Banks secured 70 billion lek profit from interest - Expenses for deposits, many times higher than last year
By the end of 2024, banks' interest earnings are expected to surpass last year's record. Official data from the Bank of Albania show that gross interest income reached ALL 70 billion at the end of the nine months, nearly ALL 10 billion more than last year. Gross interest income has seen a drastic increase of 51% compared to the second quarter.
As for the banks' net profit from interest, it results in 56 billion ALL, about 10.4% higher than in the same period last year.
Despite this positive short-term balance, compared to the end of 2023, gross and net income from interest on loans, investments in government securities, such as treasury bonds and bonds, but also from interest collected in other forms, are too low.
December of last year marked a record in terms of bank profits from interest, where 83 billion gross ALL were collected. However, looking at the current trend, by the end of the year it is expected that the amount of interest collected in 2023 will be exceeded.
Compared to the income secured from interest, it can be said that the income collected not from interest is in a smaller amount. According to the statistics published by the Central Bank, about 16 billion lek was the profit of banks not from interest.
On the other hand, interest expenses were many times higher than the July-September 2023 period. Specifically, expenses incurred to pay citizens interest on their deposits, but not only, reached 14 billion ALL in the third quarter , thus registering an increase of almost 43%.
Poll
Albanians in the north, foreigners in the south - INSTAT: Tourists preferred the beaches. The north attracted the natives
Albanians in the north, foreigners in the south. One party chose to enjoy the beaches and the sun, while the other chose the mountains and untouched nature.......
"Loyal" Albanians of Korean cars - For 10 months, over 16 thousand vehicles imported from Korea
The import of cars in Albania continues to grow from month to month. Referring to the Open Data data of the General Directorate of Road Services, in total in......
Agriculture/ Men hold the "purse", women ensure quality - Report/ Over 60% of men decide what they will grow and where they will sell it
The agricultural sector has pronounced gender inequalities in terms of the division of agricultural tasks within the family. Men mainly dominate the......
Cocoa import heralds the holidays/ Figures for this product peak in October this year
A detailed analysis of foreign trade data shows that the month of October of this year has affected the highest figure of cocoa import in the span of 19......
Escalation of war in Ukraine significantly increases gold, oil and other safe assets!
Gold, oil and other safe-haven assets, otherwise known as haven assets, from the Swiss franc to German government debt rose sharply on Friday after the......
Albania and Montenegro in SEPA, European Commission: A step towards EU integration
The European Commission has welcomed the decision of the European Payments Council for Albania and Montenegro to join the geographic space of the Single Euro......
Heavy rains, Civil Defense: The situation towards normalization, we are not at risk of floods
After the heavy rains that covered the territory of the country this Friday, the National Agency of Civil Protection, through an announcement on social......
Business activity shrinks in the Eurozone: Euro falls to a 2-year low!
Business activity in the eurozone unexpectedly contracted in November, driven by a sharp deterioration in the services sector. The Flash Eurozone Purchasing......
