Earnings of BKT increased by 20% following corporate tax decrease

Tirana, Oct. 30, 2008 (AENews) – Sharp rise on interest expenses caused a decrease in profit before tax for the 9 months 2008 for National Commercial Bank, the second biggest bank by assets in Albania, financial data’s published today shown. Interest expenses had been increased by 62% compared to the 9 month 2007, while interest incomes had been increased by 40%.

Net earnings have increased by 20% to USD 15m, because The Bank’s effective tax rate in respect for the nine months ended 30 September 2008 was 10 percent (for the nine months ended 30 September 2007: 20 percent). This change in effective tax rate was caused mainly by the decrease in the income tax rate in Albania from 20% to 10%, effective from 1 January 2008.

Total assets increased by 6.7% year on year to USD 1.28BN. Customer deposits increased by 5.6% to USD 1.13 BN. National Commercial Bank known in Albanian as “Banka Kombetare Tregtare”, operates since 1993. It was privatized in 2000.

Short URL: http://www.albanianeconomy.com/news/?p=425

Posted by admin on Oct 30 2008. Filed under Banking & Finance, Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry