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Annual Report2007

�NLB MONTENEGROBANKAAnnual Report 2007.

General Manager’s Statement 4

I INTRODUCTIONManagement Bodies 6Key financial data 7Strategy 8

II PERFORMANCE ANALYSISFinancial Results 12Retail Banking 16Corporate Banking 20Financial Markets 22

III OTHER SEGMENTSHuman Resources Management 26Business network 27

FINANCIAL STATEMENTS 28AS AT 31 DECEMbER 2007 AND INDEPENDENT AUDITOR’S REPORT

Table of contents

� NLB MONTENEGROBANKAAnnual Report 2007.

General Manager’s Statement

General Manager’s Statement

I can delightfully conclude that the year 2007 was most successful one for NLB Montenegrobanka since 11/07/2003 when it became the full member of NLB Group, after privatization process had been effectively concluded. All set and planned objectives were fully achieved and the Bank completed the business year with achieved financial result of 3, 4 million Euro, considering the European standards of NLB Group (risk policy, emphasized by the conservative reservation policy for potential losses).

The market competition was extremely strong, but the Bank managed to secure its position on top of the Montenegrin banking system and to be recognized as the long-standing chosen partner, the partner that clients could rely on. That is our goal in the upcoming period. We are aware that we have to invest lot of efforts to achieve it, but we have all prerequisites to attain it and therefore we are convinced in success for benefits of our clients, employees and shareholders.

Good business results could not be achieved without upmost endeavors of employees in attaining set business goals and the improvement of Bank’s operation. I want to thank all of them for their efforts and contribution. On this occasion I want to thank the Management Board for very fair collaboration, as well as the mother Bank on showed trust and high level of understanding, and professional business cooperation.

rtomir Mesari General Manager

NLB Montenegrobanka Annual Report 2007 3

Introduction

Management Bodies 6 Key financial data 8

Strategy 8


Management Bodies Management Board

Mr Matej Narat, President (Member of the Management of NLB d.d.) Mr Andrej Hazabent, member (Assistant Manager of the Management of NLB d.d.)Milan Marini , member (Director of the Center and the Assistant Manager of NLB d.d.) Anton Ribnikar, member (Director of the Institute for Legal Protection and Legality of NLB d.d.) Elena Urumovska, member (Representative of EBRD)Dejan Baji , member (Lov en osiguranje ad Podgorica)rtomir Mesari , member (General Manager of NLB

Montenegrobanka ad).

Members of the Management Board until 31st of May 2007 were Mr. Božo Štor and Gregor Kastelic. __________________________________________

Credit Risk Management Committee

Andrej Hazabent, President Elena Urumovska, member rtomir Mesari , member

Until 31st May the Committee member was Božo Štor. ______________________________________________

Supervisory Committee

Milan Marini , President Anton Ribnikar, member Dejan Baji , member

Until 31st May the Committee member was Božo Štor.

____________________________________

Bank Management

rtomir Mesari , General Manager, Darko Radunovi , Deputy General Manager

Management bodies of the Bank are GeneralMeeting of Shareholders and ManagementBoard. The General Meeting of Shareholders consists of all shareholders. Management Board, as a body managing the Bank, is nominated by the General Meeting of Shareholders.

The Management Board of the Bank has 7 (seven) members and most of them are not employed with the Bank. The general manager is the member of the Management Board.

Permanent bodies of the Management Board arethe Credit Risk Management Committee and the Supervisory Committee. The Credit Risk Management Committee has three members which are all members of the Management Board, and the Supervisory Committee has three members, majority of which are members of the Management Board not employed with the Bank.

General Manager of the Bank is the CEO of the Bank and is responsible for his work and for operation of the Bank to the Management Board of the Bank.

* In Accordance to the Merger Contract, Nova ljubljanska banka d.d, as the legal successor, became owner of the Koroska Bank shares as of 5th May 2008.


Introduction

�NLB MONTENEGROBANKAAnnual Report 2007.

Key financial data


Management Bodies Management Board

Mr Matej Narat, President (Member of the Management of NLB d.d.) Mr Andrej Hazabent, member (Assistant Manager of the Management of NLB d.d.)Milan Marini , member (Director of the Center and the Assistant Manager of NLB d.d.) Anton Ribnikar, member (Director of the Institute for Legal Protection and Legality of NLB d.d.) Elena Urumovska, member (Representative of EBRD)Dejan Baji , member (Lov en osiguranje ad Podgorica)rtomir Mesari , member (General Manager of NLB

Montenegrobanka ad).

Members of the Management Board until 31st of May 2007 were Mr. Božo Štor and Gregor Kastelic. __________________________________________

Credit Risk Management Committee

Andrej Hazabent, President Elena Urumovska, member rtomir Mesari , member

Until 31st May the Committee member was Božo Štor. ______________________________________________

Supervisory Committee

Milan Marini , President Anton Ribnikar, member Dejan Baji , member

Until 31st May the Committee member was Božo Štor.

____________________________________

Bank Management

rtomir Mesari , General Manager, Darko Radunovi , Deputy General Manager

Management bodies of the Bank are GeneralMeeting of Shareholders and ManagementBoard. The General Meeting of Shareholders consists of all shareholders. Management Board, as a body managing the Bank, is nominated by the General Meeting of Shareholders.

The Management Board of the Bank has 7 (seven) members and most of them are not employed with the Bank. The general manager is the member of the Management Board.

Permanent bodies of the Management Board arethe Credit Risk Management Committee and the Supervisory Committee. The Credit Risk Management Committee has three members which are all members of the Management Board, and the Supervisory Committee has three members, majority of which are members of the Management Board not employed with the Bank.

General Manager of the Bank is the CEO of the Bank and is responsible for his work and for operation of the Bank to the Management Board of the Bank.

* In Accordance to the Merger Contract, Nova ljubljanska banka d.d, as the legal successor, became owner of the Koroska Bank shares as of 5th May 2008.


Introduction


Introduction

Strategy

Corporate Banking

Present client basis maintenance and its increase

Keeping and upgrading of the present quality level of loan requests processing and work, with a special attention dedicated to the quality of approved placements and decision making

Elaboration of the present and introduction of new products, with improvement of existing services

Effort in establishing cooperation with large state systems that are still not privatized and transformed and with local autonomies in Montenegro

Greater orientation of the corporate division to bringing new clients by introduction of the middle office, which duty would be to process documentation

Retail Banking

Present client basis maintenance and its increase aiming to double the number of active clients till 2010 comparing to 2006.

Increasing number of active services per client

Complete transformation of the SME segment within the business network

The branch network to cover all bigger and middle city centers

Greater efficiency in products selling with the special emphasize on the cross-selling effect

Introduce in the offer complement services/products: insurance, investment banking and financial consulting and similar.

Concluding process of the client basis segmentation and the offer’s adequate diversification, and promotion of the CRM concept

The strategy of the future Bank’s development relies on striving to improve balance structure, to expand secondary liquidity sources and retain leading position in creating financial -banking standards in Montenegro.

The Bank’s Basic Strategic Objectives

Taking leading position in creating financial – banking standards in Montenegro

Significant growth of the balance amount, the loan and the deposit portfolio

Improvement of operation efficiency and profitability

Strengthening all types of control mechanisms

The Bank shall be »financial bridge« between the economies of Montenegro, Slovenia and the economies of the countries where NLB Group is present

Focusing on certain operation segments (segmentation of clients, card and e-banking, ATMs, extensive range of loans and deposits, capital placement in investment funds in the country and abroad, development of banking-insurance products and services etc.)

Strengthening of its own sources of funds (deposits of non-banking sector); elaboration of possibilities to diversify sources (focusing on regional sources)

Personnel restructuring, education and training of employees


Financial Results 18

Retail Banking 22

Corporate Banking 26

Financial Markets 29

Performance Analysis

12 NLB MONTENEGROBANKAAnnual Report 2007.

PerformanceAnalysis

NLb Montenegrobanka achieved exceedingly good results in all segments of operation and completed the year 2007 as a bank on top of Montenegrin banking sector, according to the balance amount in total placements and deposits.

The year 2007 was completed with result of 3, 4 mil EUR.

The realized operative income from regular operation exceeded 30 million EUR and it was by 75% higher than the one realized in 2006. All indicators of the bank’s operation show improvement of the balance structure together with a growth of the operative profitability.

Financial Results

1�NLB MONTENEGROBANKAAnnual Report 2007.

Net pr ofit, in thousand EUR

1 ,1 8 9

3 ,4 0 4

0

1,500

3,000

4,500

2006 2007

The year 2007 was completed with unprecedented achievements, showed in context of planned growth rates together with attained profitability indicators. The achieved results, after taxation, amounted 3, 4 million EUR which by 186% exceeded the results from the previous year.

The realized net operative incomeamounted 18, 3 mil EUR exceeding the plan for 40 % and the growth of almost 50% in comparison with the year 2006. Approximately 65% of realized operative income related to the net interest income, that is, 35% to provisions and fees from regular operation.

Operative costs in the year 2007 amounted 10, 8 million EUR. In comparison to the year 2006 it is CIR (ratio between operative costs and net operative income) which is significantly improved, from 70% in the year 2006 to 55% in 2007.

The Bank still implement conservative policy for reservation of the risk asset items. Consequently, the cost for the year 2007 amounted 4, 2 million EUR.

RO E, r etur n on equity , in %

1 6 .4 5 %

5 .7 4 %

0.00%

8.00%

16.00%

24.00%

2006 2007

RO A , r etur n on assets, in %

1 .1 9 %

0 .7 3 %

0.00%

0.50%

1.00%

1.50%

2006 2007


PerformanceAnalysis

1� NLB MONTENEGROBANKAAnnual Report 2007.

Net non-inter est income, in thousand EUR

4 ,5 5 2

6 ,5 3 5

0

4,000

8,000

2006 2007

Net inter est income, in thousand EUR

1 1 ,7 8 7

7 ,7 9 1

0

5,000

10,000

15,000

2006 2007

C ost/income r atio

5 5 .2 7 %

6 9 .8 9 %

0.00%

30.00%

60.00%

90.00%

2006 2007


PerformanceAnalysis

As stated by the three key indicators showing the participation of banks on the market, NLb Montenegrobanka ranks on top of the banking sector of Montenegro, with the following participation percentages:

Loans....................14.3%Deposits...............13.2%balance amount...13.5%

15NLB MONTENEGROBANKAAnnual Report 2007.

PerformanceAnalysis

Deposits

0

100,000

200,000

300,000

, in thousand EUR

1 3 9 ,8 9 5

2 2 6 ,0 8 7

31/12/2006 31/12/2007

60%

65%

70%

75%

Deposits of non-banking sectorP articipation in total sources, in %

Loans to non-banking sector , in thousand EUR

1 6 7 ,9 3 5

3 2 4 ,1 3 6

0

150,000

300,000

450,000

31/12/2006 31/12/2007

0.00%

3.00%

6.00%

Loans to non-banking sectorC ov erage of loans by prov isions, in %

Inter est-bear ing assets and liabilities, in thousand EUR

2 6 0 ,7 9 1

1 3 5 ,2 1 8

2 6 9 ,9 4 4

1 3 6 ,5 1 7

0

100,000

200,000

300,000

31/12/2006 31/12/2007

0.00%

2.00%

4.00%

6.00%

A v erage net interest-bearing assetsA v erage net interest-bearing liabilities

N et interest-bearing margin, in %

The Bank’s total assets as of 31 December 2007 reached amount of 402, 3 million EUR / the growth rate for the years 2007/2006 resulted 78%, while the plan percentage exceeded by 57%.

The Bank’s loan portfolio as of 31 December 2007 amounted 324, 1 million EUR. Comparing to 31 December 2006 the portfolio was increased for 93%, with the plan exceeded by 50%. In the portfolio structure 55% related to loans to the legal persons and state-owned segment, and 45% of the loans to citizens.

The Deposits of non-banking sector were increased for 62% compared to 31 December 2006/ the plan was exceeded by 42%. 58% of the loan portfolio is in the retail deposits and 42% in deposits to legal persons and state.



Retail banking

The year 2007 was the year of dynamic development of retail segment, which was positioned as the source of stable growth, as well in profitability as in the overall bank’s liquidity.

If we look attained results and high growth rates, together with the balanced employment policy and the modest business network expansion, we could be very satisfied with what we achieved.

The year 2007 was extremely successful for this segment of operation. Externally, we retained position of the leading bank in all key segments of operation in retail. Internally, the retail was positioned as the source of stable growth, in profitability so as in the overall Bank’s liquidity

The sales plans were successfully realized and signifi-cantly exceeded all the planed results. The program of sales promotion and more than 100 workshops and trainings for the employees in business network was realized aiming to improve the quality of service as the primary goal.

In domain of promotional activities the Bank success-fully identify itself with NLB Group, by promoting its main advantages. By the visual appearance and standardized communication it clearly separated from the rest of competition and successfully supported its selling activities building the image of young, innovative and secure institution.

The business Network, besides the expansion in the three new locations, it was thoroughly reorganized by reconstruction of the existing ones, ATMs installation, DNT and implementation of the sitting zones, as the basic prerequisite of the new concept of personal approach to clients.

PerformanceAnalysis


PerformanceAnalysis

Loan activity at the level of the banking system realized exceptionally high growth rates. The Bank managed to attain approximately the same growth rates, on a substantial loan basis thus keeping the position of one of the leading banks in the retail banking segment.

Sales plans were exceeded by few times, while, on the other hand, the main quality remained in stability and portfolio quality.

More than 22 thousands loans in retail segment was granted in the year 2007, in total amount of 116, 2 million EUR / the amount is more than 100% higher that one granted in the year 2006.

In the loans structure, the prevailing share is in the housing loans, where the Bank appeared with a renewed offer and a noteworthy media campaign, positioning as an innovative and stable institution focused on client and its needs.

The loan products offer has been additionally increased, decentralized decision making system and the very substance of a product designed to a client’s needs.

Business Network division commenced with the loan support to the segment of Small and Medium Enterprisesachieving distinguished results during the last quarter of the year 2007.

Apart from the SME, the new range of loan products was enriched with micro-credit segment, primarily dedicated to agriculture.

Str uctur e of gr anted amount of r etail loans, 2 0 0 7

Housing loans58%

Cash loans27%

Other15%

Retail loans, in thousand EUR

1 4 6 ,2 6 1

6 5 ,0 1 7

0

100,000

200,000

31/12/2006 31/12/2007

35%

40%

45%

50%

Retail loans

P articipation in total loans, in %



PerformanceAnalysis

T ime r etail deposits, in thousand EUR

2 8 ,7 6 4

7 9 ,3 3 2

0

50,000

100,000

2006 2007

0%

20%

40%

60%

Time retail deposits

P articipation in total retail deposits, in %

Retail depostis, in thousand EUR

1 2 9 ,2 8 6

6 5 ,3 9 0

0

80,000

160,000

31/12/2006 31/12/2007

0%

30%

60%

90%

Retail deposits

P articipation in total deposits, in %

One of the strategic orientations in the year 2007 was the balanced growth of loans and deposits,creating basis for future growth over domestic sources. Apart from the significant growth in active operations, the Bank extensively achieved this goal which resulted in the significant growth of deposits in absolute amount as well as in growth of relative participation in the Bank’s liabilities.

In the course of this year segmentation of the deposit products offer was concluded. Bythe proactive approach to sales more than 100% accounts was opened comparing to the previous year. The innovated offer and different approach, and recognizable marketing campaign resulted with significant growth of the number of regular clients.

One of the key projects is development of the personal banking and golden account in order to create a new philosophy of operation in retail segment.

Number of opened accounts of citizens

11,400

5,292

0 4,000 8,000 12,000

2006

2007



PerformanceAnalysis

Number of active car ds

11,912

27,992

0 10,000 20,000 30,000

31/12/2006

31/12/2007

Number of A T M s and P O S ter minals

1 5

4 3 0

2 3

1 ,1 0 0

0 500 1,000 1,500

N umber ofA TM s

N umber ofP O S

terminals

31/12/2006 31/12/2007

T otal gr oss - A T M s and P O S ter minals, in thousand EUR

3 ,1 3 2

7 ,2 8 4

9 ,9 3 6

1 5 ,2 5 2

0 6,000 12,000 18,000

A TM s

P O Sterminals

2006 2007

Advanced sale channels

In the year 2007 the Bank completed a number of strategic projects and created preconditions for further development of this segment:

- VISA acquiring and issuing license, - Master Card, Cirus, acquiring and issuing license, - agent activities in Diners Club int. cards acceptance- Top Up services for pre-paid vouchers of the mobile phone operators M:tel and M:ts, - Introduction of First Data int. new, renowned processor

The number of clients that actively use payment cards was doubled; the program of debit cards become the basic product and channel for using services of current account. The offer of card products was significantly increased up to six products, together with the gift cards package.

ATM network was supplemented from 15 to 23 locations, while the POS terminals network was increased from 430 locations over 1100. The network enlargement and completion of development projects directly resulted in the multiple growth of payment cards acceptance in domain of ATM as well as in domain of POS acquiring.

Electronic banking has remained an important segment of the offer, and the Bank, next to being an absolute leader in the market, has been recognized as an innovator in the distribution channels. The staff structure in this segment has been greatly improved in order to further enhance its operation, quality of service to the end users and evolving of new projects. Nearly 30% of overall completed transactions of payment operations have been performed through this channel.



PerformanceAnalysis

Corporate banking

The result achieved in the corporate banking segment was very good - both on the bank’s one and on the entire banking sector level.

An adequate response was given to a very strong competition and along with a good reorganization of operation and a dispersion of responsibility it created the condition to repeat a good result in 2008, providing even better performance of the bank.

It can be stated that the intensified competi-tion had a positive influence on the operation of NLB Montenegrobanka and its attitude towards economy.

During 2007, the product range of the Bank was additionally enlarged. As the most popular product distinguished overdraft loan, that enables companies to permanently keep the current liquidity. Besides this product, the Bank plans to additionally innovate and enrich its offer in upcoming period. This will enhance the Bank’s competitiveness, and from the aspect of the clients, it will result with a better performance for themselves.

During 2007 the Bank also granted all other types of loans: loans for liquidity, for current assets, investment loans, ‘project financing’, and loans for purchase of equipment.

At the end of year 2007 the business ambient has been changed, both for the events on global financial market and the legal regulations of the Central Bank aiming to decrease loan activity. According to the above mentioned, it is expected smaller growth of loan activity in the year 2008 compared to 2007; it is planned greater diversi-fication and dispersion of the loan amounts, as well as the change of maturity structure in favor of short-term loans. The basic task of Corpo-rate Banking Division is to collect deposits from domestic sources during the year 2008.

Important attention has been paid to competent training of staff in branch offices, in domain related to corporate banking, in order to achieve high level of independence in their work.


PerformanceAnalysis

Gr anted amount of cor por ate loans, guar antees and letter s of cr edit, in thousand EUR

1 2 9 ,8 1 6

2 2 ,1 0 4

2 1 7 ,2 9 6

5 8 ,0 5 6

0 100,000 200,000 300,000

G uaranteesand letters of

credit

C orporateloans

2006 2007

Str uctur e of gr anted amount of cor por ate loans, 2 0 0 7

Long-terms loans

59%

Overdraft loans 2%

C redit lines

10%

Short-term loans29%

During the year 2007, it has been increased the Bank’s clients’ basis and a significant expansion of loan – guarantee activity was followed by the general loan expansion in Montenegro.

The amount of granted loans was increased by 67%, compared with the previous year, while the growth of issued guarantees was 184%.The amount of time deposits of legal persons and the state at the business year-end exceeded 30% compared to the year 2006.

___________________________________

In the year 2007 the following loans were granted:

- 677 long-term loans in the amount of 128, 2 million EUR;

- 897 short-term loans in the amount of 63 million EUR;

- 438 credit lines and overdraft loans in the amount of 26 million EUR.

C or p

80,0

160,0

or ate deposits, in thousand EUR

7 4 ,5 0 5

9 6 ,8 0 1

0

00

00

31/12/2006 31/12/2007

0%

30%

60%

C orporate depositsP articipation in total deposits, in %

C or por ate loans, in thousand EUR

1 7 7 ,8 7 4

1 0 2 ,9 1 8

0

100,000

200,000

31/12/2006 31/12/2007

48%

56%

64%

C orporate loans

P articipation in total loans, in %



PerformanceAnalysis

Financial Markets

by the realization of the first emission of long-term debtors’ securities (bonds), in the amount of 10 million EUR, the Bank was the first bank on the Montenegrin market to issue this kind of securities.

Also, the bank was granted the license for custody operations by the Securities Commission, which made it among the first banks in Montenegrin market to offer those services to domestic and foreign market.

NLB Montenegrobanka was by 70% of efficiency realized the first emission of long-dated debtors’ securities (bonds), in total amount of 10 million EUR. Thus it became the first bank on Montenegrin market that issued this kind of securities.

The intention of issuing securities was both to harmonize maturity structures of the Bank’s balance and management of the interest rates risk and increase network of new products by bringing new clients.

The securities were issued in the closed offer and they were obtained for the professional investors exclusively. In purchasing securities, the foreign investors participated with 65% and domestic ones with 35% of participation.

The Bank’s securities are rated on the A list of Montenegro Stock Exchange.

According to the acquired experience the Bank will continue to issue securities aiming to manage the Bank’s maturity and interest rate structure.

Also, based on the adopted Strategy on Invest-ing in Debtors’ Securities, the Bank commenced investing in highly solvent securities. The intention of investment is to create liquidity reserves and to stabilize interest rates income.


PerformanceAnalysis

In the beginning of 2008 the Bank was granted the license for custody operationsby the Securities Commission, which made it among the first banks in Montenegrin market to offer those services to domestic and foreign market.

Implementing this type of operation the Bank is enabled to follow strategy of Nova ljubljanska bank which is present in almost one hundred foreign markets – North America, Europe, Australia and Asia, and, by using know-how and experiences from the most developed financial markets, it can offer all products that are approved by the Montenegrin legal regulations.

Besides the regular clearing and balancing services, the Bank offers wide range of custody services, implying services of the financial assets keeping, that is controlling statement and turnover of the securities, reporting on all important events that could influence a client’s portfolio (assets).

In addition to local markets, the Bank offers clients a possibility to balance transactions with securities issued in other markets. This set of services implies: the services of keeping securities in different markets, creating necessary arrangements based on a client’s instructions, a care on achieving right based on securities, reporting to a client on statement of account and changes on account of securities.

The beginning of custody operations represents the first step towards development of the investment banking. Following trends of contemporary banking the Bank will actively work to establishing other services of investment banking in the upcoming time.


Other segmentsHuman Resources Management 36

Business network 38


Ostalisegmenti

Human Resources Management

Basic data on the employees as of 31st December 2007:

Total number of employees: 281 67 % of the employees are women, The average age of the employees: 42-year old Average past service of the employees: 15-year55% of the employees have more than secondary school education

Q ualification str uctur e of the employees 3 1 /1 2 /2 0 0 7

I - IV 2 %more than

V II degree

1 %

V II degree4 3 %

V I degree1 1 %

V degree 4 3 %

6 3

1 2 0

3 0

1 2 2

A ge str uctur e of the employees 3 1 /1 2 /2 0 0 7

age of 30 2 6 %

age from 31 to 402 3 %age from

41 to 502 6 %

age from 51 to 602 4 %

age more than 60

1 %

7 4

6 47 3

6 8

2



Business network

Podgorica BudvaBulevar Stanka Dragojevi a 46. Ulica Mediteranska 19. tel: 081/ 402 000 tel: 086/ 451 424; 451 341 faks: 081/ 402 212 faks: 086/ 452 379

Bulevar Ivana Crnojevi a 171. tel: 081/ 402 024; 402 204; 402 199 Rožajefaks: 081/ 402 194

Ulica Maršala Tita 45/a tel: 087/ 271 139 Bulevar Svetog Petra Cetinjskog 53. faks: 087/ 271 691 tel: 081/ 242 811; 245 319

faks: 081/ 245 968

Kotor Tuzi bb tel: 081/ 875 028; 875 053 Ul. Stari grad 431, Trg od oružja faks: 081/ 875 023 tel: 082/ 323 945

faks: 082/ 323 946

MojkovacTivatTrg Ljubomira Bako a bb

tel: 084/ 472 114 Ulica Palih boraca bb faks: 084/ 473 103 tel: 082/ 670 341

faks: 082/ 674 101

Bijelo Polje Herceg Novi Ulica Slobode 6.

tel: 084/ 432 096 Trg Nikole urkovi a, stepenište Kralja Tvrtka 1. faks: 084/ 432 090 tel: 088/ 323 523

faks: 088/ 355 572

Pljevlja UlcinjUlica Tršova br. 6

tel: 089/ 322 718 Ulica 26. novembra bb faks: 089/ 322 918 tel: 085/ 421 937; 422 369

faks: 085/ 422 941

BarNikšiUlica Branka alovi a 13.

tel: 085/ 315 813; 312 223 Ulica Novaka Ramova 17 faks: 085/ 314 910 tel: 083/ 215 357

faks: 083/ 214 324

CetinjeBalši a pazar bb tel: 086/ 230 215; 231 037 faks: 086/ 231 375


Ostalisegmenti

PodgoricaBulevar Stanka Dragojevića 46.tel: 020/ 402 000faks: 020/ 402 212

Bulevar Ivana Crnojevića 171.tel: 020/ 402 024; 402 204; 402 199faks: 020/ 402 194

Bulevar Svetog Petra Cetinjskog 53.tel: 020/ 242 811; 245 319faks: 020/ 245 968

Tuzi bbtel: 020/ 875 028; 875 053faks: 020/ 875 023

MojkovacTrg Ljubomira Bakoča bbtel: 050/ 472 114faks: 050/ 473 103

Bijelo PoljeUlica Slobode 6.tel: 050/ 432 096faks: 050/ 432 090

PljevljaUlica Tršova br. 6 tel: 052/ 322 718faks: 052/ 322 918

BarUlica Branka Ćalovića 13.tel: 030/ 315 813; 312 223faks: 030/ 314 910

CetinjeBalšića pazar bbtel: 041/ 230 215; 231 037faks: 041/ 231 375

BudvaUlica Mediteranska 19.tel: 033/ 451 424; 451 341faks: 033/ 452 379

RožajeUlica Maršala Tita 45/atel: 051/ 271 139faks: 051/ 271 691

KotorUl. Stari grad 431, Trg od oružjatel: 032/ 323 945faks: 032/ 323 946

TivatUlica Palih boraca bbtel: 032/ 670 341faks: 032/ 674 101

Herceg NoviTrg Nikole Đurkovića, stepenište Kralja Tvrtka 1.tel: 031/ 323 523faks: 031/ 355 572

UlcinjUlica 26. novembra bbtel: 030/ 421 937; 422 369faks: 030/ 422 941

NikšićUlica Novaka Ramova 17tel: 040/ 215 357faks: 040/ 214 324

Podgorica

Nikšić

Herceg Novi

Kotor

Tivat

Pljevlja

Mojkovac

Bijelo Polje

Rožaje

Cetinje

Budva

Bar

Ulcinj

Audited Report Short VersionAuditor’s Report 47Income Statement 49Balance Sheet 50Statement of changes in equity 51Cash Flows Statement 52

�0 NLB MONTENEGROBANKAAnnual Report 2007.

NLB Montenegrobanka Annual Report 2007 25NLB Montenegrobanka Annual Report 2007 25

�1NLB MONTENEGROBANKAAnnual Report 2007.



�2 NLB MONTENEGROBANKAAnnual Report 2007.NLB Montenegrobanka

Annual Report 2007 27


��NLB MONTENEGROBANKAAnnual Report 2007.




�� NLB MONTENEGROBANKAAnnual Report 2007.

��NLB MONTENEGROBANKAAnnual Report 2007.

NLB Montenegrobanka Annual Report 2007

30

NLB Montenegrobanka ad Podgorica, Stanka Dragojevi a 46., Podgorica, Crna Gora T: +382 20 402 000; Fax: +382 20 402 212; E-pošta: [email protected]

Internet: www.montenegrobanka.com; SWIFT: MNBACS 22


NLB Montenegrobanka ad Podgorica Bulevar Stanka Dragojevića 46.

tel: +020 81 402 000 fax: +020 81 402 212

www.montenegrobanka.com [email protected]

SWIFT: MNBAMEPG; PIB: 020 11 395; PDV -20/31-00089-3

annual report 2007api.nlb.me/files/1450188808-nlb-godisnji-izvjestaj-2008-6847.pdf · management...

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