Credins Bank in Albania steady growth – Assets expanded by 12%, deposits by 16%
Credins Bank in Albania has released the financial indicators of the first quarter of this year, which showed a steady growth rate with satisfactory rates. At the end of March, the total assets amounted to about ALL 203 billion or about EUR 1.6 billion.
Since the beginning of the year, bank assets increased by about ALL 10 billion, while annual growth was approximately 12%, at significantly higher levels compared to the average of the system. If we compare the balance with the previous year, it seems that Credins is moving towards a diversification of the asset structure, increasing the share of low-risk investments, mainly securities. The portfolio of bonds and bonds amounted to ALL 39 billion, up by 71% compared to March 2018. Credins has historically been a bank mainly oriented to lending to the private sector. Loans account for almost half of the value of the bank’s assets and the portfolio remains on the rise, but at a more contained pace than in previous years.
On the one hand, Credins is one of the best-performing players in attracting public deposits. Their total value at the end of March was ALL 150 billion or 1.2 billion euros. Deposits increased by 15.6% compared to the previous year, an increase several times higher than the average for the system.
Even the financial performance of the bank is improving. For the first quarter of the year, Credins reported a net profit of ALL 97 million, approximately four times as compared to the first quarter of the previous year. The income base marked a slight increase compared to the previous year, but a significant positive impact led to lower provision expense.
However, in recent years Credins has invested more in growth than in profitability. Return on equity is at 3%, relatively low compared to banks of similar size.