In the 18 months to end-June 2007, Tutunska increased its market share to 17.2% in assets, 19.1% in loans to the non-financial sector, 15% in deposits, 21.2% in plastic cards and 23% in the foreign exchange market. At the same time, the number of clients rose by 42%.
These strong figures produced healthy growth in the 2006 financials with a 16% expansion in net profits and a 31% growth in total assets, adding up to an improved 14.52% RoE and a declining cost-income ratio of an acceptable 45.35%.
The bank has undergone an important rebranding exercise, incorporating the NLB Group brand and values. It has also provided an enhanced branch network programme and now offers 27 full operating branches across the country. A further 12 new branches are under construction and expected to be operational by year-end 2007.
NLB Tutunska Banka maintained its leadership in corporate finance, increasing the role of e-banking services by a third. The bank provides key domestic and foreign credit lines, accounting for 42.2% of all foreign credit lines in the country.
“NLB Tutunska Banka has continued to be the most dynamic bank in terms of growth, market expansion and implementation of contemporary banking solutions, which has brought us our third and second consecutive reward for Bank of the Year for Macedonia,” says Gjorgji Jancevski, the bank’s first general director. “Last year was marked by the successful completion of several strategic projects that led us to a higher level of quality and performance. We have simultaneously implemented a new software solution, rebranded the bank, made changes in the organisation regarding market development and notably enlarged the branch network while increasing the number of clients by 30%.”
