Profit of Volksbank in Serbia - 6m EUR, total of 33 offices prior to end of year 2008

Volksbank in Serbia announced yesterday (December 16, 2007) that it had profit in amount of 6m EUR in the first nine months of year 2007. President of the Executive Board of Volksbank, Aksel Humel, said that the bank increased total assets in that period by about 34%, that is, from 466 to 623m EUR.

- Volksbank has dynamic growth on Serbian market in spite of strong competition and it increased number of clients in the first 10 months of 2007 by more than one third, to 45,400 – he pointed out.

Pointing out that Volksbank had 11 offices at the end of year 2006, Humel announced that the expansion of the business network would be resumed and that the number of offices would be doubled by the end of December.

- Number of employees in Volksbank has been increased since the end of the last year from 260 to 400, and the plan is that the business network consists of 33 offices by the end of the year 2008 – Humel pointed out.