Annual Report 2012 - Raiffeisen Bank Kosovo JSC

Output
The yearly aggregated growth for the Kosovar economy in 2012 stands at 3 per cent while the outlook for 2013 is
anticipated to continue at the same speed. This makes Kosovo the fastest growing economy in South Eastern Europe.
Public expenditures and private consumption are the main contributors for this development. Gross fixed capital
formation contributes approximately one-third of the GDP. However, the current account for the country shows that
imports outweigh exports by a factor of around seven, and the economy depends heavily on donations and remittances.
The inflation rate for the year was a stable 2.2 per cent.
A high unemployment rate and a large part of the population below the poverty line are continued social threats yet to
be addressed.
Economic growth
5000
4500
4000
3500
3000
2500
2000
1500
2008 2009 2010 2011 2012
Nominal GDP (€ bn) Nominal GPD per capita (€)
Real GDP (% yoy), rhs Consumer prices (avg, % yoy), rhs
Kosovo banking sector
10
7.5
5.0
2.5
0
-2.5
-5.0
Current account Kosovo
in € million
2,000
1,000
0
-1,000
-2,000
-3,000
-558.6 -673.6
-1,130
2010 2011 2012e
Goods and Services Current transfers
Income
Current account
The banking sector is worth € 2.8 billion, equating to almost 61 per cent of the gross domestic product and grew by
6.5 per cent over the year. Loans grew by 4 per cent and deposits by 8 per cent during that time. Banks have earned
a cumulated € 44.5 million profit, which is 6 per cent higher than 2011. The data for the third quarter indicate a capital
adequacy ratio of 18 per cent and non-performing loans make up 7 per cent of all disbursed lending.
Business profitability for the banks has halved compared to last year, both in terms of Retun on Assets, being 0.7 per
cent, and Return on Equity, now standing at 14.3 per cent.
11
Addresses Glossary Financial Statements Segment Reports Overview Macroeconomic Environment RBI Vision and Mission Management Board Introduction