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Report: SocGen's Macedonian unit expects after-tax profit to triple by 2022

Macedonia-based Ohridska banka AD plans to increase its after-tax profit to 427.3 million Macedonian denars in 2018 and to 754.7 million denars by 2022 from 230.2 million denars earned in 2017, SEENews reported March 7, citing the lender's stock exchange filing.

The unit, controlled by Société Générale SA, also plans to boost its net interest income to 1.2 billion denars in 2018 and to 1.67 billion denars by 2022 from 1.16 billion denars in 2017, while its assets are expected to grow to 49.16 billion denars by 2022 from 35.4 billion denars at the end of 2017.

SocGen controls 70.02% of Ohridska banka, with the remaining shares of the lender owned by minority shareholders, SEENews noted.

As of March 7, US$1 was equivalent to 49.57 Macedonian denars.