Tirane, Albania / March 2, 2016
The banking system in Albania hit a new profit record during 2015. Private banks reached record profits of ALL 15.7 billion, although only three major private banks hit the highest profits compared to other banks.
The increase of profits has come as a result of the decrease of interest rates and other policies applied by banks. During the past year, the biggest banks increased their spending in interest rates decreased significantly to ALL 14.4 billion, 36% less than in 2014. Profits from the interest rates decreased as well, although at a lower rate (5.5% less in 2015 compared to 2014).
Currently, the banking system in Albania is liquid and well capitalized and has been seeing a continuous increase of profits for the past three years. The banking system in Albania was hit by the Eurozone’s economic crisis in 2008, especially by the Greek heavy crisis.
News source/photo credits: Scan TV