NLB Komercijalna banka: €153.8 million profit in 2025
The bank's annual financial report shows net profit of 18.16 billion dinars for 2025, up 9.5 percent on the 16.58 billion booked in 2024, with total assets of €6.06 billion.
NLB Komercijalna banka closed 2025 with net profit of 18.16 billion dinars, against 16.58 billion a year earlier. That is growth of 9.5 percent. NLB Group, which reports on its member banks from Ljubljana, states the same result as €153.8 million.
Total revenue for 2025 came to 38.27 billion dinars (around €326 million), compared with 37.79 billion in 2024. Revenue grew 1.3 percent, seven times slower than profit. The gap between those two rates says where the result came from: the revenue side barely moved, and the improvement was made on costs, reported at 17.53 billion dinars for the year.
Balance sheet and place in the sector
Total assets stood at €6.06 billion at the end of 2025, roughly 711 billion dinars, up 9.6 percent year on year. The bank holds a 10.2 percent share of total Serbian banking sector assets.
Scale of the operation at year end:
- active clients: 1,043,052
- employees: 2,214
- average gross salary: 260,517 dinars a month
The sector comparison gives the result its proper weight. Banks in Serbia earned 166.5 billion dinars between them in 2025, about €1.4 billion. Banca Intesa earned the most, 31 billion dinars, followed by Raiffeisen banka with 29.1 billion and UniCredit banka with 23.2 billion. NLB Komercijalna banka’s 18.16 billion is close to 10.9 percent of all sector profit, near its share of sector assets. The eight largest banks hold 87 percent of the market, and sixteen of the nineteen banks ended the year with profit above one billion dinars.
Why is this bank’s result no longer tracked through the stock exchange?
The KMBN share has been delisted from the Belgrade Stock Exchange, and the last trading data dates from September 1, 2022, at a price of 4,500 dinars. The owner is NLB d.d. with a 100 percent stake, so shareholder meetings and dividend decisions no longer run in public view the way they did while the Serbian state held the majority.
The results are now visible in two places: the financial statements filed with the Serbian Business Registers Agency, and NLB Group’s own disclosures, which present the Serbian member inside the group report. That is also why the dinar and euro figures for the same year differ slightly, since consolidation uses the group accounting rate.
Management
The Chairman of the Executive Board is Vlastimir Vukovic, in the post since 2021. The board also includes Bojana Kalicanin Stojanovic, responsible for operations and information technology since 2022, and Vladimir Boskovic, responsible for the corporate segment since 2023.
What the result means for NLB Group
NLB Group reported net profit of €503.1 million for 2025, 2 percent below the previous year. The Serbian member contributed €153.8 million of that, close to 30 percent, which places Serbia directly behind Slovenia by contribution.
The figure gains a second dimension next to the acquisition price. On February 26, 2020, at the Serbian Ministry of Finance, NLB signed the contract to buy 83.23 percent of Komercijalna banka for €387.02 million, with an obligation to pay 2 percent annual interest for the period from January 1, 2020 to closing. A single year of profit is now worth about 40 percent of what the group paid for the majority stake.
The rate environment
The key policy rate of the National Bank of Serbia (NBS) held at 5.75 percent through all of 2025, with the deposit facility rate at 4.5 percent and the credit facility rate at 7 percent. A flat rate means banks did not improve last year’s result through the price of money, but through lending volume and cost control.
The next comparable data point will come with the half-year report for 2026.
