KentBank Continues to Grow, Possible Acquisition Planned

KentBank, on the occasion of its 20th anniversary of operations, announced its business results for 2017, which ended with assets of two billion kuna and a profit of 5.2 million kuna. The good business results are a continuation of the bank’s growth, which began with a positive result in 2015, and KentBank is also the fastest-growing bank in the Croatian banking sector, they stated during the presentation from the bank.

The growth continued in the first quarter of this year, in which KentBank achieved a profit of 2.4 million kuna, while last year in the same period, the profit amounted to 1.7 million kuna. The bank still has a rate of problematic loans lower than the banking sector, with one of the highest coverage ratios in the Croatian financial market, emphasized the leaders of KentBank, which will also mark two decades of operations in Croatia at the beginning of next week.

– We have always been a fast-growing bank and we will continue to be, but last year certain circumstances occurred, so we were not as liquid as the previous year. We had a very successful year in financial terms, and we made a leap by starting digitalization, launching new internet banking and mobile banking services that are among the best in the banking sector, said Ivo Bilić, CEO of KentBank.

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He adds that the bank’s focus is on portfolio growth and increasing the number of clients, contributing a range of new products and services, including POS devices, currency conversion options at ATMs, client packages, and safes.

– We are focused on small and medium-sized enterprises. There is a trend of generational change in society because in almost all companies that were established in the early 90s, parents are now handing over the business to their children, and we see an opportunity to help such companies, said Damir Brkić, a member of the Management Board.

He announces that the bank could soon move out of the small bank segment, which he estimates will take about five years, as well as a possible acquisition, which is why there are no plans to open new branches in the near future.

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Last year, KentBank opened a representative office in Istanbul, whose primary task is to find Turkish companies that would invest in Croatia, as well as to assist Croatian companies in placement or finding suppliers, which has resulted in exceptional progress in a short period.

– The bank aims to create new business opportunities for entrepreneurs from Croatia and Turkey and to be a bridge connecting these two countries, explained Bilić.