is significantly supporting the operations of its subsidiary
companies Raiffeisen Leasing, Raiffeisen Future a.d.
Beograd, Voluntary Pension Fund Asset Management
Company, as well as Raiffeisen Invest a.d. Belgrade
Investment Fund Management Company.
Dear shareholders and business partners,
It is my pleasure to inform you, on behalf of the Managing
Board, that Raiffeisen banka a.d. Beograd successfully
completed another business year. The profit before tax
realized in 2015 in the amount of EUR 40.1 million
clearly shows that the bank had all the right answers to the
challenges in the business environment.
The National Bank of Serbia (NBS) as a part of the threeyear-stand-by arrangement with the International Monetary
Fund conducted the so called “Special Diagnostic Studies”
with the purpose of assessing the adequacy of accounting
policies and IFRS loan loss provisions methodology and
verifying compliance with the requirements of the NBS
with respect to classification and calculation of reserves for
estimated loss. These “Special Diagnostic Studies” did not
identify insufficient capitalization for any of the 14 banks
included in the examination and confirmed satisfactory
capital adequacy of the Serbian banking system. Based
on the individual bank results published by the National
Bank of Serbia, it can be concluded that Raiffeisen banka
a.d. Beograd outperformed its peers and recorded the
best result among 14 banks that were examined with CAR
reduction of only 17bp.
Aware of its responsibility towards the community where
it conducts its business, Raiffeisen banka initiated and
supported several projects in 2015 as well, organized with
the aim of improving living conditions of both citizens and
its employees. It is clear that the achieved results may not
have been realized without the exceptional dedication,
professionalism and team work of all its employees. I would
like to thank all of them on behalf of the Managing Board
for their efforts and personal committment.
New challenges are ahead in the year 2016 as well in
terms of a more difficult business environment, both globally
and in the local market. In the following year, the activities
of Raiffeisen banka will again be primarily based on a
higly professional attitude towards those challenges, as well
as on implementing a clearly defined business strategy. I
am confident that we will contribute to the improvement
of the overall business environment in the country by our
mutual efforts and committment.
Raiffeisen banka will remain a reliable partner to all its clients
with the aim of maintaining and developing cooperation to
our mutual satisfaction.
Zoran Petrović
Chairman of the Managing Board
9
Uvodna reč
predsednika
Izvršnog odbora
Raiffeisen banka je i u 2015. godini posebnu pažnju
posvetila upravljanju rizicima, sprovođenju mera
dogovorene kreditne politike, kao i stalnom vođenju računa
o optimizaciji troškova.
Kontinuirana primena principa da je za banku prioritet
pružanje kvalitetnog servisa klijentima i razvoj međusobne
saradnje u cilju prevazilaženja tekućih problema i
ograničenja u radu, rezultirali su činjenicom da je Raiffesen
banka zadržala lidersku poziciju na tržištu. Potvrda ove
činjenice je nagrada koju Raiffeisen banci već treći put
zaredom dodeljuje eminentni magazin “The Banker”, deo
grupacije Financial Times, proglašavajući je za ‘’Banku
godine u Srbiji’’.
Uspehu banke doprinelo je iskustvo i podrška Raiffeisen
bankarske grupacije, jedne od najstarijih i najvećih
bankarskih grupacija u Austriji. Raiffeisen banka pruža
značajnu podršku u radu kompanijama Raiffeisen Leasing,
Raiffeisen Future, dobrovoljni penzioni fond, kao i Raiffeisen
Invest društvu za upravljanje investicionim fondovima.
Poštovani akcionari i poslovni partneri,
Zadovoljstvo mi je što mogu da vas u ime Izvršnog odbora
obavestim da je Raiffeisen banka a.d. Beograd uspešno
završila još jednu poslovnu godinu. Ostvaren profit pre
oporezivanja u 2015. godini u iznosu od 40,1 miliona
evra jasno ukazuje da je banka imala prave odgovore na
izazove poslovnog okruženja.
Narodna banka Srbije (NBS) je, kao deo trogodišnjeg stendbaj aranžmana sa Međunarodnim monetarnim fondom,
sprovela takozvanu „Specijalnu dijagnostičku studiju“, sa
ciljem procene adekvatnosti računovodstvenih politika i
metodologije rezervisanja za gubitke po plasmanima prema
Međunarodnim standardima finansijskog izveštavanja, te
sa ciljem provere usklađenost sa zahtevima NBS koji se
tiču klasifikacije i kalkulacije rezervi za procenjene gubitke.
Ova „Specijalna dijagnostička studija“ nije identifikovala
nedovoljnu kapitalizaciju za bilo koju od 14 banaka
obuhvaćenih istraživanjem i potvrdila je zadovoljavajuću
adekvatnost kapitala bankarskog sistema u Srbiji. Na
osnovu rezultata za pojedinačne banke koje je objavila
Narodna banka Srbije, može se zaključiti da je Raiffeisen
banka a.d. Beograd bila daleko ispred svojih konkurenata
i imala je najbolje rezultate od svih 14 banaka koje su
ispitane, sa umanjenjem racija adekvatnosti kapitala od
samo17 baznih poena.
Svesna društvene odgovornosti prema zajednici u kojoj
posluje, Raiffeisen banka je i u 2015. godini inicirala i
podržala niz akcija koje su bile organizovane sa ciljem
poboljšanja kvaliteta života građana i svojih zaposlenih.
Jasno je da postignuti rezultati ne bi mogli da se ostvare
bez izuzetnog zalaganja, posvećenosti poslu, stručnosti i
timskog rada svih zaposlenih. Ovom prilikom im se, u ime
Izvršnog odbora, zahvaljujem na uloženom trudu i ličnom
angažovanju.
Pred nama su i u 2016. godini novi izazovi u pogledu
otežanih uslova poslovanja, kako na globalnom nivou
tako i na domaćem tržištu. I u narednoj godini, aktivnosti
Raiffeisen banke zasnivaće se, pre svega, na visoko
profesionalnom odnosu prema tim izazovima, kao i na
primeni jasno definisane poslovne strategije. Uveren sam
da ćemo zajedničkim naporima i angažovanjem doprineti
poboljšanju celokupnog poslovnog ambijenta u zemlji.
Raiffeisen banka će ostati pouzdan partner za sve klijente
u cilju očuvanja i razvijanja saradnje na obostrano
zadovoljstvo.
Zoran Petrović
Predsednik Izvršnog odbora
10
Vision & Mission Statement of
Raiffeisen banka a.d. Beograd
Vision
Raiffeisen banka a.d. Beograd is one of the top-three banks in all target customer segments across the country.
Mission
•
•
•
•
•
•
We seek long-term customer relationships and we are a reliable and constructive partner for our customers.
We are proactive and quick in delivering quality and innovative products and services.
We are an efficient and lean organization. We exploit synergies within the bank and with all our subsidiaries to the
fullest extent possible.
Prudent risk management is a key pillar throughout our organization and processes.
As part of the RBI Network we contribute to the achievement of the overall Group objectives, and generate sustainable
and above-average return on equity.
We empower our employees to be entrepreneurial, to show initiative, and we foster their development. We are the
employer of first choice, and we put special focus on the promotion of key staff and best talent.
11
Vizija i misija
Raiffeisen banke a.d. Beograd
Vizija
Raiffeisen banka a.d. Beograd je jedna od vodeće tri banke u svim ciljnim klijentskim segmentima širom zemlje.
Misija
•
•
•
•
•
•
Želimo da gradimo dugoročnu saradnju sa našim klijentima za koje smo pouzdan i konstruktivan partner.
Proaktivni smo i brzi u ponudi najkvalitetnijih i inovativnih proizvoda i usluga.
Mi smo efikasna i ekonomična organizacija. Poslujemo u sinergiji unutar banke, kao i sa svim našim ograncima u
najvećem mogućem obimu.
Pažljivo upravljanje rizikom je stub oslonca naše celokupne organizacije i procesa.
Kao članica RBI mreže, doprinosimo postizanju ukupnih ciljeva grupacije, stvarajući održivu i natprosečnu stopu
prinosa na kapital.
Ohrabrujemo naše zaposlene da budu preduzimljivi i pokazuju inicijativu, te podstičemo njihov razvoj. Mi smo
izvanredan poslodavac koji stavlja poseban akcenat na unapređenje ključnog osoblja i najdarovitijih pojedinaca.
12
Raiffeisen Bank
International at a
Glance
Raiffeisen Bank International AG regards Central and
Eastern Europe (including Austria) as its home market. For
over 25 years, RBI has been operating in Central and
Eastern Europe (CEE), where today it maintains a closely
knit network of subsidiary banks, leasing companies and
numerous specialized financial service providers. As a
universal bank, RBI ranks among the top five banks in several
countries. This role is supported by the Raiffeisen brand,
which is one of the most widely recognized brands in the
region. RBI has positioned itself in CEE as a fully integrated
corporate and retail banking group with a comprehensive
product offering. In CEE, at the end of 2015, around
48,000 RBI employees served some 14.9 million customers
in around 2,700 business outlets. In Austria, RBI is one of
the top corporate and investment banks. It primarily serves
Austrian customers, but also international customers and
major multinational clients operating in CEE. All in all, RBI
employs about 51,000 employees and has total assets of
approximately € 114 billion.
RZB was founded in 1927 as “Genossenschaftliche
Zentralbank”. The RZB founded its first subsidiary bank in CEE
already back in 1987. Since then, further own subsidiaries
have been established. From 2000 onward, Raiffeisen’s
expansion into CEE countries has mainly been achieved
by acquiring existing banks. These were subsequently
combined into a holding company that operated under the
name Raiffeisen International from 2003. In April 2005,
Raiffeisen International was listed on the Vienna Stock
Exchange in order to finance its future growth efficiently.
Today’s RBI was established in 2010 through the merger
of Raiffeisen International with the principal business areas
of RZB. At year-end 2015, RZB – which functions as the
central institution of the Austrian Raiffeisen Banking Group
– held approximately 60.7 per cent of RBI’s stock, with the
remaining shares in free float.
13
Kratak pregled
Raiffeisen Bank
International
Raiffeisen Bank International AG (RBI), a svojim matičnim
tržištem smatra srednju i istočnu Evropu (uključujući Austriju).
RBI posluje na području srednje i istočne Evrope već
preko 25 godina, gde danas održava gustu mrežu svojih
poslovnica, lizing kompanija i brojnih specijalizovanih
ponuđača finansijskih usluga. Kao univerzalna banka,
RBI je među vodećih pet banaka u nekoliko zemalja. Ovu
ulogu banke podržava Raiffeisen brend, koji je jedan od
najprepoznatljivijih u regionu. RBI je vremenom utvrdila
svoju poziciju potpuno integrisane bankarske grupacije
sa širokom ponudom proizvoda za privredu i fizička lica
u srednjoj i istočnoj Evropi. Krajem 2015. godine, oko
48.000 zaposlenih usluživalo je približno 14,9 miliona
klijenata u oko 2.700 poslovnica u srednjoj i istočnoj Evropi.
RBI je jedna od najboljih privrednih i investicionih banaka
u Austriji. Prvenstveno uslužuje austrijske klijente, ali takođe
i međunarodne, kao i vodeće multinacionalne klijente koji
posluju u srednjoj i istočnoj Evropi. RBI zapošljava ukupno
oko 51.000 zaposlenih i ima ukupnu aktivu od približno
114 milijardi evra.
RZB je osnovana 1927. godine kao “Genossenschaftliche
Zentralbank”. Raiffeisen je svoj prvi ogranak u srednjoj i
istočnoj Evropi osnovala još 1987. godine, a od tada su
osnivani i ostali vlastiti ogranci. Počev od 2000. godine,
širenje Raiffeisen grupacije u srednjoj i istočnoj Evropi bilo
je uglavnom ostvareno kupovinom postojećih banaka. Ove
banke su naknadno uključene u holding kompaniju koja
je od 2003. godine poslovala pod imenom Raiffeisen
International. Raiffeisen International listiran je na berzi u
aprilu 2005. godine, kako bi što efikasnije finansirao svoj
budući rast. Današnja RBI osnovana je 2010. godine,
putem pripajanja kompanije Raiffeisen International
osnovnim poslovnim segmentima Raiffeisen Zentralbank
Österreich. Krajem 2015. godine, RZB je držala oko
60,7% deonica RBI-a, dok su preostale u slobodnoj prodaji.
14
Macroeconomic
Environment,
Opportunities for
Foreign Investors and
Perspectives
Weak economic performance in 2014 and the worsening
of fiscal ratios asked for urgent remedies, which is why
the Serbian government assigned all its capacities to
economic issues, while in the domain of politics, the focus
was on continuing negotiations on joining the European
Union. As a result of efforts invested, Serbia opened the
first two chapters on EU membership on December 14,
2015 (Chapter 32 on financial control and Chapter 35 on
the normalization of Belgrade – Priština relations), almost
two years after the negotiations were officially begun in
January, 2014. This event certainly presents a new chapter
in the relations of Serbia and the European Union and
will certainly influence the further improvement in investors’
perception, in the sense of attractiveness of investing into
Serbia.
Further, the government signed contracts for two major
projects. One of them is the mutual investment of the
government of Serbia (68 percent share) and the company
Eagel Hills (32 percent share) from the United Arab
Emirates (UAE) for the construction of “Belgrade Waterfront“
(a complex of hotels, residential and business premises
spanning an area of 1.5 million and 2.5 million square
meters). The total value of this investment is € 3.5 billion
and will be partly financed from the loan taken from the
UAE company and partly from capital from both partners.
The time planned for the completion of this project is 30
years, while it is planned that 50 percent of the project will
be finalized in the course of 20 years.
At the annual summit of China and 16 countries of Central
and Eastern Europe, several different projects were agreed
upon, including the modernization of the railway BelgradeBudapest, the possibility of taking over steel manufacturer
Železara Smederevo and the construction of part of the
Corridor 11 motorway.
After signing the stand-by precautionary agreement with
the International Monetary Fund (IMF), this institution was
checking whether the criteria defined in the contract were
fulfilled through regular quarterly controls in the course
of 2015. All the regular controls passed the IMF’s test,
although it was pointed out that there were certain delays in
public sector reforms implementation, as well as a delay in
reducing the number of employees in public administration.
Serbia had the role of a transit country on the migration
route to Europe in the great migrations of peoples from Syria
and other countries of the Middle East that began in 2015.
The government invested significant capacities in order
to provide aid, both material help and humanitarian aid,
which was recognized by the EU, which assigned certain
financial means in order to help Serbia deal with migrants.
Following the decision of Russian energy giant Gazprom
that there was an intent on stopping the delivery of gas to
Europe through Ukraine by the year 2019, the government
is considering how to provide stability in gas transport. One
of the options is the construction of a Turkish pipeline under
the auspices of Russia, that would replace the Southern
Stream pipeline, and the other option is a trans-Caspian
pipeline that would transport gas from Azerbaijan to
Europe.
Public Sector Reform
In the course of 2015, the government reduced wages
and pensions, cut the costs of public procurements and
undertook measures aimed at cutting the grey economy.
Concerning the privatization of state-owned companies
(502 companies), certain results were achieved, however,
there were many delays, especially as regards companies
of strategic importance (17). For one of these companies,
steel mill Železara Smederevo, the government signed a
contract with HPK engineering from Holland, a company
that has been running Železara professionally since March,
2015. However, the government is still considering the
privatization of this company and has already entered into
negotiations on selling the majority of shares to Chinese
Hebei Iron and Steel Group (HBIS), the world’s second
largest steel producer.
As regards the mobile and landline telecommunications
operator Telekom, the government gave up selling the
majority share package of the state, because the best offer,
submitted by an American private fund, was below the
government’s expectations, although it exceeded the offer
made in 2011, which then amounted to € 1.1 billion.
The Ministry of Finance confirmed that one of the following
options was being taken into consideration: a) engaging
professional management, b) selling the minority shares of
the company or c) more efficient management by the current
management.
Makroekonomsko
okruženje,
mogućnosti za
strane investitore
i perspektive
Slabe ekonomske performanse u 2014. godini i
pogoršanje fiskalnih racija tražili su urgentno rešavanje,
usled čega je Vlada Srbije posvetila sve svoje kapacitete
ekonomskim temama, dok je u oblasti politike fokus bio
na nastavku pregovora o pridruživanju Evropskoj Uniji. Kao
rezultat uloženih napora, Srbija je 14. decembra 2015.
godine otvorila prva dva poglavlja (32, koje se bavi
finansijskom kontrolom i 35, koje se bavi normalizacijom
odnosa između Beograda i Prištine) pregovora o članstvu
u EU, skoro dve godine nakon što su pregovori formalno
pokrenuti u januaru 2014. godine. Ovaj događaj svakako
predstavlja novo poglavlje u odnosima Srbije i Evropske
unije i izvesno će ovaj proces uticati na dalje poboljšanje
percepcije investitora u smislu privlačnosti investiranja u
Srbiju.
Dalje, Vlada je potpisala ugovore o dva velika projekta.
Jedan projekat je zajednička investicija Vlade Srbije (68%
učešće) i kompanije Eagle Hills (32% učešće) iz Ujedinjenih
Arapskih Emirata (UAE) u izgradnju „Beograda na vodi“
(kompleks hotela i stambenog i poslovnog prostora površine
od 1,5 miliona i 2,5 miliona kvadratnih metara). Ukupna
vrednost ove investicije iznosi 3,5 milijardi evra i delimično
će biti finansirana iz kredita uzetog od kompanije iz UAE, a
delom iz kapitala od strane oba partnera. Planirano vreme
završetka projekta je 30 godina, dok je plan da se 50%
projekta završi u roku od 20 godina.
15
U velikim migracijama stanovništva iz Sirije i ostalih zemalja
Bliskog Istoka koje su pokrenute u toku 2015. godine,
Srbija je imala ulogu tranzitne zemlje u migrantskoj ruti ka
Evropi. Vlada je investirala značajne kapacitete u pružanju
pomoći, kako materijalne tako i humanitarne, što je EU
prepoznala i izdvojila određena finansijska sredstva kako
bi pomogla Srbiji u zbrinjavanju migranata.
Usled odluke ruskog energetskog giganta Gazproma da
postoji namera o prestanku isporuke gasa ka Evropi preko
Ukrajine do 2019. godine, Vlada razmišlja kako da se
obezbedi stabilnost u transportu gasa. Jedna od opcija
je izgradnja turskog toka pod pokroviteljstvom Rusije koji
bi zamenio gasovod Južni tok, a druga opcija je transkaspijski cevovod, kojim bi se gas transportovao do Evrope
iz Azerbejdžana.
Reforma javnog sektora
Na godišnjem samitu Kine i 16 zemalja centralne i
istočne Evrope dogovoreno je nekoliko različitih projekata,
uključujući modernizaciju železničke pruge BeogradBudimpešta, mogućnost preuzimanja proizvođača čelika
Železara Smederevo i izgradnja deonice autoputa Koridor
11.
U toku 2015. godine, Vlada je sprovela smanjenje plata
i penzija, smanjila troškove javnih nabavki i preduzela
mere u cilju smanjenja sive ekonomije. Kada je u pitanju
privatizacija preduzeća u državnom vlasništvu (502
preduzeća), određeni rezultati su ostvareni, međutim, bilo je
dosta odlaganja, naročito kada su u pitanju strateški važna
preduzeća (17). Za jednu od tih kompanija, Železara
Smederevo, Vlada je sklopila ugovor sa HPK inženjerstvom
iz Holandije, kompanijom koja od marta 2015. godine
profesionalno upravlja Železarom. Međutim, Vlada i dalje
razmatra privatizaciju ovog preduzeća i već je pregovarala
o prodaji većinskog paketa kineskoj Hebei gvožđe i čelik
grupi (HBIS grupa), drugoj po veličini svetskog proizvođača
čelika.
Nakon potpisivanja stand-by ugovora iz predostrožnosti sa
Međunarodnim monetarnim fondom (MMF), ova institucija
je kroz redovne kvartalne kontrole u toku 2015. godine
proveravala ispunjenost ugovorom postavljenih kriterijuma.
Sve redovne kontrole prošle su ocenu MMF-a, iako je
ukazano da postoje određena odlaganja u sprovođenju
reformi javnog sektora, tačnije odlaganje privatizacije/
zatvaranja javnih preduzeća u procesu restrukturiranja,
kao i odlaganje racionalizacije broja zaposlenih u javnoj
administraciji.
Što se tiče mobilnog i fiksnog telekomunikacionog
operatera Telekom-a, Vlada je ipak odustala od prodaje
većinskog paketa države, jer je najbolja ponuda, koju
je dostavio američki privatni fond, bila ispod očekivanja
Vlade, iako je ona prevazišla ponudu iz 2011. godine,
a koja je tada iznosila 1,1 milijardu evra. Ministarstvo
finansija je potvrdilo da se razmatra jedna od tri opcije:
a) angažovanje profesionalnog rukovodstva, b) prodaja
manjinskog udela u kompaniji ili c) efikasnije upravljanje
od strane postojećeg rukovodstva.
16
Macroeconomic Trends
After the recession of 2014, with a GDP drop of 1.8
percent y-o-y, already in the second quarter of 2015 the
economy recovered, to the surprise of both the government
and investors, having in mind that the previous year saw
the introduction of savings measures and a comprehensive
public sector reform.
After the negative growth rate in the first quarter (minus 1,8
percent y-o-y), the GDP recovered in the second quarter
(plus 1.1 percent y-o-y), only to achieve even more robust
growth in the third quarter (+2,3 percent y-o-y).
However, in the last quarter of 2015, GDP slowed down
its growth (plus 1.2 percent y-o-y) due to somewhat slower
growth of investments into fixed assets compared to the
previous quarters, as well as import slowdown, where, for
the most part, both categories decided the growth of GDP
in 2015. As concerns investments, growth was supported
on the one hand by the continuation of the government’s
program of subsidizing new investments (both domestic
and foreign) and even more importantly, by growth of
investors’ trust after the implementation of structural reforms
and public sector reforms. Export of FIAT vehicles produced
in Kragujevac still had a dominant role in export structure,
but its contribution to export growth was negative in 2015,
due to reduced demand for existing vehicle models. On
the other hand, exports were generated by other industries
highly diversified across processing industry sectors.
Foreign Trade
Sectors that mostly contributed to economy growth are the
following: mining, processing industry, supply of electricity,
gas and steam, water supply and waste water management
(Q4/15: plus 6.8 percent y-o-y), wholesale and retail trade
(Q4/15: plus 0.7 percent y-o-y) and public administration
(Q4/15: plus 0.7 percent y-o-y).
As opposed to previous drought years, the negative
agricultural growth resulting from the drought did not impact
the economy negatively, but was compensated by growth
in the energy sector and the processing industry. It is
interesting that construction, after several quarters of negative
movements, finally transitioned into a positive territory, and
growth was supported by a range of infrastructural projects.
The unemployment rate showed rather volatile movements
in 2015, so that it dropped from 19.2 percent in the first
quarter to 17.9 percent in the last quarter of the previous
year. Employment growth in the private sector certainly
improved this ratio, as a result of the economic rebound in
2015. However, employment growth in the public sector is
also evident, even after the ban on employment introduced
by the government in 2014. However, the rationalization
of employees in the public sector in 2016 agreed with the
IMF will contribute to this indicator’s growth.
Industrial production also recorded an excellent result with
a growth rate of 8.2 percent from the beginning of the year
in 2015, mostly due to the recovery of mining (plus 10.5
percent since the start of the year) and supply of electricity,
gas, steam and air-conditioning (plus 18.8 percent since
the start of the year) after the damage caused by floods in
2014 was fully repaired in both of these sectors.
As concerns the processing industry, the growth in 2015
(plus 5.3 percent since the start of the year) was supported
by the production of tobacco products (plus 57.7 percent
since the start of the year), production of basic metals (plus
20.6 percent since the start of the year) and manufacture of
basic pharmaceutical products (plus 16.3 percent since the
start of the year). Production of vehicles in FIAT Kragujevac
was on a downward trend in 2015 (minus 4.6 percent
since the start of the year) due to reduced demand for FIAT
vehicles, which is partly the result of demand saturation for
the same model launched three years ago.
Private consumption slowed down the downward trend
during the previous year, due to employment growth
generated by new investments. Public consumption went
from the negative territory into the positive starting from the
third quarter even with the savings measures, partly as a
result of delays in the staff rationalization program in the
public sector, and partly due to new jobs in infrastructure
projects.
Export significantly quickened its growth in 2015 (plus 7.8
since the start of the year) in relation to the same period in
the previous year (1.5 percent since the start of the year).
Unlike in the previous years, when exports of FIAT vehicles
dominated the total exports, in 2015, there occurred a
diversification of exports thanks to the inflow of foreign direct
investments (FDI) into a broad range of different industries.
Consequently, export growth was boosted by exports of
non-ferrous metals, iron and steel, caoutchouc products,
machines and transport machinery, chemical products, fruit
and vegetables and, finally, tobacco export.
17
Makroekonomski trendovi
Nakon recesione 2014. godine, sa stopom pada bruto
domaćeg proizvoda (BDP) u iznosu od 1,8% g-n-g, već
u drugom kvartalu 2015. godine ekonomija se oporavila
na iznenađenje i Vlade i investitora, s obzirom da su
prethodne godine uvedene mere štednje i sveobuhvatna
reforma javnog sektora.
Nakon negativne stope rasta u prvom kvartalu (-1,8%
g-n-g), BDP se oporavio u drugom kvartalu (+1,1% g-n-g),
da bi ostvario još robusniji rast u trećem kvartalu (+2,3%
g-n-g).
Međutim, u poslednjem kvartalu 2015. godine, BDP je
usporio rast (+1,2% g-n-g) usled nešto sporijeg rasta
investicija u osnovna sredstva u odnosu na prethodne
kvartale i usporavanju izvoza, pri čemu su obe kategorije u
najvećem delu opredelile rast BDP-a u toku 2015. godine.
Što se tiče investicija, rast je podstaknut usled sa jedne
strane nastavka Vladinog programa subvencionisanja novih
investicija (i domaćih i stranih), ali još značajnije rastom
poverenja investitora nakon implementacije strukturnih
i reformi javnog sektora. Izvoz FIAT-ovih automobila
proizvedenih u Kragujevcu imao je i dalje dominantnu
ulogu u strukturi izvoza, ali njegov doprinos rastu izvoza je
bio negativan u 2015. godini usled smanjene tražnje za
postojećim modelima automobila. Sa druge strane, izvoz
je generisan iz drugih industrija, a kao rezultat činjenice da
su nove strane direktne investicije bile visoko diversifikovane
po sektorima prerađivačke industrije.
Spoljna trgovina
Privatna potrošnja je usporavala silazni trend tokom
prethodne godine usled rasta zaposlenosti generisanih
novim investicijama. Javna potrošnja je iz negativne
teritorije prešla u pozitivnu od trećeg kvartala i pored
mera štednje, delimično usled odlaganja programa
racionalizacije zaposlenih u javnom sektoru, a delimično
usled upošljavanja u okviru infrastrukturnih projekata.
Sektori koji su najviše doprineli rastu ekonomije su:
rudarstvo, prerađivačka industrija, snabdevanje električnom
energijom, gasom i parom, snabdevanje vodom i
upravljanje otpadnim vodama (Q4/15: +6,8% g-n-g),
trgovina na veliko i malo (Q4/15: +0,7% g-n-g) i javna
administracija (Q4/15: +0,7% g-n-g).
Sušom generisan negativan rast poljoprivrede, za razliku
od prethodnih sušnih godina, nije imao negativan uticaj
na ekonomiju, već je bio kompenzovan rastom sektora
energije i prerađivačke industrije. Interesantno je, da je
građevinarstvo nakon niza kvartala negativnog kretanja,
konačno prešlo u pozitivnu teritoriju, a rast je podržan
izgradnjom niza infrastrukturnih projekata.
Stopa nezaposlenosti je imala dosta volatilno kretanje u
toku 2015. godine, tako da je pala sa 19,2% u prvom
kvartalu na 17,9% u poslednjem kvartalu prethodne godine.
Rast zapošljavanja u privatnom sektoru svakako je doprineo
poboljšanju ovog racija, a kao rezultat oporavka ekonomije
u 2015. godini. Međutim, primetan je i rast zapošljavanja
u javnom sektoru i pored zabrane zapošljavanja koju je
Vlada uvela u 2014. godini. Međutim, sa MMF-om
dogovorena racionalizacija zaposlenih u javnom sektoru u
2016. godini doprineće rastu ovog indikatora.
Industrijska proizvodnja takođe je ostvarila odličan rezultat
sa stopom rasta od 8,2% od početka godine u 2015.
godini, najvećim delom usled oporavka rudarstva (+10,5%
od početka godine) i snabdevanja električnom energijom,
gasom, parom i klimatizacijom (+18,8% od početka
godine) nakon što je u potpunosti uklonjena šteta od
poplava u 2014. godini u oba ova sektora.
Što se tiče prerađivačke industrije, rast u 2015. godini
(+5,3% od početka godine) podstaknut je proizvodnjom
duvanskih proizvoda (+57,7% od početka godine),
proizvodnjom osnovnih metala (+20,6% od početka
godine) i proizvodnjom osnovnih farmaceutskih proizvoda
(+16,3% od početka godine). Proizvodnja automobila u
FIAT-u Kragujevac bila je u padu u 2015. godini (-4,6%
od početka godine) zbog pada tražnje za FIAT-ovim
automobilima, što je delimično rezultat zasićenja tražnje za
istim modelom koji je lansiran pre tri godine.
Izvoz je značajno ubrzao rast u 2015. godini (+7,8%
od početka godine) u odnosu na isti period prethodne
godine (+1,5% od početka godine). Za razliku od
prethodnih godina, kada je izvoz FIAT-ovih automobila
dominirao ukupnim izvozom, u toku 2015. godine došlo
je do diversifikacije izvoza zahvaljujući prilivu stranih
direktnih investicija (SDI) u širok spektar različitih industrija.
Posledično, rast izvoza bio je podstaknut izvozom obojenih
metala, gvožđa i čelika, proizvoda od kaučuka, mašina i
transportnih uređaja, hemijskih proizvoda, voća i povrća i,
na kraju, izvoza duvana.
18
Import also recovered significantly, again thanks to the
growth in foreign direct investments, so that the growth
rate in 2015 (plus 5.8 percent since the start of the year),
exceeded the growth rate realized in the same period of
the previous year (plus 0.2 percent since the beginning
of the year), due to the growth of import of a wide range
of machinery. The import export coverage remained at a
high level of 73.4 percent in 2015. FDIs have increased
significantly in 2015 (plus 45.6 percent since the start of
the year), reaching the amount of € 1.80 billion, thanks
to the stimulative macroeconomic environment, as well as
subvention measures that the government approved for new
investments.
Low aggregate demand, low import prices (due to the lower
price of fuel on global markets), delaying the increase of
regulated prices by the state and stable foreign currency
exchange rate all had an impact on inflation achieving a
growth of only 1.5 percent y-o-y, which represents a new
historic minimum since the beginning of formal monitoring
of the consumer price index in 2007. The inflation moved
below the target rate during the entire previous year (plus 4
percent plus/minus 1.5 percentage points).
However, in the last quarter, the NBS stopped changing
the key rate because of the foreign currency exchange
rate weakening, as well as due to the FED’s decision to
increase the reference rate for the first time in nine years,
which enticed the volatility of the domestic currency.
Consequently, of the 12 meetings of the Executive Board
of the NBS, as many as seven (2014: four meetings) saw
changes in the key reference rate, so that the interest rate’s
cummulative slump amounted to 350 basis points to 4.5
percent at the end of 2015.
Compared to the previous years, the foreign currency
exchange rate was extremely stable, in the sense that the
difference between the maximal and minimal value EUR/
RSD was 3.86 dinars, while the average level of this
difference in the previous ten years was 9.90 dinars. The
NBS still used foreign currency interventions, but with the
aim of preventing a greater appreciation of the dinar in
relation to the euro.
EUR/RSD
Key Reference Rate and Inflation
The National Bank of Serbia (NBS) was very cautious at
the beginning of the year and maintained the key rate at a
high level, due to a slight weakening of the local currency in
relation to the euro. The stabilization of the foreign currency
exchange rate, low inflation, good marks for implementing
the arrangement signed with the IMF after three controls and
the wish of the NBS to support economic growth resulted in
aggressive lowering of the key interest rate in the course of
the year. Certainly, such a decision was also supported by
high liquidity in the domestic market, as well as in foreign
markets, due to the extremely expansive monetary policy
of the Central Bank of America (FED) and the European
Central Bank (ECB).
Total FX reserves in 2015 amounted to € 1.42 billion
(2014: € 2.14 billion), of which the NBS bought as much
as € 970 million and sold only € 300 million. Further, the
NBS lowered the foreign currency mandatory reserve rate
to tenors up to two years, from 26 percent to 20 percent
and to long-term sources from 13 percent to 19 percent
in the period from September 2015 to February 2016,
with the aim to release crediting potential on the one hand,
and to prevent greater EUR/RSD appreciation on the other
hand.
19
Uvoz se takođe značajno oporavio, opet zahvaljući rastu
stranih direktnih investicija (SDI-a), tako da je stopa rasta
u 2015. godini (+5,8% od početka godine) premašivala
stopu rasta ostvarenu u istom periodu prethodne godine
(+0.2% od početka godine), usled rasta uvoza širokog
spektra mašina. Pokrivenost uvoza izvozom ostala je i
dalje na visokom nivou od 73,4% u 2015. godini. SDI
su značajno porasle u 2015. godini (+45,6% g-n-g)
dostigavši iznos od 1,80 milijardi evra zahvaljujući
stimulativnom makroekonomskom okruženju, kao i merama
subvencije koje je Vlada odoboravala za nove investicije.
Niska agregatna tražnja, niske uvozne cene (zbog
pada cena energenata na svetskim tržištima), odlaganja
povećanja regulisanih cena od strane države i stabilan
devizni kurs uticali su da inflacija ostvari rast od samo 1,5%
godina-na-godinu, što predstavlja novi istorijski minimum
od početka formalnog praćenja indeksa potrošačkih cena
u 2007. godini. Inflacija se celu prethodnu godinu kretala
ispod ciljane stope (4% +/- 1,5 procentna poena).
Ipak, u poslednjem kvartalu NBS je stala sa promenama
ključne kamatne stope usled slabljenja deviznog kursa, kao
i odluke FED-a da nakon devet godina prvi put poveća
referentnu kamatnu stopu što je podstaklo volatilnost
domaće valute. Posledično, od 12 sastanaka Izvršnog
odbora NBS-a, na čak sedam sastanaka (2014: četiri
sastanka) promenjena je referentna kamatna stopa, tako da
je kumulativan pad kamate iznosio 350 baznih poena na
4,5% na kraju 2015. godine.
U odnosu na prethodne godine, devizni kurs je bio izuzetno
stabilan, u smislu da je razlika između maksimalne i
minimalne vrednosti EUR/RSD iznosila 3,86 dinara, dok je
prosečan nivo te razlike u prethodnih deset godina iznosio
9,90 dinara. NBS je i dalje koristila devizne intervencije,
ali sa ciljem da spreči veliku apresijaciju dinara u odnosu
na evro.
EUR/RSD
Inflacija i referentna kamatna stopa
Narodna banka Srbije (NBS) je na početku godine bila
vrlo oprezna i održavala je referentnu kamatnu stopu na
visokom nivou usled blagog slabljenja domaće valute
u odnosu na evro. Stabilizacija deviznog kursa, niska
inflacija, dobra ocena sprovođenja aranžmana potpisanog
sa MMF-om nakon sprovedene tri kontrole i želja NBS-a da
podrži rast ekonomije rezultirali su agresivnim smanjivanjem
ključne kamatne stope u toku godine. Svakako, takvoj odluci
doprinela je i visoka likvidnost na domaćem tržištu kao i
na stranim tržištima usled vođenja izuzetno ekspanzivne
monetarne politike od strane Centralne banke Amerike
(FED) i Evropske centralne banke (ECB).
Ukupne devizne intervencije u toku 2015. godine iznosile
su 1,42 milijardu evra (2014: 2,14 milijardi evra), od
čega je NBS kupila čak 970 miliona evra, a prodala samo
300 miliona evra. Dalje, NBS je smanjila stopu devizne
obavezne rezerve na izvore ročnosti do dve godine, sa
26% na 20%, a na izvore dužih ročnosti sa 13% na 19%
i to u periodu od septembra 2015. godine do februara
2016. godine, sa ciljem da, s jedne strane, oslobodi
potencijal za kreditiranje, a sa druge strane da spreči veliku
apresijaciju EUR/RSD.
20
The currency strengthening was supported by fundamentals
on the one hand (economic recovery, export growth,
significant inflow of foreign direct investments), and on
the other hand, increase in trust of both domestic and
foreign investors into the government, after the successful
launching of structural reforms and public sector reforms.
The macroeconomic stability achieved (improved business
environment, interest rates fell to historic minimums, low
inflation, etc), as well as the inflow of surplus liquidity from
the markets of America and the European Union, due to the
historically low interest rates on global financial markets,
additionally supported the strengthening of the dinar in
relation to the euro.
The non-consolidated budget deficit in 2015 fell by 53.7
percent y-o-y compared to the same period in the previous
year, thanks to the savings measures introduced (reduction
of pensions and wages for employees in the public sector,
reduction of subventions to public enterprises (excise and
VAT), as well as significant outstanding income (dividends
paid in by a greater number of profitable public enterprises).
Consolidated Budget Deficit Compared to GDP
Finally, the government truly performed a significant
turnaround in public finance management, as the
consolidated budget deficit fell to 3.7 percent in relation
to the GDP at the end of 2015, which is a notable slump
compared to 2014 (6.6 percent), thanks to the savings
measures introduced. However, apart form the undoubtedly
good results achieved in the previous year, the government
delayed the implementation of two key measures that were
extremely important for a further reduction of the budget
deficit: rationalizing the number of employees in the public
sector and terminating the privatization process of public
companies in the restructuring process.
Even with the significant slump of the non-consolidated
budget deficit, the trajectory of public debt growth was only
partially reduced in 2015 (plus 2.05 billion euros since
the start of the year) in relation to the same period the
year before (plus 2.62 billion euros since the beginning of
the year). A more significant slowing down of the public
debt growth did not take place, because the Public Debt
Authority wanted to capitalize on the falling revenues on
T-bills of the Ministry of Finance, while, on the other hand,
outstanding issues of T-bills were also organized in order to
accommodate the great demand of non-residents.
The high appetite for the country’s risk was, on the one hand,
supported by rising investors’ trust in the government after
its implementing the public sector reform and the successful
ratings received from the IMF, and on the other hand, by
the high liquidity on global financial markets, which was
caused by the ultra-expansive monetary policy run by the
ECB/FED. As a result, the ratio of securities supply and
demand grew in 2015 to 1.3 from 1.1 in 2014.
The greatest deviations on the expenditure side of the
budget occurred in capital investments, which were by 27.3
percent below the level planned by the Budget Law for the
year 2015 in the given period. The greatest growth on the
expenditure side was registered with interest expenditures
(plus 14.0 percent y-o-y), due to the fast public debt
growth, as well as with social welfare expenditures (plus
16.2 percent y-o-y) for those categories of people who
were hit hardest by the savings measures.
Thanks to results achieved in the stabilization of the
macroeconomic environment and the budget deficit slump,
the focus of investors was still on T-bills with maturities of two
and three years, where the share of these two maturities
in the structure of the whole portfolio increased from 20
percent and 12.9 percent in 2014 to 31 percent and
21.5 percent, respectively. Yields from securities issued on
the local market registered a dramatic slump, which was
supported by results achieved in the domain of monetary
and fiscal policy, which resulted in an average yield of 6.51
percent in 2015 for dinar-denominated T-bills, compared
to 9.08 percent in 2014.
The first increase of the reference key rate by FED resulted in
a slight withdrawal of non-residents from the local market,
awaiting the gradual reduction of interest rate differential
between the US dollar and the dinar. In the course of
2015, the government was focused on a greater issue of
debt in the local market, while the planned issue of eurobonds was delayed. In 2015, public debt grew to €
24.81 billion, which resulted in the ratio’s growth to 74.7
per cent (2014: 68.6 per cent).
Fitch rating agency confirmed a B+ credit rating, but it
improved the country’s outlook from stable to positive, which
presents the first positive rating of public sector reforms by a
credit rating agency, i.e. from the moment when the public
sector reforms were first started, at the end of 2014.
21
Jačanju valute su s jedne strane doprineli fundamenti
(oporavak ekonomije, rast izvoza, značajn priliv stranih
direktnih investicija), a sa druge strane rast poverenja
domaćih i stranih investitora u Vladu nakon uspešnog
lansiranja strukturnih reformi i reformi javnog sektora.
Ostvarena makroekonomska stabilnost (poboljšan ambijent
za poslovanje, kamate su pale na istorijske minimume,
niska inflacija, itd), kao i priliv viškova likvidnosti sa tržišta
Amerike i Evropske Unije usled istorijski niskih kamatnih
stopa na globalnim finansijskim tržištima, dodatno su
podržali jačanje dinara u odnosu na evro.
Na kraju, Vlada je zaista uradila značajan zaokret u vođenju
javnih finansija, jer je deficit konsolidovanog budžeta u
odnosu na bruto domaći proizvod na kraju 2015. godine
pao na 3,7%, što je značajan pad u odnosu na 2014.
godinu (6,6%), a zahvaljujući uvedenim merama štednje.
Međutim, i pored neosporno dobrih rezultata ostvarenih u
prethodnoj godini, Vlada je odložila implementaciju dve
ključne mere koje su izuzetno važne za dalje smanjivanje
deficita budžeta: racionalizacija broja zaposlenih u javnom
sektoru i okončanje procesa privatizacije javnih preduzeća
u restrukturiranju.
Deficit nekonsolidovanog budžeta je u 2015. godini pao
za 53,7% g-n-g u poređenju sa istim periodom prethodne
godine zahvaljujući uvedenim merama štednje (smanjenje
penzija i plata zaposlenima u javnom sektoru, smanjenje
subvencija javnim preduzećima) sa jedne strane, a sa druge
strane stabilnim rastom prihoda usled oporavka ekonomije
(akcize i poreza na dodatu vrednost) kao i značajnim
vanrednim prihodima (dividende uplaćene od strane većeg
broja profitabilnih javnih preduzeća).
I pored značajnog pada deficita nekonsolidovanog
budžeta, putanja rasta javnog duga samo je delimično
smanjena u 2015. godini (+2,05 milijarde evra od početka
godine) u odnosu na isti period prethodne godine (+2,62
milijarde evra od početka godine). Značajnije usporavanje
rasta javnog duga je izostalo, jer je Uprava za javni
dug želela da kapitalizuje na opadajućim prinosima na
Blagajničke zapise Ministarstva finansija, a sa druge strane
organizovane su i vanredne emisije Blagajničkih zapisa
(B-zapisa) kako bi izašli u susret velikoj tražnji nerezidenata.
Konsolidovani budžetski deficit u odnosu na BDP
Visok apetit za rizikom zemlje je sa jedne strane bio
podržan rastom poverenja investitora u Vladu nakon
implementacije reforme javnog sektora i uspešnih ocena
od strane MMF-a, a sa druge strane visokom likvidnošću
na globalnim finansijskim tržištima koja je bila uzrokovana
izuzetno ekspanzivnom monetarnom politikom koje su
vodile ECB/FED. Kao rezultat, racio pokrivenosti tražnje
za ovim hartijama od vrednosti sa ponudom porastao je na
1,3 u 2015. godini sa 1,1 u 2014. godini.
Zahvaljujući rezultatima ostvarenim u stabilizaciji
makroekonomskog okruženja i padu deficita budžeta,
fokus investitora je i dalje bio na B-zapisima ročnosti dve i
tri godine, pri čemu je učešće ove dve ročnosti u strukturi
ukupnog portfolija povećano sa 20% i 12,9% u 2014.
godini na 31% i 21,5% respektivno. Prinosi na hartije od
vrednosti izdate na domaćem tržištu beležile su dramatičan
pad podržano rezultatima ostvarenim u domenu monetarne
i fiskalne politike, što je rezultiralo prosečnim prinosom
od 6,51% u u 2015. godini na dinarski denominovane
B-zapise u poređenju sa 9,08% u 2014. godini.
Najveća odstupanja na rashodnoj strani budžeta desila su
se na poziciji kapitalnih investicija, a koja su u navedenom
periodu bile za 27,3% ispod nivoa planiranog Zakonom
o budžetu za 2015. godinu. Najveći rast na rashodnoj
strani, zabeležili su rashodi od kamata (+14,0% g-n-g)
usled ubrzanog rasta javnog duga i rashodi socijalne
zaštite (+16,2% g-n-g) za one kategorije stanovništva koje
su bile najviše pogođene merama štednje.
Prvo povećanje referentne kamatne stope od strane
FED-a rezultiralo je blagim povlačenjem nerezidenata
sa domaćeg tržišta u iščekivanju postepenog smanjenja
kamatnog diferencijala između američkog dolara i dinara.
U toku 2015. godine, Vlada je bila usmerena na povećanu
emisiju duga na domaćem tržištu, dok je planirana emisija
evro-obveznica odložena. U 2015. godini javni dug je
porastao na 24.81 milijardi evra, što je u odnosu na bruto
domaći proizvod rezultiralo rastom racija na 74,7% (2014:
68,6%).
Fitch rejting agencija je potvrdila B+ kreditni rejting, ali je
poboljšala izglede zemlje sa stabilnog na pozitivno, što
predstavlja prvu pozitivnu ocenu reformi javnog sektora od
strane jedne kreditne rejting agencije, tj. od trenutka kada
su reforme javnog sektora pokrenute krajem 2014. godine.
22
Trends in the
Banking Industry
The economic rebound in 2015 resulted in a slight
improvement of credit activity in the banking industry, which
grew by 2.43 percent in 2015 (minus 1.7 percent in
2014) and was mostly supported by retail loan growth.
Namely, banks issued more new loans to private individuals
(plus € 247.8 million in 2015), compared to 2014 (plus €
112.8 million), thanks to the still acceptable level of nonperforming loans.
Corporate credits were growing (plus 1.60 percent in
2015), after the slowing down (minus 2.19 percent in the
year before) that was a result of foreign direct investments.
Namely, new investors financed the construction of new
production capacities from credits, which, in turn, influenced
investment credit growth (2015: plus 7 percent y-o-y), while
working capital credits saw a fall by 4.41 percent y-o-y in
2014. Positive growth did not take place due to the still
rather high NPLs, reaching a level of 22 percent in the third
quarter of 2015.
On the other hand, a growth slowdown of this ratio is
evident, which grew by 0.46 percentage points in the
period January-September 2015, while it grew by 1.61
percentage points in the same period the year before
since the beginning of the year. The reason for this ratio’s
slowdown is the fact that corporate NPLs were reduced
to the level of 25.6 percent in the third quarter of 2015,
down from 29.8 percent in the same period in 2014, due
to the stability of the foreign currency exchange rate and
economy growth.
On the other hand, retail NPLs were growing, so that in
the period January-September 2015 they reached a
level of 11.1 percent, compared to 10.2 percent in the
same period in 2014. Significant retail NPL growth was
registered with mortgage loans (1.68 percentage points in
the third quarter of 2015, compared to the same period
in 2014), although they are still at an acceptable level
(Q3/2015: 9.7 percent).
On the other hand, the greatest fall in retail NPLs was
achieved with consumer loans (minus 3.16 percentage
points) in the third quarter of 2015, compared to the same
period in 2014, to the level of 23.5 percent. Corporate
NPLs remained unchanged when we compare the period
January-September 2015 with the year before, keeping a
level of 28.6 percent.
The coverage of NPLs with the total calculated reserve for
estimated balance and non-balance losses was extremely
high and amounted to 118.8 percent in September 2015
(2014: 118.4 percent). Also, capital adequacy was still
quite above the mandatory 12 percent, and this ratio
amounted to 21.22 percent in September 2015 (2014:
19.96 percent).
Impacted by all of the above mentioned, banks still
channelled their dinar liquidity surplus into T-bills of the
Ministry of Finance and repo operations with the NBS,
which increased volumes of these transactions to a great
extent.
The loan/deposit coverage ratio was on a downward trend,
to that in 2015, it reached 107.4 percent, after 111.1
percent in 2014, on the one hand due to reduced credits,
and on the other due to deposit growth. New deposit
growth marked a revival in 2015 (plus € 827.3 million
since the beginning of the year), compared to 2014 (plus
€ 311.7 million), supported by corporate deposit growth
(2015: plus € 586.3 million), due to the inflow of foreign
direct investments.
Aiming to boost credit activities, the government adopted
a strategy in order to solve the problem of NPLs, which
includes a set of measures, such as: removing tax hurdles
for NPL write-offs, i.e. enabling banks to be exempt from
taxes on grounds of loans they had written off; adequate
appraisal for real estate under mortgage, changes in the
legislature, so that it could be easier for banks to sell bad
loans. The strategy was agreed with the International
Monetary Fund, the World Bank and the European Bank
for Reconstruction and Development.
Further, the strategy still does not foresee that banks can sell
NPLs to specialized agencies established for that particular
purpose, because the NBS takes into account that conditions
for the liberalization of the market of retail NPLs must be
created. The strategy also foresees improvement in the
bankruptcy procedure, forced collection of the company’s
debt, out-of-court settlement of corporate debt, etc.
The NBS performed a special diagnostic testing of banks
as part of the program agreed upon with the IMF. The aim
of this study was for the NBS to check whether banks were
adequately capitalized, taking into account corrections in
classifications of assets and reserves for identified losses in
accordance with the MSFI, i.e. level of reserves for estimated
losses. The study was performed in 14 banks chosen based
on the criteria of systemic importance that make up 88
percent of the total assets of the country’s banking sector.
Despite the conservative assumptions applied, none of the
banks showed an indicator of capital adequacy below 12
percent, which is the required minimum.
23
Kretanja
u bankarskoj industriji
Oporavak ekonomije u 2015. godini rezultirao je blagim
oporavkom kreditne aktivnosti bankarskog sektora čiji je
rast od 2,43% u 2015. godini (-1,7% u 2014. godini) bio
uglavnom podstaknut rastom kredita stanovništvu. Naime,
banke su plasirale više novih kredita stanovništvu (+247,8
miliona evra u 2015. godini) u poređenju sa 2014.
godinom (+112,8 miliona evra), zahvaljući još uvek
prihvatljivom nivou problematičnih kredita.
Krediti privredi beležili su rast (+1,60% u 2015. godini),
nakon pada (-2,19% u prethodnoj godini), a kao rezultat
rasta stranih direktnih investicija.
Naime, novi investitori su iz kredita finansirali izgradnju
novih proizvodnih kapaciteta, što je posledično uticalo na
rast investicionih kredita (2015: +7% g-n-g), dok su krediti
za obrtna sredstva beležili pad od 4,41% g-n-g u 2014.
godini. Pozitivan rast je izostao usled i dalje dosta visokih
problematičnih kredita (NPL) koji su dostigli nivo od 22% u
trećem kvartalu 2015. godine.
Sa druge strane, očigledno je usporavanje rasta ovog
racija koji je porastao za 0,46 procentna poena u periodu
januar-septembar 2015. godine, dok je u istom periodu
prethodne godine porastao za 1,61% procentna poena
od početka godine. Razlog usporavanju rasta ovog racija
je činjenica da su se NPL-ovi privrede smanjili na nivo od
25,6% u trećem kvartalu 2015. godine sa 29,8% u istom
periodu 2014. godine usled stabilnosti deviznog kursa i
rasta ekonomije.
Sa druge strane, problematični krediti stanovništva beležili
su rast tako da su u periodu januar-septembar 2015.
godine dostigli nivo od 11,1%, u poređenju sa 10,2%
u istom periodu 2014. godine. Značajan rast NPL-ova
stanovništva zabeležen je kod stambenih kredita (1,68
procentna poena u trećem kvartalu 2015. godine u
odnosu na isti period 2014. godine), iako su oni i dalje
na prihvatljivom nivou (Q3/2015: 9,7%).
Sa druge strane, najveći pad NPL-ova stanovništva ostvaren
je kod potrošačkih kredita (-3,16 procentna poena) u trećem
kvartalu 2015. godine u odnosu na isti period 2014.
godine na nivo od 23,5%. NPL-ovi preduzetnika ostali su
nepromenjeni kada poredimo period januar-septembar
2015. godine sa prethodnom godinom, zadržavši nivo od
28,6%.
Pokrivenost problematičnih kredita ukupno obračunatom
rezervom za procenjene bilansne i vanbilansne gubitke
bila je na izuzetno visokom nivou i iznosila je 118,8%
u septembru 2015. godine (2014: 118,4%). Takođe,
adekvatnost kapitala je i dalje dosta iznad propisanih 12%,
a visina ovog racija u septembru 2015. godine iznosila je
21,22% (2014: 19,96%).
Pod uticajem svega gorenavedenog, banke su i dalje
usmeravale viškove dinarske likvidnosti u Trezorske zapise
Ministarstva finansija i repo operacije kod Narodne banke
Srbije (NBS), koja je značajno povećala volumene ovih
operacija.
Racio pokrivenosti kredita depozitima opadao je, tako
da je u 2015. godini dostigao 107,4% posle 111,1% u
2014. godini, usled, sa jedne strane pada kredita, a sa
druge strane rasta depozita. Rast novih depozita u 2015.
godini beleži oporavak (+827,3 miliona evra od početka
godine) u poređenju sa 2014. godinom (+311,7 miliona
evra) podržano rastom depozita privrede (2015. godine:
+586,3 milion evra) usled priliva stranih direktnih investicija.
U cilju podsticanja kreditne aktivnosti, Vlada je usvojila
strategiju za rešavanje problematičnih kredita, koja
uključuje set mera, kao što su: uklanjanje poreskih prepreka
za otpis NPL-ova, tj. omogućavanje bankama da ne plate
porez na kredite koje su otpisale; adekvatna procena
nepokretnosti pod hipotekom, izmena zakonske regulative,
kako bi banke jednostavnije prodale nenaplative kredite.
Strategija je usklađena sa Međunarodnim monetarnim
fondom, Svetskom bankom i Evropskom bankom za obnovu
i razvoj.
Dalje, strategija ne predviđa još uvek da banke mogu da
prodaju NPL-ove specijalnim agencijama osnovanim za tu
namenu, jer NBS uzima u obzir da moraju da se stvore
preduslovi za liberalizaciju tržišta problematičnih kredita
stanovništva. Strategija takođe predviđa poboljšanje
stečajnog postupka, izvršenje prinudne naplate duga
preduzeća, vansudsko restrukturiranje korporativnog duga,
itd.
Narodna banka Srbije (NBS) izvršila je posebno
dijagnostičko ispitivanje banaka kao deo programa
zaključenog s Međunarodnim monetarnim fondom. Ova
studija imala je za cilj da NBS proveri da li su banke
adekvatno kapitalizovane, uzimajući u obzir korekcije
klasifikacije aktive i rezervacije za identifikovane gubitke
u skladu s MSFI, odnosno nivoe rezervi za procenjene
gubitke. Studija je sprovedena kod 14 banaka odabranih
na osnovu kriterijuma sistemskog značaja, a koje čine
88% ukupne aktive bankarskog sektora zemlje. Uprkos
primenjenim konzervativnim pretpostavkama, ni za jednu
banku obuhvaćenu ovim ispitivanjem nije utvrđen pokazatelj
adekvatnosti kapitala ispod 12%, koliko iznosi propisani
minimum.
24
The NBS reacted to the repeated scenario of Greek
debt crisis, taking place during the summer of 2015, by
increasing the monitoring of banks in Greek ownership and
by opening credit facilities in case local banks would need
additional liquidity. Although citizens withdrew a certain
amount of deposits from banks in Greek ownership, this
was under control and the high liquidity and capitalization
of these banks prevented the possible turbulences.
In order to help debtors fighting with repaying mortgage
loans in Swiss francs, the NBS brought a decision which
offered to banks four models aimed at solving this problem:
a) turning these loans into euro-indexed loans with a 5
percent more favorable exchange rate, b) turning CHFindexed loans into euro-indexed loans and lowering the
annual interest rate the bank applies for these loans by one
percentage point, but not lower than 3 percent and c) to
leave the loan in Swiss francs, lowering the annual interest
rate by one percentage point, but not lower than 3 percent.
The first three models offer the possibility of prolonging the
tenor by five years at most. The fourth model means the loan
would remain indexed in Swiss francs, lowering at the same
time the monthly installment by 20 percent of the contracted
amount in the period of 36 months and reprogramming the
amount for which the monthly installments were lowered,
enabling the debtor to repay the loan in 12 equal monthly
installments. Banks, however, offered new solutions to the
NBS and now it is still being negotiated as regards the
conditions under which the issue of these NPLs will be
resolved.
The Turkish Halkbank bought a 76.7 percent share of
the state, the EBRD and the IMF in Čačanska banka a.d.
Čačak for € 10.1 million. Halkbank plans to capitalize
Čačanska banka and widen the branch network, as well
as to invest into information technology. Mirabank from the
United Arab Emirates started its business activities in 2015.
The bank is focused on corporate banking services.
The announced privatization of Komercijalna banka, owned
by the Republic of Serbia (47.1 percent), the EBRD (24.4
percent), the IFC (4.59 percent), the German fund DEG
(4.59 percent) and the Swedish Swedfund (2.3 percent),
has been postponed for the year 2017. In 2016, the bank’s
management will be working on improving performances
with the aim of increasing the bank’s value.
The profitability of the local banking industry measured by
return on capital increased in the period January-September
2015 (5.6 percent) compared to the same period the
year before (4.6 percent), primarily thanks to the growth of
interest revenues and a very moderate growth of operative
expenditures. As a result, the net income for the period
January-September 2015, grew by 22.3 percent y-o-y.
However, the analysis of net interest income shows that
these revenues grew due to the significant fall in interest
expenditures (minus 29.1 percent for the period JanuarySeptember 2015), as a result of the dramatic fall of
interest rates in the local market, while interest revenues
also marked a downward trend (minus 6.9 percent for the
period January-September 2015), both due to a fall in
interest rates, as well as due to reduced new loan volumes.
Economic recovery, stable foreign currency exchange rate,
as well as the start of resolving the issue of non-performing
loans influenced that the expenditures based on indirect
write-offs of credits issued and loan loss provisions marked
a fall by 1.1 percent for the first time for the period
January-September 2015. Apart from the implemented
rationalization measures, the business expenditures/
business income coverage ratio is still at quite a high level
of 61.7 percent for the period January-September 2015,
compared to 62.7 percent in the same period the year
before.
25
Na ponovljen scenario krize grčkog duga koji se dešavao
tokom leta 2015. godine, NBS je reagovala pojačanim
monitoringom banaka u grčkom vlasništvu i otvaranjem
kreditnih linija u slučaju da je lokalnim bankama potrebna
dodatna likvidnost. Iako je stanovništvo povuklo određen
iznos depozita iz banaka u grčkom vlasništvu, taj odliv
je bio kontrolisan, a visoka likvidnost i kapitalizacija ovih
banaka je sprečila moguće turbulencije.
Kako bi pomogla dužnicima koji se bore sa otplatom
stambenih kredita vezanih za švajcarski franak, NBS je
donela odluku kojom je bankama ponudila četiri modela
za rešenje problema: a) pretvaranje ovih kredita u evroindeksirani kredit po kursu povoljnijem za 5%, c) pretvaranje
CHF-indeksiranih kredita u evro-indeksirani kredit i
spuštanje godišnje kamatne stope koju banka primenjuje
na ove kredite za jedan procentni poen, ali ne niže od 3%
i c) da kredit ostane indeksiran u švajcarskim francima, uz
istovremeno smanjenje godišnje kamatne stope za jedan
procentni poen, ali ne niže od 3%.
Prva tri modela daju mogućnost produženja roka za
najviše pet godina. Četvrti model podrazumeva da kredit
ostane indeksiran u švajcarskim francima, uz istovremeno
smanjenje mesečne rate za 20% od ugovorenog iznosa u
periodu od 36 meseci i reprogramiranje iznosa za koji su
smanjene mesečne rate, omogućavajući dužniku da otplati
kredit u 12 jednakih mesečnih rata. Banke su, međutim,
ponudile nova rešenja NBS i za sada se još uvek pregovara
o uslovima pod kojima će se rešiti ovi problematični krediti.
Turska Halkbank kupila je 76,7% učešća države, Evropske
banke za obnovu i razvoj i Međunarodne finansijske
korporacije u Čačanskoj banci a.d. Čačak za 10,1 milion
evra. Halkbank planira da dokapitalizuje Čačansku banku
i proširi mrežu filijala, kao i da investira u informacionu
tehnologiju. Mirabank iz Ujedinjenih Arapskih Emirata
počela je sa radom u 2015. godini. Banka je orijentisana
ka poslovanju sa privredom.
Najavljena privatizacija Komercijalne banke u vlasništvu
Republike Srbije (47,1%), Evropske banke za obnovu
i razvoj (24,4), Međunarodne finansijske korporacije
(4,59%), Nemačkog fonda DEG (4,59%) i švedskog fonda
Swedfund (2,3%), odložena je za 2017. godinu. U toku
2016. godine, rukovodstvo banke će raditi na poboljšanju
performansi sa ciljem povećanja vrednosti banke.
Profitabilnost domaće bankarske industrije merena prinosom
na kapital porasla je u periodu januar-septembar 2015.
godine (5,6%) u poređenju sa istim periodom prethodne
godine (4,6%), prvenstveno zahvaljujući rastu neto prihoda
od kamate i vrlo umerenom rastu operativnih rashoda. Kao
rezultat, neto dobitak je u periodu januar-septembar 2015.
godine porastao za 22,3% g-n-g.
Međutim, analiza neto prihoda od kamate pokazuje da su
ovi prihodi rasli usled značajnog pada rashoda od kamata
(-29,1% u periodu januar-septembar 2015. godine), a kao
rezultat dramatičnog pada kamata na domaćem tržištu,
dok su prihodi od kamata takođe beležili pad (-6,9% u
periodu januar-septembar 2015. godine), podjednako
usled pada kamata, kao i usled smanjenih novih kreditnih
volumena.
Oporavak ekonomije, stabilan devizni kurs, kao i početak
rešavanja problematičnih kredita uticali su da rashodi po
osnovu indirektnih otpisa plasmana i rezervisanja po prvi put
zabeleže pad od 1,1% u periodu januar-septembar 2015.
godine. I pored implementiranih mera racionalizacije, racio
pokrivenosti poslovnih rashoda sa poslovnim prihodima i
dalje je na prilično visokom nivou od 61,7% u periodu
januar-septembar 2015. godine, u poređenju sa 62,7% u
istom periodu prethodne godine.
26
Social Responsibility
Socially responsible behavior is an important part of
Raiffeisen banka’s strategy. It is the principle upon which
the strategy of corporate social responsibility of Raiffeisen
Bank International, the head office of the bank in Serbia, is
based on. By making use of such initiatives and activities,
Raiffeisen banka wishes to approach all segments of
society, its business community, but also the environment, in
an ethical and responsible way.
During the past years, the bank offered support with its
donations to a number of institutions and individuals who
needed help the most. The tendency has always been
to help the most vulnerable or the weakest parts of the
community, such as children, the sick or individuals with
special needs.
Four “Teleton“ humanitarian activities were among the most
important charity projects the bank realized in the course of
the past years. These were organized in cooperation with
the Radio-Television of Serbia, where the bank supported
the neonatalogy and paediatric departments in hospitals
across Serbia, helped equip sports premises in several
primary schools and provided better conditions in day care
centers for children with developmental problems.
Socially responsible behaviour of the bank includes
activities through two humanitarian funds: “Budimir Boško
Kostić“ (founded in memory of the first Chairman of
Raiffeisen banka) and “H. Stepic CEE Charity“ (founded by
the Chairman of Raiffeisen Bank International, dr Herbert
Stepic).
In 2015, the “H. Stepic CEE Charity“ financially supported
two projects in Serbia, donating funds for day care centers
for children who live and/or work in the streets of Belgrade
and Novi Sad, thus supporting this vulnerable segment of
society.
Continuing the very successful activities realized during the
previous years, in 2015 the employees of Raiffeisen banka
continued their tradition of collecting New Year’s presents
for children coming from vulnerable social groups, children
with developmental problems, disabled children or children
without parental care placed in institutional homes. More
than 800 presents were collected, containing educational
toys, pieces of clothing and sweets, which brought joy to
children living in these institutions in six cities in Serbia.
Since helping children, especially children from vulnerable
social groups, is a key part of the bank’s strategy as regards
charitable activities, in 2015 a suitable project was
realized to mark the International Children’s Day, June 1st.
The bank’s employees volunteered for one day in“Dušan
Dugalić“ school for children with developmental problems.
The employees whitewashed the walls in the school’s
kitchen and dining area, cleaned the school’s back yard
and painted the wall enclosing the area where the pupils
of this school play and spend their time together.
Apart from its humanitarian activities, the bank recognizes
the importance of responsible human resources
management and so tries to provide a working environment
where employees will be satisfied and work in positions
that correspond to their skills and knowledge, with the
possibility of further professional and personal development.
The ecological dimension relates to efforts the bank is
investing in order to create a balance between the need
for economic growth on the one hand, and maintaining
a healthy environment on the other. Special attention is
focused on saving energy, paper and electronic waste
recycling, further, in designing installation systems of the
bank’s new headquarters, the principles of saving energy
by applying modern energy recuperation systems and
optimization of technical parameters for ventilation and
cooling were taken into account.
Of course, the issue of business ethics is one of the most
important, so the bank strives to make the following its
basic business ethics: transparency and work ethics, quality
service and a comprehensive product offer, constant client
care and responsible marketing, as well as respecting the
current legislative framework and competition integrity.
27
Društvena odgovornost
Društveno odgovorno ponašanje čini važan deo strategije
Raiffeisen banke. Ovo je princip na kome počiva i strategija
korporativno odgovornog poslovanja Raiffeisen Bank
International-a, matične kompanije banke u Srbiji. Ovim
inicijativama i aktivnostima Raiffeisen banka želi da etički
i odgovorno pristupi svim segmentima društva, poslovne
zajednice, ali i okoline u kojoj posluje.
Tokom proteklih godina banka je svojim donacijama pružila
podršku mnoštvu institucija i pojedincima kojima je pomoć
bila najpotrebnija. Tendencija je uvek da se podrška odnosi
na najugroženije ili najslabije delove zajednice, kao što su
to deca, bolesni, pojedinci sa posebnim potrebama.
Među najvažnijim humanitarnim akcijama koje je banka u
proteklim godinama realizovala su četiri humanitarne akcije
„Teleton“, organizovane u saradnji sa Radio-televizijom
Srbije, a u okviru kojih je banka pomogla odeljenja
pedijatrije i neonatologije u bolnicama širom Srbije,
opremila fiskulturne sale u više osnovnih škola, obezbedila
bolje uslove u dnevnim boravcima za decu ometenu u
mentalnom razvoju.
U društveno odgovorno ponašanje treba uvrstiti i delovanje
banke preko dve humanitarne fondacije: „Budimir Boško
Kostić“ (osnovane u znak sećanja na prvog direktora banke)
i „H. Stepic CEE Charity“ (čiji osnivač je bivši predsednik
Raiffeisen Bank International-a, dr Herbert Stepic).
U toku 2015. godine, humanitarna fondacija „H. Stepic
CEE Charity“ finansijski je pomogla dva projekta u Srbiji.
U okviru njih fondacija je donirala novac za Dnevne centre
za decu koja žive i/ili rade na ulici u Beogradu i Novom
Sadu, čime je pomogla položaj ovog ugroženog segmenta
društva.
Nastavljajući veoma uspešne akcije realizovane prethodnih
godina, zaposleni Raiffeisen banke su i u 2015. nastavili
tradiciju prikupljanja novogodišnjih paketića za decu iz
ugroženih socijalnih grupa, decu sa smetnjama u razvoju,
invaliditetom ili decu u domovima bez roditeljskog staranja.
Prikupljeno je gotovo 800 paketića koji su sadržali
odgovarajuće didaktičke igračke, garderobu i slatkiše, a
koji su obradovali decu – štićenike institucija u šest gradova
u Srbiji.
Kako pomoć deci, a posebno deci iz ugroženih društvenih
grupa, čini ključni deo strategije humanitarnog delovanja
banke, u 2015. godini je prigodnom akcijom zaposlenih
obeležen i međunarodni dan dece (1. jun). U školi za decu
sa smetnjama u razvoju, „Dušan Dugalić“ u Beogradu,
zaposleni banke su u jednodnevnoj volonterskoj akciji
okrečili zidove školske kuhinje i trpezarije, uredili dvorište
škole i veselim bojama osvežili prostor koji štićenici ove
škole koriste za igru i druženje.
Pored humanitarnog delovanja, banka prepoznaje i značaj
odgovornog upravljanja ljudskim resursima, te se trudi
da obezbedi radno okruženje u kome će zaposleni biti
zadovoljni i raditi na pozicijama koje odgovaraju njihovim
znanjima i veštinama, uz mogućnost daljeg profesionalnog
i ličnog razvoja.
Ekološka dimenzija poslovanja odnosi se na napore koje
banka ulaže kako bi uspostavila ravnotežu između potrebe
za ekonomskim rastom sa jedne strane, i očuvanja zdravog
okruženja sa druge. Vodi se računa o uštedi energije,
reciklaži papira i elektronskog otpada, a instalacioni
sistemi upravne zgrade banke funkcionišu po principima
uštede energije primenom savremenih sistema rekuperacije
energije i optimizacije tehničkih parametara za ventilaciju
i hlađenje.
Svakako da je i pitanje poslovne etike jedno od najvažnijih,
tako da banka teži da osnovni principi njenog poslovanja
budu transparentnost i etičnost u radu, kvalitetna usluga
i raznovrsna ponuda proizvoda, konstantna briga o
klijentima i odgovoran marketing, uz poštovanje važeće
regulative i integriteta konkurencije.
28
Corporate Banking
In the segment of Corporate Banking, 2015 was another
successful business year for Raiffeisen banka a.d. Beograd,
in which the bank achieved results well above targets,
despite the still complex market situation and a very
competitive business environment in the corporate segment,
characterized by a large number of business banks and an
overall trend of significant over-liquidity and lower interest
rates. In these more difficult circumstances, the bank’s main
focus in corporate banking was maintaining long-term
partnerships with its clients, as well as supporting their
healthy business activities by continually providing quality
services and ensuring a prudent risk policy.
Also, from year to year the Corporate Banking Division
continues to prove its leading market position in the
multinational business segment with strongly developed
multinational desk by servicing the most important and
largest foreign investors in Serbia, including those coming
from China and the United Arab Emirates, which are the
main government partners in infrastructure and agricultural
projects. Overall, the multinational segment is characterized
by stable business development with large multinational
corporates which are active in many countries, with special
focus on tailor-made products and services (e.g. escrow
accounts).
As in the previous years, the Corporate Banking segment
was successful, characterized by credit portfolio stabilisation
in line with the budget and RWA targets, particularly taking
into account that asset is a key product, necessary for
earnings and cross-selling. The main business activities were
primarily reflected in maintaining a quality portfolio, good
partnerships with clients and control over non-performing
loans, which constitute one of the main challenges in the
overall market. Having this in mind, significant efforts were
invested in continuing the implementation of a responsible
risk strategy, further activities in the domain of optimizing
the organization and processes, as well as strict control of
costs, overall resulting in a higher level of profitability.
In parallel, the corporate segment maintained its successful
concept of proactive planning, execution, monitoring and
sales management approach, reflected in the account
planning and joint strategy development towards large
GCC groups, as well as systematic sales campaigns and
pricing actions.
Development of Key Products
and Innovation
Business activities, initiatives and new product offers in the
corporate banking segment in 2015 were adjusted to the
business conditions in the market. The bank successfully
met the needs of its clients, offering a comprehensive and
high-quality product range of credit and other products and
services, in the following categories: corporate credits,
guarantees, letters of credit, factoring, deposits, treasury
products (spot transactions, forward, quasi forward,
interest rate swap, hedging instruments, broker and custody
services), domestic and international payment transactions,
POS terminals, business cards and electronic banking.
The acquisition of quality clients through the offer of various
financing possibilities was the main focus in 2015 as well.
The bank successfully met the financing needs of its clients
through an active offer of competitive credit conditions, both
from its own resources, as well as in the domain of longterm financing by offering price-attractive supranational
credit lines. Raiffeisen banka was one of the leading
banks on the market as far as the sale of these products
is concerned. Special emphasis was put on capital-light
products: documentary business (the number of issued
guarantees was on a record-high level in 2015, it rose by
2.4 per cent compared to the year 2014), deposits and
fee-based products (such as cash management which grew
13 per cent in 2015, with almost 95 per cent of domestic
payment orders and 75 per cent of international payment
orders being done via electronic channel).
Along with an active sales approach, the corporate
segment also focused on additional measures to improve
the process and reduce operational costs. New projects
were initiated to explore additional possibilities to increase
earnings, while improving the organizational structure,
in order to maintain the CIR on the budgeted level. This
resulted with the creation of a more efficient and leaner
organization within the overall corporate segment.
In addition, the corporate segment kept on further exploiting
all the advantages of the existing CRM Siebel platform,
in order to give an additional boost to the loan process
automation, qualitative client targeting as well as to
encourage proactive sales and cross-selling.
Client Relationship Quality
High trust and stability of cooperation between the bank
and its corporate clients were the key factor in overcoming
challenges caused by the still unstable and complex market
environment. By its committed approach, based primarily
on quality, Raiffeisen banka will remain a reliable long-term
partner to its clients in the future as well.
29
Poslovanje sa privredom
U segmentu poslovanja sa privredom, 2015. godina bila
je još jedna uspešna poslovna godina za Raiffeisen banku
a.d. Beograd, u kojoj je banka ostvarila rezultate dosta
iznad očekivanih, uprkos još uvek složenoj situaciji na tržištu
i veoma konkurentnom poslovnom okruženju u segmentu
privrede, koje karakteriše veliki broj poslovnih banaka i opšti
trend značajnog viška likvidnosti i nižih kamatnih stopa. U
ovako otežanim okolnostima, osnovno usmerenje banke u
poslovanju sa privredom bilo je održavanje dugoročnih
odnosa sa klijentima, kao i podrška njihovim zdravim
poslovnim aktivnostima putem stalnog obezbeđivanja
kvalitetne usluge, kao i putem konzervativne politike prema
riziku.
Kao i prethodnih godina, segment za poslovanje sa
privredom poslovao je uspešno, obeležen stabilizacijom
kreditnog portfolija u skladu sa ciljevima u pogledu budžeta
i rizične aktive, posebno uzimajući u obzir da je aktiva
ključni proizvod potreban za zaradu i unakrsnu prodaju.
Glavne poslovne aktivnosti uglavnom su se ogledale u
održavanju kvalitetnog portfolija, jakih partnerstava sa
klijentima i kontrolom loših kredita, što je jedan od osnovnih
izazova na celom tržištu. Imajući ovo u vidu, uloženi su
značajni napori kako bi se nastavilo sa implementacijom
odgovorne strategije prema riziku, daljih aktivnosti u
domenu optimizacije organizacije i procesa, kao i stroge
kontrole troškova, što je ukupno rezultiralo višim nivoom
profitabilnosti.
Razvoj ključnih proizvoda
i inovacija
Poslovne aktivnosti, inicijative i ponude novih proizvoda
u segmentu poslovanja sa privredom u 2015. godini
prilagođene su uslovima poslovanja na tržištu. Banka je
uspešno izlazila u susret potrebama svojih klijenata, nudeći
sveobuhvatan i visoko kvalitetan obim kreditnih i drugih
proizvoda i usluga u sledećim kategorijama: krediti za
privredu, garancije, akreditivi, faktoring, depoziti, proizvodi
sredstava (spot transakcije, forward, quasi forward, kamatni
svop, hedžing instrumenti, brokerske i kastodi usluge),
transakcije u domaćem i međunarodnom platnom prometu,
POS terminali, poslovne kartice i elektronsko bankarstvo.
Akvizicija kvalitetnih klijenata putem ponude različitih
finansijskih mogućnosti bila je i 2015. godine osnovni fokus.
Banka je uspešno izašla u susret finansijskim potrebama
svojih klijenata putem aktivne ponude konkurentnih
kreditnih uslova, kako iz sopstvenih izvora, tako i u domenu
dugoročnog finansiranja putem ponude cenovno atraktivnih
nadnacionalnih kreditnih linija. Raiffeisen banka bila je
jedna od vodećih banaka na tržištu što se tiče prodaje ovih
proizvoda. Posebna pažnja bila je usmerena na capital-light
proizvode: dokumentarni poslovi (broj izdatih garancija
bio je rekordno visok u 2015. godini, i to za 2,4% viši u
odnosu na 2014. godinu), depoziti i proizvodi na bazi
tarife (kao što su upravljanje gotovinom, koje je poraslo za
13% u 2015. godini, sa skoro 95% naloga u domaćem
platnom prometu i 75% naloga u međunarodnom platnom
prometu koji se izvršavaju preko elektronskih kanala).
Takođe, Sektor za poslovanje sa privredom iz godine u
godinu poboljšava svoju vodeću tržišnu poziciju u segmentu
poslovanja sa multinacionalnim kompanijama, sa vrlo
razvijenim međunarodnim deskom koji uslužuje najvažnije
i najveće strane investiture u Serbiji, uključujući i investitore
iz Kine i Ujedinjenih Arapskih Emirata, koji su najvažniji
partneri Vlade u projektima infrastrukture i poljoprivrede.
Uglavnom, multinacionalni segment karakterišu stabilan
poslovni razvoj sa velikim multinacionalnim kompanijama
koje su aktivne u mnogim zemljama, sa posebnim
usmerenjem na posebno prilagođene proizvode i usluge
(npr. računi za posebne namene).
U isto vreme, segment za poslovanje sa privredom održao
je svoj uspešan koncept proaktivnog pristupa planiranju,
izvršenju, praćenju i upravljanju prodajom, što se ogleda u
strateškom planiranju i razvoju zajedničke strategije prema
velikim grupacijama povezanih lica, kao i sistematskim
prodajnim kampanjama i cenovnim akcijama.
Pored aktivnog prodajnog pristupa, segment za privredu
takođe je usmerio pažnju na dodatne mere sa ciljem
poboljšanja procesa i umanjenja operativnih troškova.
Započeti su novi projekti sa ciljem istraživanja dodatnih
mogućnosti uvećanja zarada, a istovremeno sa ciljem da
se poboljša organizacijska struktura, kako bi se CIR održao
na budžetiranom nivou. Ovo je rezultiralo stvaranjem
efikasnije i jasnije organizacije u okviru celog segmenta za
poslovanje sa privredom.
Pored toga, segment za poslovanje sa privredom i dalje
je nastavio da eksploatiše sve prednosti postojeće CRM
platforme Siebel, kako bi dodatno pospešio proces
automatizacije kredita, kvalitativnog targetiranja klijenata,
kao i kako bi podržao proaktivnu i unakrsnu prodaju.
Kvalitet odnosa sa klijentima
Veliko poverenje i stabilnost saradnje između banke i njenih
klijenata iz privrede bili su ključni faktor u prevazilaženju
izazova koje je uzrokovalo još uvek nestabilno i složeno
tržišno okruženje. Svojim posvećenim pristupom,
zasnovanim prvenstveno na kvalitetu, Raiffeisen banka
će ostati pouzdan dugoročni partner svojim klijentima i u
budućnosti.
30
Retail Banking
The retail banking segment recorded the best results since
its establishment in the year 2001.
Great attention was devoted to increasing the number of
primary clients (clients who regularly receive their salary
through Raiffeisen banka), the consequence of which
was growth of this client group of around 10 per cent
at the annual level. Numerous activities were directed at
improving the bank’s service quality, which was supported
by many surveys undertaken with the aim of determining
the clients’ satisfaction with products and services, as
well as with the efficiency of processes in branch offices.
Simultaneously, the process of quality client retention was
significantly improved.
With a market share of around 11.40 per cent in the cash
loan segment, Raiffeisen banka holds one of the leading
positions in the market. In the domain of loan products,
the greatest number of activities, as in the previous years,
was directed at enriching the offer of innovative products,
finding the optimum balance of price level and product
combination. In this sense, the new cash loan model for
pensioners is especially attractive, because it enables
repayment of the last installment conclusive wiht 75 years of
age, and the bank pays life insurance for the clients. Also,
special promotional activities for cash loans were organized,
which was met with very good feedback. The focus was on
further improvement of the loan application process through
the bank’s web site and alternative channels, as well as on
creating direct personalized offers.
In the segment of deposit products, the fact became
apparent that security and tradition were again becoming
the key factors when chosing a savings bank, which is
reflected in the fact that the level of deposits of private
individuals grew significantly, almost 12 per cent compared
to the end of 2014.
Raiffeisen banka continued with its innovative approach as
concerns card business, both on the accepting side, as
well as on the side of card issuing. The credit cards market
share in terms of the volume of transactions was 15.22
per cent in 2015. In the course of 2015, the complete
payment card portfolio was transferred to cards with the
contactless function. Additionally, all POS terminals of
Raiffeisen banka acceptance network have the option of
accepting contactless cards.
Besides having introduced the service of payment card
acceptance through the internet, thus providing sales
personnel with an additional sales channel, the bank is
in the completion phase of implementing the 3D Secure
service on the side of issuing its own cards. This service
increases users’ security when paying on the internet with
merchants included in the MasterCard SecureCode and/
or Verified by Visa program. 3D Secure service offers
additional protection against unauthorized usage of the
card in internet transactions.
With a special focus on saving time, the bank enabled its
clients instant issuance of the Visa Electron card at the end
of 2015. This way, clients can opet a current account by
visiting the bank only once and receive their personalized
debit card, which is ready to be used immediately.
Premium Banking
The Premium Banking service focused in 2015 on
strengthening and expanding cooperation with existing
clients, as well as on acquiring new clients. The number of
new clients in 2015 was 14 per cent higher than the year
before and is the result of synergy with other segments, as
well as clients’ recommendations.
Continuous efforts to raise market awareness of alternative
savings and investment options resulted in considerable
growth in sales of investment funds. Overall assets under
management in the funds grew by 76 per cent and
funds share in total assets under management of Premium
customers grew from 14 per cent to 18 per cent as of
December 2015.
The bank conducts a series of activities aimed at increasing
service quality and we expect that the realization of these
efforts will provide clients of the bank with a new modern
service that meets the expectations of clients in this segment.
Small Enterprises
and Entrepreneurs
Although the year was marked by very strong pressure
on interest rates, the segment of small enterprises and
entrepreneurs realized outstanding results in 2015.
A greater focus on acquisition and client activities in the
sense of directing payment operations through Raiffeisen
banka, caused a 17 per cent growth in the number of
clients, as well as a growth in payment orders by 15 per
cent. These results gain additional impact when we take
into account that both parameters had a two-digit growth
in 2014 as well. Fee-based income grew by 9 per cent,
which brought about an excellent income structure, where
50 per cent of the segment’s income is generated by fees
and 50 per cent comes from loans and deposits.
The portfolio level and its quality remained stable, with
constant reduction in the level of NPLs.
Deposits grew by 16 per cent, which is a direct result of the
increase in the number of clients and trust in the Raiffeisen
brand.
31
Poslovanje
sa stanovništvom
Poslovanje sa stanovništvom je u 2015. godini zabeležilo
najbolje rezultate od osnivanja banke u 2001. godini.
Značajna pažnja posvećena je povećanju broja primarnih
klijenata (klijenti koji redovno primaju zaradu u Raiffeisen
banci), što je za posledicu imalo rast ove grupe klijenata
od oko 10% na godišnjem nivou. Mnogobrojne aktivnosti
usmerene su ka unapređenju kvaliteta usluga banke, što
je podržano i brojnim istraživanjima preduzetim sa ciljem
utvrđivanja zadovoljstva klijenata proizvodima i uslugama,
kao i efikasnošću obavljanja procesa u okviru ekspoziture.
Paralelno s ovim, vidljivo je unapređen proces zadržavanja
kvalitetnih klijenata.
Sa tržišnim učešćem od oko 11,40% u segmentu
gotovinskih kredita, Raiffeisen banka zauzima jednu od
vodećih pozicija na tržištu. U domenu kreditnih proizvoda,
većina aktivnosti je, kao i prethodnih godina, bila usmerena
na proširenje ponude inovativnih proizvoda, pronalaženje
optimalnog nivoa cena i kombinacije proizvoda. U tom
smislu, posebno se ističe novi model gotovinskog kredita
za penzionere, kojim je omogućena otplata poslednje rate
kredita zaključno sa 75. godinom života, a banka plaća
životno osiguranje za klijente. Takođe, organizovane su
specijalne akcije za gotovinske kredite, koje su naišle na
odličan odziv. Akcenat je stavljen i na dalje unapređenje
procesa podnošenja zahteva za kredit putem sajta
banke i alternativnih kanala, kao i na izradu direktnih
personalizovanih ponuda.
U segmentu depozitnih proizvoda, došla je do izražaja
činjenica da su sigurnost i tradicija ponovo postali glavni
faktori prilikom izbora banke za štednju, što se ogleda u
tome da je nivo depozita fizičkih lica značajno porastao, i
to za skoro 12% u odnosu na kraj 2014. godine.
Raiffeisen banka nastavila je sa svojim inovativnim pristupom
kada je kartično poslovanje u pitanju, kako sa strane
prihvata, tako i sa strane izdavanja kartica. Tržišno učešće
kreditnih kartica po obimu transakcija u 2015. godini
bilo je 15,22%. Tokom 2015. godine, kompletan kartični
portfolio prebačen je na kartice sa funkcijom beskontaknog
plaćanja. Dodatno, svi POS terminali akceptantske mreže
Raiffeisen banke imaju mogućnost prihvata beskontaktnih
kartica.
Osim što je uveden servis prihvata platnih kartica preko
interneta i time trgovcima omogućen dodatni kanal za
prodaju, banka je u završnoj fazi uvođenja 3D Secure
usluge na strani izdavanja sopstvenih kartica. Ova usluga
povećava bezbednost korisnika prilikom plaćanja platnom
karticom na internetu, kod trgovaca koji su uključeni u
MasterCard SecureCode i/ili Verified by Visa program.
3D Secure usluga pruža dodatnu zaštitu od neovlašćenog
korišćenja kartice tokom internet transakcije.
Sa posebnim akcentom na uštedu vremena, banka je
krajem 2015. godine svojim klijentima omogućila instant
izdavanje Visa Electron kartice. Na ovaj način klijenti samo
jednim dolaskom u filijalu mogu otvoriti tekući račun i u roku
od 15 minuta dobiti personalizovanu debitnu karticu, koja
je istog trenutka spremna za korišćenje.
Premium Bankarstvo
Usluga Premium bankarstva je i u 2015. godini u svom
fokusu imala jačanje i proširenja saradnje sa postojećim
klijentima, kao i akviziciju novih klijenata. Broj novih klijenata
je u 2015. godini bio 14% veći nego u prethodnoj godini
i rezultat je sinergije sa drugim segmentima kao i preporuka
klijenata.
Stalni napori da se uveća svest tržišta o alternativnim vrstama
štednje i mogućnostima investiranja rezultirali su značajnim
rastom prodaje investicionih fondova. Ukupna sredstva pod
upravljanjem u okviru fondova porasla su za 76%, a udeo
fondova u ukupnim sredstvima pod upravljanjem Premium
klijenata porastao je sa 14% na 18%, što je stanje u
decembru 2015. godine.
U toku je više aktivnosti usmerenih na povećanje kvaliteta
usluge i očekujemo da će, sa realizacijom istih, klijenti
banke dobiti novu savremenu uslugu koja ispunjava
očekivanja klijenata ovog segmenta.
Mala preduzeća
i preduzetnici
Iako je ovu godinu obeležio vrlo jak pritisak na kamatne
stope, segment poslovanja sa malim preduzećima i
preduzetnicima ostvario je izuzetan rezultat u 2015. godini.
Pojačani akcenat na akviziciju i aktivnost klijenata u smislu
usmeravanja platnog prometa preko Raiffeisen banke,
uslovio je porast broja klijenata za 17%, kao i porast broja
naloga platnog prometa za 15%. Ovi rezultati dodatno
dobijaju na značaju kada se uzme u obzir da su oba
navedena parametra i 2014. godine imali dvocifrenu
stopu rasta. Prihodi od naknada porasli su za 9%, što je
dovelo do odlične strukture prihoda, gde 50% prihoda
segmenta dolazi od naknada, a 50% od prihoda po
kreditima i depozitima.
Nivo i kvalitet portfolija ostao je stabilan, uz konstantno
smanjenje nivoa loših plasmana.
Depoziti su porasli za 16%, što je direktna posledica
povećanja broja klijenata i poverenja u Raiffeisen brend.
32
In the course of 2015, a range of successful activities was
performed, such as changes in the sales concept, successful
acquisition campaigns and improvement of mobile
banking, which now, apart from the modern design and
greater safety measures, also enables payments towards
non-defined recipients, together with predefined payment
orders.
Raiffeisen banka continues to develop this segment by way
of standardizing the loan approval processes in order to
reduce client waiting time, as it continues to create new
product packages adjusted to clients’ needs and, generally,
to improve services with the aim of keeping the clients’ trust.
Innovative Banking
In the alternative sales segment (sales outside branch
offices), results in 2015 were extremely good, and in key
segments they even exceed expectations and annual sales
plans. The network of direct sales agents realized its best
result since its inception in the segment of cash loan sales,
while sales of other products were stable compared to the
year 2014. Thanks to the good relations developed with
partner shops and adequate and innovative products, the
retail sales finance network succeeded in achieving an
exceptional result in a very turbulent year for the consumer
loan market.
Digital banking had a very active role in improving various
products and services within the retail segment, providing
clients with all the necessary information and sales offers.
Constant efforts towards improving the sales orientation
of the bank’s internet site, as well as improvement of the
end-to-end process based on client experience, combined
with further network development of online shops were the
main activities in 2015. The best practices from RBI were
implemented, as well as advice from local experts. The new
mobile banking platform, as well as improvements within
electronic banking, enabled the desired functionalities
for existing clients, as well as the possibility of acquiring
new ones. The highest security standards in the market
were achieved, and clients were offered the necessary
opportunities that represent a good base for the further
development of banking channels.
Service Quality
Starting in 2015, two new client satisfaction surveys were
introduced:
1. 2nd day call – surveying the private individuals mass
segment (PI mass), i.e. clients who visited the bank’s
branch offices with the aim of purchasing the bank’s
products or performing a transaction. Apart from PI
mass segment surveys, client surveys are also being
done for the segments Premium banking and small
enterprises and entrepreneurs, as well as for eletronic
channels (RaiffeisenOnLine and the bank’s web site).
2. Customer Effort Score – surveying PI mass clients who
performed a transaction or applied for one of the
bank’s products, with the aim of receiving feedback
on how much effort they invested in order to perform
the transaction, i.e. buy the product. Apart from PI
mass segment surveys, client surveys are also being
done for the segments Premium banking and small
enterprises and entrepreneurs, as well as for eletronic
channels (RaiffeisenOnLine, the bank’s web site and
mobile banking), and for the bank’s Contact Center.
Both surveys are performed internally, with the help of the
bank’s Contact Center, on a quarterly level.
The introduction of new client satisfation surveys is planned
(post-complaint survey and exit interview), as well as
introducing a quality index for new segments and channels
(network of direct sales agents, ATM, etc).
Improving
Processes
Branch Offices
in
The“Branch Transformation“ project was initiated in 2015,
which includes activities directed to several segments –
implementation of so-called self-service devices, opening
new models of branch offices with fewer employees, branch
office redesign, etc.
33
Tokom 2015. godine, sproveden je niz uspešnih akcija,
kao što su promena koncepta prodaje, uspešne akvizicione
kampanje i unapređenje mobilnog bankarstva, koje sada,
pored modernijeg dizajna i povećanih bezbednosnih
mera, osim predefinisanih naloga, omogućava i slobodna
plaćanja.
Raiffeisen banka nastavlja sa razvojem ovog segmenta,
kroz standardizaciju procesa odobravanja plasmana u cilju
smanjenja vremena čekanja klijenta, kreiranje novih paketa
proizvoda prilagođenih potrebama klijenata i generalno
poboljšanje usluga u cilju zadržavanja ukazanog poverenja
klijenata.
Inovativno bankarstvo
U okviru segmenta alternativne prodaje (prodaja izvan
filijala), rezultati u 2015. godini bili su izuzetno dobri, a
u ključnim segmentima premašuju očekivanja i godišnje
planove prodaje. Mreža agenata direktne prodaje ostvarila
je najbolji rezultat u delu prodaje gotovinskih kredita tokom
svog postojanja u banci, dok je prodaja ostalih proizvoda
bila stabilna u poređenju sa 2014. godinom. RSF mreža
je, zahvaljujući dobrim odnosima razvijenim sa trgovcima
partnerima i adekvatnim i inovativnim proizvodima, uspela
da ostvari izuzetan rezultat u vrlo turbulentnoj godini za
tržište potrošačkih kredita.
Digitalno bankarstvo imalo je veoma aktivnu ulogu
u unapređenju različitih proizvoda i usluga u okviru
ovog segmenta, obezbeđujući klijentima sve potrebne
informacije i prodajne ponude. Konstanatan rad na
poboljšanju prodajne orijentacije internet sajta banke, kao
i unapređenje „end-to-end“ procesa na osnovu klijentskog
iskustva, u kombinaciji sa daljim razvojem mreže onlajn
prodavnica bile su glavne aktivnosti tokom 2015. godine.
Korišćena su najbolja iskustva preneta iz RBI, kao i saveti
lokalnih stručnjaka. Nova platforma za mobilno bankarstvo,
kao i unapređenja u okviru elektronskog bankarstva,
omogućila su željene funkcionalnosti za postojeće klijente,
kao i mogućnost akvizicije budućih. Dostignuti su najviši
sigurnosni standardi na tržištu, a klijentima ponuđene
neophodne mogućnosti koje predstavljaju dobru bazu za
dalji razvoj digitalnih bankarskih kanala.
Kvalitet usluga
Početkom 2015. godine uvedena su dva nova istraživanja
zadovoljstva klijenata pruženom uslugom:
1. Pozivanje klijenata dva dana nakon obavljene
transakcije u ekspozituri - anketiranje klijenata sektora
stanovništva koji su posetili ekspoziture banke, u cilju
kupovine proizvoda banke/obavljanja transakcije.
Pored istraživanja za segment klijenata sektora
stanovništva, anketiranje klijenata radi se i za segmente
Premium i mala preduzeća i preduzetnici, kao i za
elektronske kanale (RaiffeisenOnLine i sajt banke).
2. Pokazatelj u vezi napora koji je klijent uložio prilikom
obavljanja transakcije u ekspozituri - anketiranje
klijenata sektora stanovništva koji su obavili neku
transakciju ili aplicirali za proizvod banke, u cilju
dobijanja povratne informacije koliko napora su uložili
kako bi obavili transakciju, tj. kupili proizvod. Pored
istraživanja za segment klijenata sektora stanovništva,
anketiranje klijenata radi se i za segmente Premium
i mala preduzeća i preduzetnici, elektronske kanale
(RaiffeisenOnLine, sajt i mobilno bankarstvo), te za
Kontakt centar banke.
Oba istraživanja sprovode se interno, uz pomoć Kontakt
centra banke, na kvartalnom nivou.
U planu je uvođenje novih istraživanja zadovoljstva
klijenata (ankete nakon reklamacije i zaključivanja saradnje
sa bankom), kao i uvođenje indeksa kvaliteta za nove
segmente i kanale (mreža agenata direktne prodaje, ATM
i dr).
Unapređenje procesa
ekspoziturama
u
Tokom 2015. godine pokrenut je projekat „Branch
transformation“ u okviru koga su aktivnosti usmerene u
nekoliko pravaca – implementacija tzv. self-service uređaja,
otvaranje novih tipova ekspozitura sa manjim brojem
zaposlenih, redizajn ekspozitura i sl.
34
Treasury
and Investment Banking
The Treasury and Investment Banking Division greatly
contributed to the achievement of the bank’s total results
and maintaining one of the leading positions in the market
in 2015. The bank realized a high level of dinar and
foreign currency liquidity during the whole year, as a result
of professional management of the bank’s assets.
Raiffeisen banka was among the leading banks in the
foreign exchange and foreign currency banknote trading
in the interbank foreign currency market in 2015 as well.
The Raiffeisen banka Treasury Division realized a market
share of 13.47 per cent in trading products with corporate
clients, thereby confirming its leading position in the market.
Money Market and Foreign
Exchange Trading
As regards investing into dinar bills in the course of 2015,
the Ministry of Finance also invested efforts by actively
indebting itself in domestic currency, with an interest rate
dictated by the demand at auctions and the secondary
market, where Raiffeisen banka realized a significant share
in transactions of T-bills with domestic and foreign investors.
The one-year T-bill finished the year at the discount rate level
of 4.09 per cent, while the one-month Belibor was at 3.51
per cent at the end of the year. Aiming to manage liquidity
sucessfully, Raiffeisen banka continued the diversification of
its dinar investment portfolio by investing into T-bills of the
Ministry of Finance.
The National Bank of Serbia continued the monetary policy
of inflation rate targeting in 2015 as well. In accordance
with the weakening of inflationary pressures from the first
quarter of 2015, the NBS’ Executive Board gradually
reduced the reference key rate. In January 2015, the
reference rate was 8.0 per cent and it reached 4.5 per cent
at the end of the year. This was primarily a consequence of
the fact that the inflation rate was below the targeted level
during the whole year (4 plus/minus 1.5 per cent), which
fell to 1.5 per cent at the end of 2015, from 1.7 per cent
at the end of 2014.
The lower inflation was primarily a result of low import
prices, a fuel prices slump in the global market and the low
inflation in the eurozone, stable foreign currency exchange
rate and low aggregate demand. Besides, the low inflation
– the lowest since the introduction of the formal monitoring
of the consumer price index – was also supported by the
delay of state-controlled increase in prices (except for the
price of electricity), which are quite below market prices at
this moment.
In 2015, the exchange rate moved from 120.95 dinars for
the euro at the start of the year, to 121.62 at the end of
2015. The total turnover at the interbank market increased
from € 12.73 billion in 2014 to € 15.06 billion in 2015.
The NBS intervened in the course of 2015 with € 1.42
billion (€ 970 million of which relate to purchasing and €
450 million to the selling of foreign currency), which is €
720 million less when compared to the total intervention in
the course of 2014.
Financial Institutions
Correspondence
Raiffeisen banka provided an adequate liquidity level for
financing the needs of its clients in the course of 2015.
Apart from its own sources, funds from APEX lines were
also used, which the European Investment Bank approved
through the National Bank of Serbia.
The head office Raiffeisen Bank International AG greatly
contributed to supporting clients’ needs. Raiffeisen banka
is permanently developing and improving relations with
a great number of international and domestic financial
institutions. In the course of 2015, the bank maintained
contacts with leading financial institutions, all with the aim
of realizing possible cooperation in the forthcoming period.
35
Sektor sredstava i
investicionog bankarstva
Sektor sredstava i investicionog bankarstva značajno je
doprineo ostvarenju ukupnih rezultata banke i očuvanju
pozicije među liderima na tržištu u 2015. godini.
Banka je tokom cele godine imala visok nivo dinarske i
devizne likvidnosti kao rezultat profesionalnog upravljanja
sredstvima banke.
Raiffeisen banka je i tokom 2015. godine bila među
vodećim u trgovanju devizama i efektivnim stranim novcem
na međubankarskom deviznom tržištu. Sektor sredstava
Raiffeisen banke realizovao je tržišno učešće od 13,47% u
trgovanju proizvodima sa korporativnim klijentima, čime je
potvrdio lidersku poziciju na tržištu.
Tržište novca, trgovanje
devizama i upravljanje
aktivom i pasivom banke
Na podsticanju investiranja u dinarske zapise u toku prošle
godine napore je uložilo i Ministarstvo finansija aktivno se
zadužujući u domaćoj valuti, sa kamatom koju je diktirala
tražnja na aukcijama i na sekundarnom tržištu, gde je
Raiffeisen banka ostvarila značajno učešće u kupoprodaji
zapisa Trezora sa domaćim i stranim ulagačima.
Jednogodišnja hartija Trezora godinu je završila na nivou
diskontne stope od 4,09%, dok je jednomesečni Belibor
godinu završio na nivou od 3,51%. U cilju uspešnog
upravljanja likvidnošću, Raiffeisen banka je nastavila
diversifikaciju svog dinarskog investicionog portfolija
ulaganjem u trezorske zapise Ministarstva finansija.
Narodna banka Srbije (NBS) je i u 2015. godini nastavila
sa monetarnom politikom targetiranja stope inflacije.
Izvršni odbor NBS je, u skladu sa slabljenjem inflatornih
pritisaka od prvog kvartala 2015. godine, postepeno
smanjivao referentnu kamatnu stopu. U januaru 2015.
godine referentna stopa iznosila je 8,0%, da bi na kraju
godine dostigla 4,5%. Ovo je prvenstveno bila posledica
činjenice da je stopa inflacije tokom cele godine bila ispod
targetiranog nivoa (4 +/- 1,5 %), koja je sa 1,7 %, na kraju
2014. godine, pala na 1,5 %, na kraju 2015. godine.
Pad inflacije je, pre svega, posledica niskih uvoznih cena,
pada cena energenata na svetskom tržištu i niske inflacije
u evrozoni, stabilnog deviznog kursa i niske agregatne
tražnje. Osim toga, niskoj inflaciji – najnižoj od uvođenja
formalnog praćenja indeksa potrošačkih cena – doprinelo
je i odlaganje povećanja cena pod kontrolom države
(osim cene električne energije), koje su u ovom trenutku
dosta ispod tržišnih cena.
Kurs se u 2015. godini kretao od 120,95 dinara za evro
na početku godine, do 121,62 na kraju 2015. godine.
Ukupan promet na međubankarskom tržištu povećan je sa
12,73 milijardi evra u 2014. na 15,06 milijardi evra u
2015. godini. NBS je u toku 2015. godine intervenisala
sa 1,42 milijardi evra (od čega se 970 miliona evra odnosi
na kupovinu, a 450 miliona evra na prodaju deviza), što je
za 720 miliona evra manje u odnosu na ukupnu intervenciju
tokom 2014. godine.
Odnosi sa finansijskim
institucijama
Raiffeisen banka je tokom godine obezbedila adekvatan
nivo likvidnosti za finansiranje potreba svojih klijenata.
Pored sopstvenih izvora, korišćena su sredstva iz APEX
linija koje je Evropska investiciona banka odobrila preko
Narodne banke Srbije.
Značajan doprinos zadovoljenju potreba klijenata pružila
je centrala Raiffeisen Bank International AG. Raiffeisen
banka stalno razvija i unapređuje odnose sa zavidnim
brojem međunarodnih i domaćih finansijskih institucija.
Banka je tokom 2015. godine ostala u kontaktima sa
vodećim finansijskim institucijama, u cilju sagledavanja
mogućih oblika saradnje u narednom periodu.
36
In the segment of correspondence relations, the
ALM&Funding Department contributed to maintaining and
further expansion of the adequate network of loro and
nostro accounts, aiming to support the successful effecting
of transactions by the bank’s clients.
Brokerage Operations
The year 2015 was marked by the trend of falling returns on
state debt securities. In this dynamic environment, Raiffeisen
banka succeeded in exceeding the results realized in the
previous year and to keep the position of one of the most
important market participants. On the shallow secondary
market, transactions of great volume with clients presented a
special challenge. Being able to provide clients with a twoway price quote for their large positions, Raiffeisen banka
confirmed its label as the first cooperation choice by a
great number of domestic and foreign institutional investors.
The very good cooperation with colleagues from Vienna,
London, New York was continued, which contributed to the
further increase in trust from our clients.
The Belgrade Stock Exchange saw a continuing dwindling
traffic trend. In these more difficult circumstances, Raiffeisen
banka continued offering adequate support to its clients
and was able to maintain one of the leading positions in
the market.
Custody Services
Raiffeisen banka has been strongly committed to improving
the quality of custody services. This was also recognized by
the leading rating agencies, such as Global Custodian’s
Agent Banks in Emerging and Frontier Markets Survey,
which award the highest titles to the bank. “Global
Custodian Magazine” is the reference magazine in this
industry and is used as a reference standard for existing
and potential clients.
Wishing to offer to its clients the most comprehensive
information, Raiffeisen Group also publishes the monthly
magazine “GSS Press“, which gives a detailed overview of
Central and Eastern European markets.
Research
The Raiffeisen Research analyst network of Raiffeisen Group
continued its work on improving the general understanding
of economic trends in a period of significant volatilities
in the global financial markets caused by geopolitical
events and announcements of a change in course of the
monetary policies of the central banks of America and the
European Union (reports: CEE Strategy, Financial Markets &
Global Strategy, CEE Banking Report), as well as offering
a more comprehensive view of local economic trends in
its publications (“Short Note“, “Monthly Economic Report“).
By regular monitoring and a thorough analysis of key
indicators, key events on the macroeconomic scene were
promptly reported on (“Research Alert“) and then, in
accordance with new tendencies, models developed for the
forecast of future economic trends were suitably adjusted.
Cooperation continued with both Bloomberg and Tanjug
agency, which continued publishing “Raiffeisen Research“
reports.
37
U delu korespondentskih odnosa, Odeljenje za upravljanje
aktivom i pasivom i finansiranjem banke svojim aktivnostima
doprinelo je održavanju i daljem širenju mreže loro i nostro
računa u cilju podrške uspešnom obavljanju transakcija
kijenata banke.
Brokersko-dilerski poslovi
Godinu 2015. obeležio je trend pada prinosa na
državnim dužničkim instrumentima. U dinamičnom
okruženju Raiffeisen banka uspela je da nadmaši ostvarene
rezultate iz prethodne godine i zadrži poziciju jednog od
najznačajnijih učesnika na tržištu. Na plitkom sekundarnom
tržištu poseban izazov su predstavljale transakcije velikog
obima sa klijentima. Omogućivši izlazak/ulazak iz velikih
pozicija klijentima, Raiffeisen banka je potvrdila epitet
prvog izbora za saradnju od strane velikog broja domaćih
i stranih institucionalnih investitora. Nastavljena je izuzetno
dobra uzajamna saradnja sa kolegama iz Beča, Londona
i Njujorka, što je doprinelo daljem povećanju poverenja
naših klijenata.
Na Beogradskoj berzi nastavljen je trend smanjenja
prometa. I u tim otežanim uslovima, Raiffeisen banka je
nastavila da pruža veliku podršku klijentima i zadržala
jedno od vodećih mesta na tržištu.
Kastodi usluge
Raiffeisen banka čvrsto je posvećena unapređenju kvaliteta
kastodi usluga. Ovo je prepoznato i od strane vodećih
rejting agencija, kao što su Global Custodian’s Agent
Banks in Emerging and Frontier Markets Survey koje banci
dodeljuju najviše nagrade. “Global Custodian Magazine“
ostaje referentan časopis u našoj industriji i koristi se kao
referentni standard za naše postojeće i potencijalne klijente.
U želji da svojim klijentima pruži što sveobuhvatnije
informacije, Raiffeisen grupacija objavljuje mesečni
magazin “GSS Press” koji pruža detaljan pregled tržišta
centralne i istočne Evrope. U svom avgustovskom izdanju
“GSS Press” je posvetio najviše prostora srpskom tržištu.
“GSS Press” važan je marketinški alat za GSS poslovanje.
Istraživanja
Mreža analitičara Raiffeisen grupacije - „Raiffeisen Research“
nastavila je sa radom na unapređenju opšteg razumevanja
ekonomskih tokova u periodu značajnih volatilnosti na
globalnim finansijskim tržištima uzrokovanih geopolitičkim
dešavanjima i najavama promene kursa monetarne
politike centralnih banaka SAD-a i Evropske unije (izveštaji
CEE Strategy, Financial Markets & Global Strategy, CEE
Banking Report), kao i celishodnijem sagledavanju lokalnih
ekonomskih trendova u okviru publikacija („Short Note“ i
„Monthly Economic Report“).
Redovnim praćenjem i temeljnom analizom ključnih
indikatora, promptno se izveštavalo o ključnim
makroekonomskim indikatorima („Research Alert“), a
zatim su se, u skladu sa novim tendencijama, adekvatno
prilagođavali modeli razvijeni za procenu budućih
ekonomskih tokova. Nastavljena je saradnja sa agencijom
Bloomberg i novinskom agencijom Tanjug, koje su nastavile
da objavljuju izveštaje „Raiffeisen Research“-a.
38
Raiffeisen Leasing
The leasing industry showed significant growth in new
business in recent years, especially in the segment of
passenger vehicles, where the company Raiffeisen Leasing
maintained its high position in the market in the course of
2015 as well. This result was greatly influenced by the
company’s presence at the Belgrade Car Fair.
Raiffeisen Leasing again demonstrated in 2015 a clear
determination to nurture and develop long-term relationships
with its clients, which is reflected in the constant improvement
of products and services. In order to offer its clients even more
competitive terms, Raiffeisen Leasing especially focused on
further strengthening and improving partnerships with the
network of the most important car and truck dealers, as well
as on developing strategic cooperation with the bestselling
vehicle brands in Serbia through an array of mutual projects.
In accordance with market demands, Raiffeisen Leasing
was primarily focused on vehicle financing in 2015. The
total value of new business at the end of the year amounted
to € 29.72 million, out of which vehicles were financed
with € 26.50 million. It needs to be stressed that in the
course of 2015, a significant growth of truck financing was
recorded, where the total contract value amounted to €
9.5 million, so this segment makes up 32 per cent of new
business value.
Raiffeisen Leasing was dedicated to the further improvement
of procedures and organization in the risk management
segment in 2015. A stable and sustainable portfolio growth,
amounting to € 54.65 million, was maintained through
professional risk management. Also, special attention was
focused on constant process improvement with the aim of
increasing efficiency and reducing costs.
Having in mind the overall economic environment, the key
goals defined by Raiffeisen Leasing for the year 2016 are
the following: maintaining one of the leading positions
in the market and portfolio quality, constant improvement
of existing and the creation of new products, as well as
strengthening cooperation with existing clients, dealers and
insurance companies, while applying high professional
standards.
39
Raiffeisen Leasing
Lizing industrija poslednjih godina pokazuje značajan
rast plasmana posebno u sektoru putničkih vozila, gde
je kompanija Raiffeisen Leasing i tokom 2015. godine
zadržala visoku poziciju na tržištu. Ovakvom rezultatu je
umnogome doprineo i pozitivan nastup kompanije na
Sajmu automobila.
Raiffeisen Leasing pokazao je i tokom 2015. godine
jasnu opredeljenost ka negovanju i razvijanju dugoročnih
odnosa sa svojim klijentima koja se ogleda u konstantnom
unapređenju proizvoda i usluga. Kako bi svojim klijentima
ponudio još atraktivnije uslove, Raiffeisen Leasing je posebnu
pažnju posvetio daljem jačanju partnerskih odnosa sa
mrežom najznačajnijih dilera, kao i razvijanju strateške
saradnje sa najprodavanijim automobilskim brendovima u
Srbiji kroz niz zajedničkih akcija.
U skladu sa zahtevima tržišta, Raiffeisen Leasing je i tokom
2015. godine pre svega bio usmeren na finansiranje vozila.
Ukupna vrednost novih plasmana na kraju godine iznosila
je 29,72 miliona evra, od čega su vozila finansirana sa
26,50 miliona evra. Treba istaći da je tokom 2015. godine
zabeležen značajan rast finansiranja teretnih vozila, gde je
ukupna vrednost ugovora iznosila 9,5 miliona evra, te ovaj
segment čini 32% vrednosti novih plasmana.
Raiffeisen Leasing je tokom 2015. godine bio posvećen
daljem unapređenju procedura i organizacije u segmentu
upravljanja rizicima. Kroz profesionalno upravljanje
rizicima obezbeđen je stabilan i održiv rast portfolija koji
je dostigao nivo od 54,65 miliona evra. Takođe, posebna
pažnja usmerena je na konstantno unapređenje procesa sa
ciljem povećanja efikasnosti i smanjenja troškova.
Imajući u vidu celokupno ekonomsko okruženje, Raiffeisen
Leasing je za 2016. godinu odredio sledeće prioritete:
očuvanje visoke tržišne pozicije, održanje kvaliteta
portfolija, stalno unapređenje postojećih i kreiranje novih
proizvoda, kao i jačanje saradnje sa klijentima, dilerskom
mrežom i osiguravajućim kućama, uz primenu
visokoprofesionalnih standarda u poslovanju.
40
Raiffeisen FUTURE
Voluntary Pension Fund Management Company
Raiffeisen FUTURE a.d. Beograd, VPFMC manages two
voluntary pension funds: Raiffeisen FUTURE VPF and
Raiffeisen EURO FUTURE VPF.
Raiffeisen FUTURE VPF has a variable currency structure of
assets and invests mainly into debt securities. The fund has
been successfully operating for nine years with the rate of
return since inception at 10.88% on an annual basis. The
annual rate of return in 2015 was 12.96%. The fund’s
investment unit has the highest value in the industry and
as at 31/12/2015, it amounted to RSD 2,531.55. The
net assets of the fund as at 31/12/2015 were RSD 3.3
billion, which represented an annual growth of 21%, and a
market share of 11.6%.
Raiffeisen EURO FUTURE VPF started operating on
24/07/2015. The fund is most suitable for those clients
who prefer their long-term savings to be invested in eurodenominated securities. In accordance with the fund’s
investment policy, 99% of the assets are invested in eurodenominated investment instruments, while 1% of the assets
consists of money deposits in dinars. The fund’s investment
unit value recorded in less than six months a 0.9% growth
in its value in euro and as at 31/12/2015, it amounted
to € 8.39. The net assets of the fund on 31/12/2015
were over RSD 9 million.
The number of members saving in both funds is over 22,700.
Raiffeisen FUTURE a.d. Beograd, VPFMC continues to stand
out with the high number of members who pay the pension
contributions for themselves. At Raiffeisen FUTURE VPF, 54%
of the contributions are paid by the employers for their
employees, whereas 46% of the contributions are individual
payments. At Raiffeisen EURO FUTURE VPF, 14% of the
contributions are paid by the employers for their employees,
whereas 86% of the contributions are individual payments.
High quality service is provided to the members of both
Raiffeisen FUTURE VPF and Raiffeisen EURO FUTURE VPF
by the team of professionals with extensive experience in
the VPF industry. In addition, there are 300 professionals
licensed by the National Bank of Serbia at 83 Raiffeisen
Bank branches throughout Serbia at members’ disposal.
Members may choose between the two funds with different
investment policies, in terms of the currency structure, or they
can pay contributions simultaneously into both funds.
Movement of FONDex* index value and Investment Unit values of VPFs in the period of Jan. 03, 2007 - Dec. 31, 2015
Source: NBS www.nbs.rs / FONDex and VPF Investment Unit Values
* The National Bank of Serbia created the FONDex index, which represents a unified indicator of movements in the
value of investment units of all funds in the industry, proportionally to their asset share in relation to the industry. By
monitoring the value movements of the funds’ investment units in relation to the FONDex, comparisons of funds become
possible.
41
Raiffeisen FUTURE
Društvo za upravljanje dobrovoljnim penzijskim fondom
Raiffeisen FUTURE a.d. Beograd, DUDPF upravlja sa dva
dobrovoljna penzijska fonda-DPF: Raiffeisen FUTURE i
Raiffeisen EURO FUTURE.
Raiffeisen FUTURE DPF ima promenljivu valutnu strukturu i
pretežno ulaže imovinu u dužničke hartije od vrednosti.
Fond uspešno posluje punih devet godina sa prinosom od
početka poslovanja od 10,88% na godišnjem nivou. U
2015. godini, ostvaren je prinos od 12,96%. Investiciona
jedinica fonda ima najveću vrednost u industriji i na dan
31.12.2015. godine iznosi 2.531,55 dinara. Neto
imovina fonda na dan 31.12.2015. iznosi 3,3 milijarde
dinara, što predstavlja godišnji rast od 21% i tržišno učešće
od 11,6%.
Raiffeisen EURO FUTURE DPF počeo je sa radom
24.07.2015. godine. Fond je namenjen svim klijentima
koji žele da njihova dugoročna štednja bude investirana
u evro-denominovane hartije od vrednosti. U skladu sa
investicionom politikom, 99% imovine ulaže se u evrodenominovane investicione instrumente, dok 1% imovine
čine dinarski novčani depoziti. Investiciona jedinica fonda
je za manje od šest meseci rada ostvarila rast vrednosti u
evrima od 0,9% i na dan 31.12.2015. iznosi 8,39 evra.
Neto imovina fonda na dan 31.12.2015. iznosi preko 9
miliona dinara.
Ukupan broj članova koji štedi u oba fonda iznosi preko
22.700. Raiffeisen FUTURE a.d. Beograd, DUDPF i dalje
izdvaja visoko učešće članova koji sami za sebe uplaćuju
doprinose. U Raiffeisen FUTURE DPF, 54% uplata odnosi
se na uplate poslodavca, dok su 46% individualne uplate.
U Raiffeisen EURO FUTURE DPF, 14% uplata su uplate
poslodavca i 86% su individualne uplate.
Visok kvalitet usluge članovima DPF Raiffeisen FUTURE
i Raiffeisen EURO FUTURE pruža tim profesionalaca sa
dugogodišnjim iskustvom u industriji. Takođe, članovima je
na raspolaganju 300 profesionalaca licenciranih od strane
Narodne banke Srbije u 83 filijale Raiffeisen banke širom
Srbije.
Članovi mogu birati između dva fonda sa različitom
investicionom politikom u pogledu valutne strukture, ili pak
mogu ulagati u oba fonda istovremeno.
Kretanje vrednosti FONDEX-a* i investicionih jedinica fondova u periodu od 03.01.2007. - 31.12.2015.
Izvor: NBS www.nbs.rs / Vrednosti FONDex-a i investicionih jedinica DPF
*Narodna banka Srbije izradila je indeks FONDex koji predstavlja jedinstven pokazatelj kretanja vrednosti investicionih
jedinica svih fondova u industriji, srazmerno njihovom učešću imovine u odnosu na industriju. Praćenjem kretanja
vrednosti investicionih jedinica fondova u odnosu na FONDex omogućeno je poređenje fondova.
42
Raiffeisen INVEST
Raiffeisen INVEST a.d. Belgrade Investment Fund
Management Company again successfully managed assets
of open investment funds – Raiffeisen CASH, Raiffeisen
WORLD and Raiffeisen EURO CASH in 2015 and
confirmed its leading position in the market of investment
funds in the country. At the end of 2015, the value of assets
under management amounted to € 127.23 million, i.e. with
a growth of 92 per cent, a market share of 91 per cent
was realized, in relation to the total value of net assets of all
open investment funds in the country.
The open investment fund Raiffeisen CASH – a money
market fund, characterized for investing at least 75 per cent
of its assets into cash deposits and short-term debt securities,
realized significant returns for its members in 2015 – the
fund’s investment unit (in dinars) rose by 6.85 per cent (p.a.)
conclusive with December 31, 2015, while the fund’s net
assets grew by 120 per cent, so that they amounted to €
72.6 million at the end of 2015, which enabled this fund
to maintain its position as the largest investment fund in the
market.
The open investment fund Raiffeisen WORLD, established
in August 2010 as an equity fund, was changed into a
balanced fund in September 2015, in order to reduce the
fund’s risk level and realizing positive returns in the long
term, through multi asset strategy and reduced volatility of
traditional balanced funds, but with moderate risk. Even
with the turbulent events on the global financial markets,
the fund realized positive returns for its members in 2015
by its investment activities – the fund’s investment unit rose
by 2.70 per cent p.a. (in dinars), i.e. by 2.14 per cent
(in euros) conclusive with December 31, 2015, while the
fund’s net asset value grew by 30.70 per cent, so that it
amounted to € 7.65 million at the end of the year.
professional management of investing the fund’s assets. In
the course of 2015, this fund realized significant returns for
its members – the fund’s investment unit grew by 2.07 per
cent p.a. conclusive with December 31, 2015 (in dinars),
i.e. 1.51 per cent p.a. (in euros), while the fund’s net assets
were almost doubled, so that they amounted to approx. €
47 million at the end of 2015.
In the course of 2015, the investment funds market in Serbia
realized an annual growth of 84.5 per cent, according to
the net assets of open investment funds amounting to €
139.7 million (at the end of 2015). The main generator
of fund asset industry growth was precisely the growth of
assets managed by Raiffeisen INVEST.
Raiffeisen INVEST plans to continue its investing activities in
2016 as well, in order to provide the clients of Raiffeisen
banka, through responsible and professional management,
with the possibility to realize returns corresponding to their
investment goals, depending on their risk appetite and the
investment horizon.
Movement of Returns - Raiffeisen WORLD fund
The open investment fund Raiffeisen EURO CASH – a
money market fund, characterized for investing at least 75
per cent of its assets into money deposits with banks and
short-term debt securities denominated in euros, with the
investment goal to provide stable and continuous returns
for its members and to protect dinar investments from
oscillations of the foreign currency rate by responsible and
Movement of Returns - Raiffeisen CASH fund
Movement of Returns - Raiffeisen EURO CASH fund
43
Raiffeisen INVEST
Raiffeisen INVEST a.d. Beograd Društvo za upravljanje
investicionim fondovima je i u 2015. godini uspešnim
upravljanjem imovinom otvorenih investicionih fondova
– Raiffeisen CASH, Raiffeisen WORLD i Raiffeisen EURO
CASH zadržalo vodeću poziciju na tržištu investicionih
fondova u zemlji. Krajem 2015. godine vrednost imovine
pod upravljanjem iznosila je 127,23 miliona evra, odnosno
rastom od 92% ostvareno je tržišno učešće od 91% u
odnosu na ukupnu vrednost neto imovine svih otvorenih
investicionih fondova u zemlji.
Otvoreni investicioni fond Raiffeisen CASH - novčani fond,
karakterističan po tome što najmanje 75% svoje imovine
ulaže u novčane depozite i kratkoročne dužničke hartije
od vrednosti, u 2015. godini ostvario je značajan prinos
za svoje članove – investiciona jedinica fonda (u dinarima)
je, zaključno sa 31.12.2015. godine, porasla 6,85%
godišnje, a neto imovina fonda porasla je 120%, tako da
je na kraju 2015. godine iznosila 72,6 miliona evra, a
ovaj fond sačuvao poziciju najvećeg investicionog fonda
na tržištu.
Otvoreni investicioni fond Raiffeisen WORLD organizovan je
avgusta 2010. godine kao fond akcija, ali je u septembru
2015. godine promenjena vrsta fonda u balansirani
fond u cilju smanjenja nivoa rizika fonda i ostvarivanja
pozitivnog prinosa u dugom roku, kroz izloženost različitim
klasama imovine i uz smanjenu volatilnost u odnosu na
istorijsku volatilnost tradicionalnih balansiranih fondova,
ali i uz umereni rizik. Uprkos turbulentnim zbivanjima na
svetskim finansijskim tržištima, fond je i u 2015. godini
investicionim aktivnostima ostvario pozitivan prinos za svoje
članove – investiciona jedinica ovog fonda je zaključno
sa 31.12.2015. godine porasla 2,70% godišnje (u
dinarima), odnosno 2,14% godišnje (u evrima), dok je
vrednost neto imovina fonda porasla 30,70%, tako da je
na kraju godine iznosila 7,65 miliona evra.
profesionalnim upravljanjem, za svoje članove obezbedi
ostvarivanje stabilnog ali kontinuiranog prinosa i zaštiti
ulaganje dinarskih sredstava od oscilacija deviznog kursa.
Ovaj fond je u 2015. godini ostvario značajan prinos za
svoje članove – investiciona jedinica fonda je zaključno
sa 31.12.2015. godine porasla 2,07% godišnje (u
dinarima), odnosno 1,51% godišnje (u evrima), dok je
neto imovina fonda skoro udvostručena, tako da je na kraju
2015. godine iznosila približno 47 miliona evra.
Tokom 2015. godine, tržište investicionih fondova u
zemlji je, gledajući prema visini neto imovine otvorenih
investicionih fondova u iznosu od 139,7 miliona evra (na
kraju 2015. godine), ostvarilo godišnji rast od 84,5%,
a glavni generator rasta industrije bio je upravo porast
imovine fondova kojima upravlja Raiffeisen INVEST.
Raiffeisen INVEST planira da i u 2016. godini nastavi
sa investicionim aktivnostima kako bi, odgovornim i
profesionalnim upravljanjem, klijentima Raiffeisen banke
omogućio da kroz ulaganje u investicione fondove, ostvare
odgovarajući prinos u skladu sa investicionim ciljevima,
zavisno od stepena rizika koji su spremni da prihvate i
vremenskog horizonta investiranja.
Kretanje prinosa fonda Raiffeisen WORLD
Otvoreni investicioni fond Raiffeisen EURO CASH - novčani
fond, karakterističan je po tome što najmanje 75%
svoje imovine ulaže u novčane depozite kod banaka i
kratkoročne dužničke hartije od vrednosti denominovane
u evrima, sa investicionim ciljem da, odgovornim i
Kretanje prinosa fonda Raiffeisen CASH
Kretanje prinosa fonda Raiffeisen EURO CASH
44
Branch Network
Head Office
Raiffeisen banka a.d.
Đorđa Stanojevića 16
11070 Novi Beograd
Phone: (+381 11) 3202 100
Fax: (+381 11) 2207 080
SWIFT Code:RZBSRSBG
Požarevac
Moše Pijade 10
Pančevo
Petra Drapšina 4-6
Smederevo
Karađorđeva 18
Smederevska Palanka
Regional Centres
Beograd I
Terazije 27
Phone: (+381 11) 3204 976
Beograd II
Đorđa Stanojevića 16
11070 Novi Beograd
Phone: (+381 11) 2208 511
Jug
Save Kovačevića 1
34000 Kragujevac
Phone: (+381 34) 308 300
Sever
Bulevar oslobođenja 56a
21000 Novi Sad
Phone: (+381 21) 4880 000
Belgrade I Region
Beograd
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Bulevar kralja Aleksandra 171
Bulevar kralja Aleksandra 330
Bulevar oslobođenja 7-9
Cara Dušana 78
Đure Jakšića 8
Ilije Garašanina 4-6
Kursulina 41
Mileševska 65
Marijane Gregoran 58
Mirijevski venac 27
Resavska 22
Resavska 66
Ruzveltova 10
Sarajevska 3
Terazije 27
Braće Srnić 3b
Bratstva i jedinstva 73, Borča
Grge Andrijanovića 2, Krnjača
Srpsko-grčkog prijateljstva 1-3,
Grocka
Ustanička 64
Prvog srpskog ustanka 3
Vršac
Dvorska 1-3
Belgrade II Region
Beograd
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Bulevar Mihajla Pupina 4
Bulevar Mihajla Pupina 181
Bulevar umetnosti 4
Bulevar vojvode Mišića 37
Vojvode Stepe 199
Bulevar Zorana Đinđića 64a
Đorđa Stanojevića 16
Jurija Gagarina 151
Milutina Milankovića 134a
Požeška 41
Požeška 81a
Trgovačka 5
Glavna 13m
Prvomajska 101
Pilota Mihaila Petrovića 70a
Mladenovac, Kralja Petra I 227,
Obrenovac, Kneza Mihajla 6
Lazarevac, Dimitrija Tucovića 1
Stara Pazova
Kralja Petra I 1
Loznica
Kneza Miloša 2
Valjevo
Karađorđeva 114
Šabac
Masarikova 7
45
Mreža filijala
Region „North”
Region „South”
Novi Sad
Kragujevac
•
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Bulevar oslobođenja 56a
Bulevar oslobođenja 76a
Bulevar cara Lazara bb
Trg slobode 3, Apolo centar
Bačka Palanka
Kralja Petra I 11
Inđija
Novosadska 9
Temerin
Novosadska 348
Vrbas
Ive Lole Ribara 16
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Save Kovačevića 1
Nikole Pašića 7
Aranđelovac
Knjaza Miloša 259
Jagodina
Kneginje Milice 12
Kruševac
Majke Jugovića 8
Paraćin
Vožda Karađorđa 31
Čačak
Zrenjanin
Kralja Aleksandra Karađorđevića 41
•
•
•
Kikinda
Kraljevo
Senta
Novi Pazar
Sombor
Užice
Subotica
Prijepolje
Ruma
Bor
Sremska Mitrovica
Leskovac
Trg srpskih dobrovoljaca 28
Glavni trg 8
Avrama Mrazovića 1
Trg slobode 5
Orlovićeva 4
Kralja Petra I 24
Braće Spasića bb
Gradsko šetalište bb
Gospodar Jovanova 26
Hajduk Veljkova 16
Stefana Nemanje bb
Dimitrija Tucovića 91
Valterova 20
Nikole Pašića 5
Bulevar oslobođenja 154
Niš
•
•
•
Svetozara Markovića 12
Vizantijski bulevar bb
Obrenovićeva 35
Pirot
Pirotskih oslobodilaca bb
Vranje
Stefana Prvovenčanog 145
Zaječar
Krfska 16
46
Organizational Chart
CHAIRMAN OF THE
MANAGING BOARD
MEMBER OF THE
MANAGING BOARD/
CRO/CFO
Treasury & Investment Banking
Division
Finance Division
ALM&Funding Department
Accounting Department
Capital Markets Department
Controlling Department
Investment Banking
Department
Corporate Risk
Management Division
Legal Division
Corporate Credit Risk
Management Department
Corporate Legal Department
Credit Analysis Department
Retail Legal Department
Early Warning System & Credit
Control Department
Compliance Department
Workout & Collateral
Management Division
Managing Board Office
Early Workout Department
Human Resources
Department
Late Workout Department
Internal Audit
Department
Collateral Management
Department
Raiffeisen Leasing d.o.o.
Retail Risk
Management Division
Small Business Risk
Management Department
PI Risk Management Department
Market & Operational Risk
Management Department
Risk Control Department
47
Organizaciona struktura banke
MEMBER OF THE
MANAGING BOARD/
CORPORATE BANKING
MEMBER OF THE
MANAGING BOARD/
RETAIL BANKING
MEMBER OF THE
MANAGING BOARD/
IT & OPERATIONS
Large and Multinational
Corporates Division
Retail Branch Distribution Division
IT Services Division
Multinationals
Corporates Department
Branch Sales Department
IT Infrastructure & Operations
Department
Large and CEE
Corporates Department
Quality & Branch Service
Department
IT Development Department
Mid Market
Corporates Division
Small Business Banking Division
IT Application
Management Department
Corporate Credit Division
Small Business Department
Central Operations & General
Services Division
Credit Department 1
CRM & Alternative Sales
Channels Division
Documentary Business &
Guarantees Department
Credit Department 2
Contact Centre Department
Treasury & Investment Banking
Back Office Department
Cash Management Department
Alternative Sales
Department
Payments Department
Business Analysis and
Development Department
CRM Department
Central Vault Department
Retail Products Division
Corporate Credit
Administration Department
Cards Business Department
Facility Management & General
Administration Department
Product Management Department
Retail Operations Division
Premium Banking
Department
Retail Collection Department
Marketing & PR
Department
Retail Administration Department
Raiffeisen Invest
Retail Application
Processing Department
Raiffeisen Future
Security Department
Organization, Process & Project
Management Department
Central Procurement and Cost
Management Department
48
Addresses
Raiffeisen Bank International AG
Czech Republic
Am Stadtpark 9
1030 Vienna
Phone: +43-1-71707 0
Fax: +43-1-71707 1715
www.rbinternational.com
[email protected]
[email protected]
Hvezdova 1716/2b
14078 Prague 4
Phone: + 420-234-405-222
Fax: +420-234-402-111
SWIFT/BIC: RZBCCZPP
www.rb.cz
Austria
Banking network
Albania
Raiffeisen Bank Sh.a.
“European Trade Center”
Bulevardi “Bajram Curri”
Tirana
Phone: +355-4-238 1000
Fax: +355-4-227 5599
SWIFT/BIC: SGSBALTX
www.raiffeisen.al
Belarus
Priorbank JSC
31-A, V. Khoruzhey Str.
220002 Minsk
Phone: +375-17-289 9090
Fax: +375-17-289 9191
SWIFT/BIC: PJCBBY2X
www.priorbank.by
Bosnia and Herzegovina
Raiffeisen BANK d.d. Bosna i Hercegovina
Zmaja od Bosne bb
71000 Sarajevo
Phone: +387-33-287 101
Fax: +387-33-213 851
SWIFT/BIC: RZBABA2S
www.raiffeisenbank.ba
Bulgaria
Raiffeisenbank (Bulgaria) EAD
Nikola I. Vaptzarov Blvd.
Business Center EXPO 200 PHAZE III, floor 5
1407 Sofia
Phone: +359-2-91 985 101
Fax: +359-2-94 345 28
SWIFT/BIC: RZBBBGSF
www.rbb.bg
Croatia
Raiffeisenbank Austria d.d.
Petrinjska 59
10000 Zagreb
Phone: +385-1-456 6466
Fax: +385-1-481 1624
SWIFT/BIC: RZBHHR2X
www.rba.hr
Raiffeisenbank a.s.
Hungary
Raiffeisen Bank Zrt.
Akadémia utca 6
1054 Budapest
Phone: +36-1-484 4400
Fax: +36-1-484 4444
SWIFT/BIC: UBRTHUHB
www.raiffeisen.hu
Kosovo
Raiffeisen Bank Kosovo J.S.C.
Rruga UÇK Str. No. 51
10000 Pristina
Phone: +381-38-222 222
Fax: +381-38-203 01130
SWIFT/BIC: RBKOXKPR
www.raiffeisen-kosovo.com
Poland
Raiffeisen Bank Polska S.A.
(Raiffeisen Polbank)
Piekna 20 Str.
00-549 Warsaw
Phone: +48-22-585 2000
Fax: +48-22-585 2585
SWIFT/BIC: RCBWPLPW
www.raiffeisen.pl
Romania
Raiffeisen Bank S.A.
246 C Calea Floreasca
014476 Bucharest
Phone: +40-21-30 610 00
Fax: +40-21-23 007 00
SWIFT/BIC: RZBRROBU
www.raiffeisen.ro
Russia
ZAO Raiffeisenbank
Smolenskaya-Sennaya Sq. 28
119002 Moscow
Phone: +7-495-721 9900
Fax: +7-495-721 9901
SWIFT/BIC: RZBMRUMM
www.raiffeisen.ru
49
Adrese
Serbia
Bosnia and Herzegovina
Djordja Stanojevica 16
11070 Novi Beograd
Phone: +381-11-320 2100
Fax: +381-11-220 7080
SWIFT/BIC: RZBSRSBG
www.raiffeisenbank.rs
Zmaja od Bosne bb.
71000 Sarajevo
Phone: +387-33-25 4354
Fax: +387-33-212 273
www.rlbh.ba
Raiffeisen banka a.d.
Slovakia
Tatra banka, a.s.
Hodžovo námestie 3
P.O. Box 42
85005 Bratislava 55
Phone: +421-2-5919 1111
Fax: +421-2-5919 1110
SWIFT/BIC: TATRSKBX
www.tatrabanka.sk
Slovenia
Raiffeisen Banka d.d.
Zagrebska cesta 76
2000 Maribor
Phone: +386-2-229 3100
Fax: +386-2-303 442
SWIFT/BIC: KREKSI22
www.raiffeisen.si
Ukraine
Raiffeisen Bank Aval JSC
9, Vul Leskova
01011 Kiev
Phone: +38-044-49 088 88
Fax: +38-044-285 3231
SWIFT/BIC: AVALUAUK
www.aval.ua
Leasing companies
Austria
Raiffeisen-Leasing International GmbH
Am Stadtpark 3
1030 Vienna
Phone: +43-1-71 707-2071
Fax: +43-1-71-707-762966
www.rli.co.at
Albania
Raiffeisen Leasing Sh.a.
Raiffeisen Leasing d.o.o. Sarajevo
Bulgaria
Raiffeisen Leasing Bulgaria OOD
32A Cherni Vrah Blvd. Fl.6
1407 Sofia
1504 Sofia
Phone: +359-2-491 9191
Fax: +359-2-974 2057
www.rlbg.bg
Croatia
Raiffeisen Leasing d.o.o.
Radnicka cesta 43
10000 Zagreb
Phone: +385-1-659 5000
Fax: +385-1-659 5050
www.rl-hr.hr
Czech Republic
Raiffeisen-Leasing s.r.o.
Hvezdova 1716/2b
14078 Prague 4
Phone: +420-221-511 611
Fax: +420-221-511 666
www.rl.cz
Hungary
Raiffeisen Lízing Zrt.
Vérmezö út. 4
1012 Budapest
Phone: +36-1-477 8709
Fax: +36-1-477 8702
www.raiffeisenlizing.hu
Kazakhstan
Raiffeisen Leasing Kazakhstan LLP
Shevchenko Str. 146, No. 12
050008 Almaty
Phone: +7-727-378 5430
Fax: +7-727-378 5431
www.rlkz.kz
Kosovo
“European Trade Center”
Bulevardi “Bajram Curri”
Tirana
Phone: +355-4-227 4920
Fax: +355-4-223 2524
www.raiffeisen-leasing.al
Raiffeisen Leasing Kosovo
Belarus
Moldova
31-A, V. Khoruzhey Str.
220002 Minsk
Phone: +375-17-289 9394
Fax: +375-17-289 9974
www.rl.by
Alexandru cel Bun 51
2012 Chisinau
Phone: +373-22-279 313
Fax: +373-22-228 381
www.raiffeisen-leasing.md
JLLC “Raiffeisen-leasing”
Gazmend Zajmi n.n., Sunny Hill
10000 Pristina
Phone: +381-38-222 222
Fax: +381-38-20 301 136
www.raiffeisenleasing-kosovo.com
I.C.S. Raiffeisen Leasing S.R.L.
50
Poland
Raiffeisen-Leasing Polska S.A.
Ul. Prosta 51
00-838 Warsaw
Phone: +48-22-326 3666
Fax: +48-22-326 3601
www.rl.com.pl
Romania
Raiffeisen Leasing IFN S.A.
246 D Calea Floreasca
014476 Bucharest
Phone: +40-21-36 532 96
Fax: +40-37-28 799 88
www.raiffeisen-leasing.ro
Russia
OOO Raiffeisen-Leasing
Smolenskaya-Sennaya 28
119121 Moscow
Phone: +7-495-721 9980
Fax: +7-495-721 9572
www.raiffeisen-leasing.ru
Serbia
Raiffeisen Leasing d.o.o.
Djordja Stanojevica 16
11070 Novi Beograd
Phone: +381-11-201 7400
Fax: +381-11-228-9007
www.raiffeisen-leasing.rs
Branches and representative offices Europe
France
RBI Representative Office Paris
9-11 Avenue Franklin D. Roosevelt
75008 Paris
Phone: +33-1-456 12700
Fax: +33-1-456 11606
Germany
RBI Representative Office Frankfurt
Wiesenhüttenplatz 26
60 329 Frankfurt
Phone: +49-69-29 921 924
Fax: +49-69-29 921 9-22
Sweden
RBI Representative Office Nordic Countries
Drottninggatan 89, 14th floor
113 60 Stockholm
Phone: +46-8-440 5086
Fax: +46-8-440 5089
UK
RBI London Branch
Leaf C 9th Floor, Tower 42
25 Old Broad Street
London EC2N 1HQ
Phone: +44-20-79 33-8000
Fax: +44-20-79 33-8099
Slovakia
Tatra Leasing s.r.o.
Černyševského 50
85101 Bratislava
Phone: +421-2-59 19-3053
Fax: +421-2-591 93048
www.tatraleasing.sk
Slovenia
Raiffeisen Leasing d.o.o.
Letališka cesta 29a
SI-1000 Ljubljana
Phone: +386-1-241 6250
Fax: +386-1-241 6268
www.rl-sl.si
Ukraine
LLC Raiffeisen Leasing Aval
Moskovskyi Prospect 9
Build. 5 Office 101
04073 Kiev
Phone: +38-044-590 2490
Fax: + 38-044-200 0408
www.rla.com.ua
Branches and representative offices –
Asia and America
China
RBI Beijing Branch
Beijing International Club Suite 200
2nd floor
Jianguomenwai Dajie 21
100020 Beijing
Phone: +86-10-653 23388
Fax: +86-10-653 25926
RBI Representative Office Harbin
Room 1104, Pufa Piaza No. 209
Chang Jiang Street
Nang Gang District
150090 Harbin
Phone: +86-451-555 31 988
Fax: +86-451-555 31 988
RBI Hong Kong Branch
Unit 2102, 21st Floor,
Tower One, Lippo Centre
89 Queensway, Hong Kong
Phone: +85-2-273 02112
Fax: +85-2-273 06028
51
RBI Xiamen Branch
Unit B, 32/F Zhongmin Building
No 72 Hubin North Road
Xiamen, Fujian Province
361013 P. R. China
Phone: +86-592-262 3988
Fax: +86-592-262 3998
RBI Representative Office Zhuhai
Room 2404, Yue Cai Building
No. 188, Jingshan Road, Jida,
Zhuhai, Guangdong Province
519015, P.R. China
Phone: +86-756-323 3500
Fax: +86-756-323 3321
India
RBI Representative Office Mumbai
501, Kamla Hub, Gulmohar Road, Juhu
Mumbai – 400049
Phone: +91-22-26 230 657
Fax: +91-22-26 244 529
Korea
RBI Representative Office Korea
# 1809 Le Meilleur Jongno Tower
24 Jongno 1-ga
Seoul 110-888
Republic of Korea
Phone: +82-2-72 5-7951
Fax: +82-2-72 5-7988
Malaysia
RBI Labuan Branch
Licensed Labuan Bank No. 110108C
Level 6 (1E), Main Office Tower
Financial Park
Labuan
Malaysia
Phone: +607-29 1-3800
Fax: +607-29 1-3801
Singapore
RBI Singapore Branch
One Raffles Quay
#38-01 North Tower
Singapore 048583
Phone: +65-630 56000
Fax: +65-630 56001
USA
RB International Finance (USA) LLC
1133 Avenue of the Americas, 16th Floor
10036 New York
Phone: +01-212-845 4100
Fax: +01-212-944 2093
RZB Austria Representative Office New York
1133 Avenue of the Americas, 16th Floor
10036 New York
Phone: +01-212-593 7593
Fax: +01-212-593 9870
Vietnam
RBI Representative Office Ho Chi Minh City
35 Nguyen Hue Str., Harbour View Tower
Room 601A, 6th Floor, Dist 1
Ho Chi Minh City
Phone: +84-8-38 214 718,
+84-8-38 214 719
Fax: +84-8-38 215 256
Raiffeisen Zentralbank AG
Austria
Am Stadtpark 9
1030 Vienna
Phone: +43-1-71707 0
Fax: +43-1-71707 1715
www.rzb.at
52
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
Financial Statements
RAIFFEISEN BANKA A.D. BEOGRAD
Separate financial statements
for the year ended 31 December 2015
prepared in accordance with
International Financial Reporting Standards
53
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
Finansijski izveštaj
CONTENTS
Independent Auditors’ Report
Page
54
Financial Statements:
Separate Statement of Profit or Loss
55
Separate Statement of Other Comprehensive Income
56
Separate Statement of Financial Position
57
Separate Statement of Changes in Equity
58
Separate Statement of Cash Flows
59
54
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
KPMG d.o.o. Beograd
Kraljice Natalije 11
11000 Belgrade
Serbia
Telephone:
Fax:
E-mail:
Internet:
+381 11 20 50 500
+381 11 20 50 550
[email protected]
www.kpmg.rs
Independent Auditors’ Report
TO THE SHAREHOLDERS
RAIFFEISEN BANKA A.D. BEOGRAD
We have audited the accompanying separate financial statements of Raiffeisen banka a.d. Beograd (“the
Bank”), which comprise the separate balance sheet as at 31 December 2015, the separate income statement,
separate statement of other comprehensive income, separate statement of changes in equity and separate
cash flow statement for the year then ended, and notes, comprising a summary of significant accounting
policies and other explanatory information.
Management’s Responsibility for the Separate Financial Statements
Management is responsible for the preparation and fair presentation of these separate financial statements in
accordance with International Financial Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of separate financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these separate financial statements based on our audit. We
conducted our audit in accordance with the International Standards on Auditing. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on our judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, we consider internal control relevant to the preparation and true and fair view of financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the separate financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the separate financial statements give a true and fair view of the unconsolidated financial
position of the Bank as at 31 December 2015, and of its unconsolidated financial performance and its
unconsolidated cash flows for the year then ended in accordance with International Financial Reporting
Standards.
Beograd, 24 March 2016
KPMG d.o.o. Beograd
(M.P.)
Dušan Tomić
Certified Auditor
55
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
SEPARATE STATEMENT
OF PROFIT OR LOSS
Year Ended December 31, 2015
In thousands of RSD
Interest income
Interest expense
Net interest income
Fee and commission income
Fee and commission expense
Net fee and commission income
Net gains/(losses) on financial assets held for trading
Net gains/(losses) on hedging
Net gains on financial assets designated at fair value
Note
7
7
8
8
2015
13,609,400
(2,075,247)
11,534,153
4,258,878
(937,336)
3,321,542
43,329
1,123
-
51,323
1,288,102
1,232,045
168,192
(1,774,143)
13,703,627
(3,006,802)
(711,664)
(5,139,841)
4,845,320
(503,368)
4,341,952
185,103
(2,445,180)
13,923,438
(2,983,702)
(667,709)
(4,432,609)
5,839,418
(611,784)
5,227,634
through profit or loss
Net gains on foreign exchange differences and effects
of foreign currency clause
Other operating income
Net impairment loss on financial assets
Operating income, net
Personnel expenses
Depreciation expense
Other expenses
Profit before income tax
Income tax
Profit for the year
9
10
11
21, 22
12
13
2014
11,737,236
(1,253,899)
10,483,337
4,639,999
(1,099,520)
3,540,479
(1,977)
(363)
The accompanying notes form an integral part
of these financial statements.
Belgrade, 21 March 2016
For and on behalf of the Management Raiffeisen banka a.d., Beograd
Zoran Petrović
Chairman of the Managing Board
Petar Jovanović
Deputy Chairman of the Managing Board
56
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
SEPARATE STATEMENT OF
OTHER COMPREHENSIVE
INCOME
Year Ended December 31, 2015
Note
In thousands of RSD
Other comprehensive income
Items that may be reclassified to profit or loss
Profit for the year
Valuation of financial assets available for sale
Cash flow hedging valuation
Changes in deferred tax assets arising from other comprehensive income
Total other comprehensive income
Total other comprehensive income for the period
29
13.3
The accompanying notes form an integral part
of these financial statements.
2015
2014
4,341,952
861
160,979
5,227,634
(9,287)
(122,533)
(22,883)
18,380
138,957
4,480,909
(113,440)
5,114,194
57
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
SEPARATE STATEMENT OF
FINANCIAL POSITION
As of December 31, 2015
In thousands of RSD
Asset
Cash and balances with central banks
Financial assets at fair value through profit or loss held for
trading
Financial assets available for sale
Financial assets held to maturity
Loans and receivables to banks and other financial institutions
Loans and receivables to customers
Receivables from financial derivatives held for hedging
against risks
Investments in joint ventures
Investments in subsidiaries
Intangible assets
Property, plant and equipment
Current tax assets
Deferred tax assets
Other assets
Total
Liabilities and equity
Financial liabilities at fair value through profit or loss held for
Note
31.12.2015
31.12.2014
14
52,143,951
38,201,542
15
29,334
940,687
16
17
6,146,661
23,275,760
5,543,033
21,663,995
18
28,864,439
29,660,044
19
117,196,887
121,324,042
59,703
39,465
113,195
190,898
429,079
4,420,084
32,876
324,208
1,199,376
234,426,451
113,195
190,898
462,224
4,631,813
163,095
293,542
906,157
224,133,732
33,123
65,146
70,874
50,207
25
3,078,982
19,649,381
26
27
28
174,319,264
894,821
923,936
179,321,000
146,859,266
873,250
784,306
168,281,556
29
29
29
29
27,466,158
4,341,952
23,297,341
55,105,451
234,426,451
27,466,158
5,227,634
23,158,384
55,852,176
224,133,732
20
20
22
21
23
24
trading
Liabilities arising from financial derivatives held for hedging
against risks
Deposits and other liabilities to banks, other financial institutions and central bank
Deposits and other liabilities to other customers
Provisions
Other liabilities
Total liabilities
Equity
Share capital
Profit for the year
Reserves
Total equity
Total
The accompanying notes form an integral part
of these financial statements.
58
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
SEPARATE STATEMENT OF
CHANGES IN EQUITY
Year Ended December 31, 2015
Share
capital
In thousands of RSD
Balance as at 1 January 2014
Profit for the year
Total comprehensive income
Cash flow hedging valuation
Available for sale securities valuation
Related tax
Profit reserves transfer to retained earnings
Transactions with owners of the Bank
Dividends paid Balance as at 31 December 2014
Balance as at 1 January 2015
Profit for the year
Total comprehensive income
Cash flow hedging valuation
Available for sale securities valuation
Related tax
Transactions with owners of the Bank
Dividends paid Balance as at 31 December 2015
Profit Revaluation
reserves
reserves
Profit
Total
27,466,158
-
23,559,125
-
(81,641)
-
5,410,895
5,227,634
56,354,537
5,227,634
-
853,283
(122,533)
(9,287)
18,380
-
(853,283)
(122,533)
(9,287)
18,380
-
27,466,158
27,466,158
-
(1,058,943)
23,353,465
23,353,465
-
(195,081)
(195,081)
-
(4,557,612)
5,227,634
5,227,634
4,341,952
(5,616,555)
55,852,176
55,852,176
4,341,952
-
-
160,979
861
(22,883)
-
160,979
861
(22,883)
27,466,158
23,353,465
(56,124)
(5,227,634)
4,341,952
(5,227,634)
55,105,451
The accompanying notes form an integral part
of these financial statements.
59
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
SEPARATE STATEMENT OF
CASH FLOWS
Year Ended December 31, 2015
Cash flows from operating activities
Cash inflow from operating activities
Inflow from interest
Inflow from fees
Inflow from other operating activities
Dividends received
Cash outflow in operating activities
Outflow from interest
Outflow from fees
Outflow from gross salaries, benefits and other personal expenses
Outflow from taxes, contributions and other duties charged to income
Outflow from other operating expenses
Net cash inflow from operating activities before increase or decrease in
2015
2014
16,944,617
11,813,750
4,624,249
506,173
445
(11,021,998)
(1,273,544)
(931,976)
(3,031,879)
(849,718)
(4,934,881)
19,064,858
13,679,107
4,255,047
1,130,704
(11,129,336)
(2,076,520)
(945,690)
(3,062,140)
(576,283)
(4,468,703)
placements and deposits
Decrease in placements, and increase in deposits taken
Decrease in loans and placements with banks, other financial
5,922,619
7,935,522
20,360,087
19,817,278
4,066,021
3,820,983
968,507
-
15,305,269
15,996,295
20,290
-
(52,032)
(3,751,046)
(19,926)
-
(32,106)
(3,646,485)
-
(104,561)
26,230,674
(426,698)
(4,966,252)
20,837,724
24,001,754
(607,418)
(5,335,729)
18,058,607
In thousands of RSD
organizations, central bank and customers
Decrease in financial assets that are initially recognized at fair value
through profit or loss, financial assets held for trading and other securities
not intended to be invested
Increase in deposits and other liabilities to banks, other financial
organisations, central bank and customers
Increase in liabilities arising from financial derivatives held for hedging
against risks and change in fair value of hedged items
Increase in placements and decrease in taken deposits and other
liabilities
Increase in receivables from financial derivatives held for hedging
against risks and change in fair value of hedged items
Decrease of financial liabilities initially recognized at fair value through
profit or loss and financial liabilities held for trading
Decrease of liabilities arising from financial derivatives held for hedging
against risks and the changes in value of items that are the subject of
hedging against risks
Net cash inflow from operating activities before profit tax
Profit tax paid
Dividends paid
Net cash inflow from operating activities
60
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
SEPARATE STATEMENT
OF CASH FLOWS continued
Year Ended December 31, 2014
2015
2014
18,622,435
18,621,982
453
(20,666,557)
(20,195,812)
(470,745)
(2,044,122)
11,583,557
11,578,559
67
4,931
(16,154,152)
(15,734,002)
(420,150)
(4,570,595)
(7,006,235)
(7,006,235)
(7,006,235)
55,927,139
(44,139,772)
11,787,367
28,283,566
396,210
40,467,143
(4,001,190)
(2,319,030)
(1,682,160)
(4,001,190)
50,465,693
(40,978,871)
9,486,822
18,282,574
514,170
28,283,566
In thousands of RSD
Cash flows from investing activities
Cash inflow from investing activities
Inflow from investments in investment securities
Inflow from sales of investments in subsidiaries and joint ventures
Inflow from sale of intangible assets, property, plant and equipment
Cash outflow from investing activities
Outflow from investments in investment securities
Outflow for purchase of intangible assets, property, plant and equipment
Net cash outflow from investing activities
Cash flows from financing activities
Cash outflow from financing activities
Cash outflow from subordinated liabilities
Cash outflows from borrowings
Net cash outflow from financing activities
Total cash inflow
Total cash outflow
Net increase in cash
Cash and cash equivalents at the beginning of the year
Positive exchange rate differences
Cash and cash equivalents at the end of the period
The accompanying notes form an integral part
of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated
123
124
www.raiffeisenbank.rs
NOTES TO THE FINANCIAL STATEMENTS
December 31, 2015
All amounts expressed in thousand of RSD, unless otherwise stated