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Macedonian banks profits increase 75% in 2006

Banks in Macedonia made a total profit of 2.8 billion denars ($62 million) from their operations in 2006, which represents a 76% increase on 2005, news reaching from Skopje reported on Wednesday.

The National Bank of Macedonia announced that this increase of profit is due to "favorable macro-economic environment, increased volume of banking activities and decrease of overall risks for banks". The total assets of banks in Macedonia have increased 24% and stand at 174 billion denars ($390 million) at the end of 2006, the central bank said in a report. The bank also said that credit activity in Macedonia increased 30.5% in 2006, compared with the previous year, while the risks of investment decreased and the banking sector maintained its stability. (