Godišnji izvještaj 2011 - Sberbank BHjer se visina prosječnih plata povećala na godišnjem nivou u decembru samo za 1,3%. U Bosni i Hercegovini je obim industrijske proizvodnje

Austrija

B O S N A I H E R C E G O V I N AHrvatska

Češka Republika

Mađarska

Rumunija

Srbija

Slovačka

Slovenija

UkrajinaVolksbank BH d.d.

Godišnji izvještaj 2011

Fra Anđela Zvizdovića 1

71000 Sarajevo

T +387 (0) 33 295-601

F +387 (0) 33 295-603

VOLKSBANK BH [email protected]

www.volksbank.ba

SADRŽAJ / CONTENT

IZVJEŠTAJ UPRAVE 6

PREGLED NAJZNAČAJNIJIH POKAZATELJA 7

ORGANI UPRAVLJANJA 8

PRIVREDNO OKRUŽENJE 9

ANALIZA POSLOVANJA 11

MEĐUNARODNA MREŽA 14

FINANSIJSKI IZVJEŠTAJI 15

Bilans stanja 16Bilans uspjeha 18Bilješke uz finansijski izvještaj 19

IZVJEŠTAJ NEOVISNOG REVIZORA 29

IZVJEŠTAJ NADZORNOG ODBORA 30

MANAGEMENT BOARD REPORT 32

KEY FIGURES 33

GOVERNING BODIES 34

ECONOMIC ENVIRONMENT 35

LINES OF BUSINESS 37

INTERNATIONAL NETWORK 40

FINANCIAL STATEMENTS 41

Balance Sheet 42Income Statement 44Notes to the Financial Statements 45

AUDITOR’S REPORT 55

REPORT OF SUPERVISORY BOARD 56

NAŠA MREŽA / OUR NETWORK 57

Centrala / Head Office 57Filijale / Branches 57Šalteri / Agencies 58

Godišnjiizvještaj 2011

Volksbank BH d.d.

6

IZVJEŠTAJ UPRAVE

Dame i gospodo,

Volksbank BH d.d. se osvrće na još jednu poslovnu godinu punu izazova, koja je i dalje bila pod utjecajem ekonomskih prilika u Bosni i Hercegovini kao i trendova na međunarodnim finansijskim tržištima. Kao rezultat toga Banka je nastavila da se fokusira na dodatna poboljšanja efikasnosti, kvalitet usluga i intenzivnije upravljanje odnosima s klijentima.

Uprkos okolnostima, punim izazova, Banka je u protekloj godini ostvarila dobit od 4,4 miliona KM, što potvrđuje ispravnost naše strategije i s njom povezanih aktivnosti. S krajem 2011. godine Banka je iskazala ukupan kreditni portfolio u iznosu od 529,7 miliona KM i depozitni volumen od 303 miliona KM. Stopa adekvatnosti kapitala iznosi 19,3%, što zajedno sa visokim pokazateljima lividnosti ukazuje na jak i visok potencijal trenutnog i budućeg rasta. Sa 31. decembrom 2011. godine, sa 329 uposlenika u mreži od 26 po-slovnih jedinica, Banka servisira 117.000 klijenata.

Slijedeći naše osnovno strateško usmjerenje ka stvaranju i razvijanju bliskog odnosa sa našim klijentima, nastavili smo svoje aktivnosti fokusirati na “house bank” koncept. Zato smo usavršili i prilagodili nekoliko različitih proizvoda i usluga s namjerom da povećamo kvalitet ponude. Dodatni ključni element za uspješno provođenje ovog koncepta jesu visokoprofesionalne kvalifikacije naših uposlenika. Stoga je Banka nastavila posvećivati mnogo pažnje obrazovanju i obuci.

U protekloj godini je i poslovanje sa stanovništvom bilo u fokusu našeg djelovanja. U kreditnom poslovanju Banka je povećala volumen stambenih kredita nudeći konkurente uslove u kombinaciji sa rješenjima, orijentisanim ka potrebama klijenta. U okviru po-nude štednih proizvoda Banka je razvila i ponudila novi strukturirani depozit pod nazivom “VB Gold”, koji klijentima – fizičkim licima – daje mogućnost da učestvuju u zaradi iz promjene cijene zlata uz ograničeni rizik.

U segmentu poslovanja sa pravnim licima i malim i srednjim preduzećima, Banka je vrlo uspješno implementirala gore navedeni “house bank” koncept, na način da je intenzivirala saradnju sa klijentima. Velika prednost za naše klijente leži u činjenici da je Banka, na osnovu visokog nivoa aktuelnih podataka, u mogućnosti da pravovremeno odgovori na zahtjeve i finansijske potrebe svojih klijenata, koji zahtijevaju trenutačno djelovanje.

Senad TupkovićReinhold KollandDenis Hasanić(s lijeva na desno)

7

I na kraju, željeli bismo se zahvaliti našim uposlenicima na velikoj posvećenosti koju su iskazali tokom protekle godine, kao i našim partnerima i dioničarima na njihovom povjerenju i saradnji. Posebnu zahvalnost želimo uputiti našim klijentima, koji su nam ukazali svoje povjerenje.

Mag. Reinhold Kolland Senad Tupković Denis HasanićDirektor Izvršni direktor Izvršni direktor

PREGLED NAJZNAČAJNIJIH POKAZATELJA

u 000 KM 2009. 2010.* 2011.

Ukupna aktiva 793.960 824.792 817.012

Depoziti 651.554 660.637 651.778

Krediti 541.899 534.251 502.957

Dobit prije oporezivanja 3.724 5.406 4.458

Ukupni prihodi 56.689 38.950 38.228

Ukupni troškovi -55.965 -33.440 -33.770

Broj zaposlenih 334 330 329

Broj poslovnih jedinica 27 26 26

* Podaci za 2010 godinu korigovani u skladu sa izmjenama u revizorskom izvještaju za 2011. godinu, te u skladu sa implementacijom standarda IFRS 39. Korekcije se odnose na pozicije:1. Ukupna aktiva2. Krediti3. Dobit prije oporezivanja4. Ukupni prihodi5. Ukupni rashodi

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ORGANI UPRAVLJANJA

NADZORNI ODBOR

PredsjedavajućiDr. Friedhelm BoschertPredsjedavajući UpraveVolksbank International AG

ZamjenikDr. Engelbert BramerdorferVođa odjela Akvizicije i IntegracijaVolksbank International AG

ČlanoviMag. David Vadnal Country Manager Volksbank International AG

Dipl.ing. Mahir HadžiahmetovićČlan Nadzornog odbora

Gabriele UgoliniČlan Nadzornog odbora

UPRAVA

Mag. Reinhold KollandDirektor

Dipl.oec. Denis HasanićIzvršni direktor

Dipl.oec. Senad TupkovićIzvršni direktor

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PRIVREDNO OKRUŽENJE

Bankarski sektor je i u 2011. godini poslovao u uslovima finansijske i ekonomske krize, u kojima su posljedice nedavne recesije još uvijek bile prisutne. Uprkos tome bankarski sektor je zabilježio poboljšanje nivoa kapitaliziranosti, profitabilnosti i rasta, te kao takav bio svijetla tačka i pokretač ekonomskog rasta zemlje u 2011. godini. Stabilnost, sigurnost i likvidnost ukupnog sistema je u cjelini posmatrano bila zadovoljavajuća.

Domaća ekonomija, koja je inače veoma ovisna o tržištima Evropske unije, bila je izložena novim nestabilnostima iz eurozone, u kontekstu efekata dužničke krize, koji su usporili njen pozitivni rast iz prve polovine godine. Uprkos tome došlo je do njenog blagog oporavka, ali sa nižim intenzitetom nego što se očekivalo. Značajni pozitivni pomaci su se desili po pitanju rasta domaće tražnje, te inten-ziviranja kreditnih aktivnosti nakon dužeg perioda stagnacije. Osim toga, zabilježen je i rast štednih depozita stanovništva, poboljšanje profitabilnosti kod većine banaka i posljedičnog jačanja kapitalne osnove, te usporavanje negativnih trendova po pitanju kvalitete aktive.

Nakon skoro dvije godine stagnacije zabilježen je rast privatne potrošnje i investicija, zahvaljujući boljoj dostupnosti kreditnih sredstava u bankama, koji je i dalje na umjerenom nivou, uzimajući u obzir visoku stopu nezaposlenosti od 27,6% i minimalni rast realnih dohodaka.

Inflatorni pritisci su oslabili na samom kraju godine, tako da je stopa inflacije u decembru iznosila 3,1%, dok se tokom godine kretala uglavnom oko 4%. Bitno je spomenuti da je godišnja stopa inflacije u Bosni i Hercegovini viša od godišnje stope inflacije u Evropskoj uniji i zemljama okruženja, osim u Srbiji, u kojoj je zabilježena inflacija od 7%. Pored toga i prosječne cijene hrane su u 2011. u poređenju sa prethodnom godinom porasle za nezavidnih 3,7%. Međutim, inflatorna kretanja nisu prouzrokovala efekte na plate, jer se visina prosječnih plata povećala na godišnjem nivou u decembru samo za 1,3%.

U Bosni i Hercegovini je obim industrijske proizvodnje sa krajem 2011. godine zabilježio povećanje za 5,6% u odnosu na godinu ranije, a zahvaljujući rastu u oblasti prerađivačke industrije i rudarstva. Industrijska proizvodnja je bila ključni pokretač nastavka bla-gog ekonomskog oporavka zemlje, obzirom na snažan porast potražnje zemalja EU za izvoznim proizvodima Bosne i Hercegovine. Osim toga, građevinska branša je doživjela oporavak u cijeloj zemlji, dok je evidentan ozbiljan pad u proizvodnji električne energije.

U prošloj godini su komercijalne banke u Bosni i Hercegovini u odnosu na prethodnu godinu ostvarile odlične poslovne rezul-tate, čime se bankarski sektor vratio u zonu profitabilnosti. Osim povećanja aktive za 3,4% u odnosu na 2010. godinu, bh. banke su na kraju godine ostvarile i ozbiljan rast dobiti od 174 miliona KM. Ukupan volumen plasiranih kredita porastao je za 5,3%, dok je rast depozita od 3,8% nastao uslijed snažne štednje stanovništva, tako da je omjer kredita u odnosu na depozite sa 118% ostao stabilan.

U cilju olakšanja urednog servisiranja kreditnih obaveza dužnika prema bankama i ublažavanja efekata ekonomske krize, koja se očekuje i u tekućoj godini, Agencija za bankarstvo FBiH je donijela odluku o produženju privremenih mjera za reprogram kreditnih obaveza fizičkih i pravnih lica u bankama na još jednu godinu dana.

Stopa obavezne rezerve na depozite sa rokom dospijeća do 1 godine u 2011. je dodatno smanjen sa 14% na 10%, što pred-stavlja još jednu relaksaciju regulative, koja za rezultat ima visokih 1,5 milijardi KM iznad propisanog minimuma na računu rezervi kod Centralne banke BiH.

10

Zbog prevelikog kašnjenja sa formiranjem Vijeća ministara odnosno vlade Bosne i Hercegovine i sa usvajanjem državnog budžeta, agencija Moody’s Investors Service je u maju 2011. godine izmijenila izglede „B2“ kreditnog rejtinga iz stabilnih u negativne. U istoj godini je i agencija Standard & Poor’s u dva navrata mijenjala izgled kreditnog rejtinga zemlje: prvi put je u julu „B+“ stabilne izglede pretvorila u negativne, da bi zemlju u novembru stavila na posmatranje sa rejtingom „B negativno“, sa tendencijom daljnjeg sniženja rejtinga. Ovaj pad kredibiliteta državnih institucija uzrokovan zaustavljanjem reformskih procesa, glavni je krivac za nisku stopu ekonomskog rasta u 2011. godini od svega 1,9%. Osim sniženja kreditnog rejtinga zemlje, došlo je i do potpunog zastoja u odnosima sa MMF-om kroz prekid Stand-by aranžmana, što je stepenica više ka gubitku povjerenja međunarodne zajednice i inves-titora u domaću vlast.

Strane direktne investicije u Bosni i Hercegovini bilježe strmoglav pad u odnosu na druge države regije, što se pripisuje nepo-voljnom okruženjem, lošoj političkoj situaciji i izostanku uspostave vlasti u 2011. godini. Na godišnjem nivou Bosna i Hercegovina je privukla strane investicije od simboličnih 125 miliona eura dok je u ostatak regije investirana milijarda eura. Pad direktnih stranih investicija je osim toga i odraz efekata svjetske ekonomske krize u eurozoni na domaću ekonomiju, koja je otvorena i jako zavisna o makroekonomskim utjecajima iz inostranstva.

Može se konstatovati da je 2011. godina protekla u znaku dužničke krize u eurozoni, čije su se posljedice direktno reflektovale i na ekonomiju Bosne i Hercegovine naročito u drugoj polovini godine. Izvjesno je da će i tekuća godina biti obilježena sporom dinamikom ekonomskog oporavka, te su stoga nužne hitne mjere na poboljšanju cjelokupnog ekonomskog ambijenta i provođenje reformi od strane domaćih vlasti.

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ANALIZA POSLOVANJA

POSLOVANJE SA PRAVNIM LICIMA

U vrijeme velike ekonomske krize i stagnacije cjelokupne bh. ekonomije, čiji su se efekti odrazili i na tržišta zemalja u regiji, Volks-bank BH je još jednom pokazala zašto je jedna od najprepoznatljivijih finansijskih institucija u okruženju. U protekloj godini Banka je kroz odjel poslovanja sa pravnim licima nastavila uspješnu i intenziviranu saradnju sa postojećim klijentima, te svoju mrežu klijenata proširila na kompanije, koje su u njoj vidjele uspješnog poslovnog partnera. Vizija Banke ostala je nepromijenjena: klijenti su i dalje naš najvažniji pokretač, a proizvodi koje plasiramo su upravo refleksija njihovih želja i potreba.

Volksbank BH je već odavno prestala biti isključivo finansijer poslovnih subjekata. Njena savjetodavna uloga usmjerena ka prev-ladavanju problema i nedoumica u svakodnevnom poslovanju klijenata, postala je naš zaštitni znak. Svoj uspjeh mjerimo uspjehom naših klijenata. Izuzetna briga i angažman stručnih saradnika Banke, koji se poklanja „house bank“ klijentima, mnogima od njih bila je vjetar u leđa na putu do liderske pozicije na domaćem tržištu. Naši uposlenici nastoje prepoznati potrebe svojih klijenata, često i prije njih samih i spremni su na sve izazove koje nosi turbulentno i neizvjesno okruženje, a klijenti nam na tome zahvaljuju ukazanim dugogodišnjim povjerenjem. Naša vrata su otvorena svim pravnim subjektima, koji traže ozbiljnog i sigurnog partnera na svom putu ka uspjehu.

POSLOVANJE SA STANOVNIŠTVOM

U segmentu poslovanja sa stanovništvom Banka je održavala kvalitet usluga kroz kontinuiranu edukaciju zaposlenika, te posvećivala pažnju kontrolnim mjerama kvalitete usluga. „House bank“ koncept u svim segmentima našeg poslovanja rezultira povećanjem nivoa zadovoljstva naših klijenata.

Svoje poslovanje Volksbank BH obavlja kroz poslovnu mrežu, koja se sastoji od 26 poslovnih jedinica, od toga 9 filijala i 17 šaltera.

Banka bilježi kontinuiran pozitivni trend u prodaji tekućih računa, debitnih i kreditnih kartica. U svojoj ponudi kartičnih proiz-voda Banka ima MasterCard kreditne i Maestro debitne kartice.

Pokrenuti su programi kreditiranja, skrojeni prema potrebama klijenata, za podmirivanje različitih finansijskih potreba.

Prepoznajući potrebe klijenata Banka je lansirala poseban štedno-investicijski proizvod, jedinstven na domaćem tržištu, koji predstavlja kombinaciju ulaganja i sigurnosti, na način da omogućava ostvarenje kamata, kao i potencijalnog varijabilnog prinosa, a uz potpunu sigurnost povrata cjelokupnog uloga. Osnovni instrument odnosno podloga strukturiranog depozita „VB Gold“ je cijena zlata izražena u USD.

Sa 31.12.2011. godine Banka je zabilježila rezultat od 208 miliona KM depozita stanovništva, od toga 121 milion KM oročenih depozita, a 87 miliona KM a vista, žiro i tekućih računa. Sudeći prema volumenu prikupljenih depozita u protekloj godini, Banka s ponosom može reći da je opravdala svoj slogan „Povjerenje spaja“.

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POSLOVANJE SA MALIM PREDUZEćIMA / SAMOSTALNIM OBRTNICIMA

U protekloj godini odjel Poslovanje sa malim preduzećima / samostalnim obrtnicima je bio fokusiran na akviziciju što većeg bro-ja klijenata. Osim toga, strategija našeg poslovanja bila je orijentisana na intenziviranje rada sa postojećim klijentima Banke odnosno „house bank“ klijentima, kroz jačanje poslovnih odnosa po principu individualnog pristupa svakom klijentu.

Ovaj segment poslovanja i protekle godine je, uprkos nepovoljnom privrednom okruženju, zabilježio rast prihoda i kreditnog portfolija, te proširenje baze klijenata.

Uz ovakvu strategiju i nesebični angažman njenih uposlenika, Banka i u budućnosti očekuje rast u svakom pogledu, na čemu smo ponajviše zahvalni svojim lojalnim klijentima.

PLATNI PROMET

Unutrašnji platni promet

Volumen platnog prometa u zemlji, obavljenog za komitente Banke, bez obzira na vrlo kompleksnu ekonomsku situaciju, u 2011. godini bilježi blagi porast u odnosu na 2010. godinu. Broj insolventnih računa pravnih lica komitenata banke na dan 31.12.2011. godine iznosio je 883 komitenta i predstavlja smanjenje od 70% u odnosu na prošlu godinu.

Broj međubankarskih transakcija, obavljenih preko Centralne banke BiH u 2011. godini, iznosi 1.132.292 transakcije.

Elektronsko bankarstvo i u 2011. godini koriste samo pravna lica. Učešće elektronski procesiranih naloga u ukupnom broju naloga pravnih lica je 32,5%.

Ukupni prihodi, po osnovu naknada za obavljanje unutrašnjeg platnog prometa za 2011. godinu iznose 1.096.749 KM.

Platni promet sa inostranstvom

Obim platnog prometa sa inostranstvom u 2011. godini iznosio je 654.631.000 KM.

Broj transakcija platnog prometa sa inostranstvom u 2011. godini iznosio je 42.133.

Ukupan prihod po osnovu naknada za platnog prometa sa inostranstvom u 2011. godini iznosio je 1.163.928 KM

Opis transakcije 2010. 2011.

Prilivi (broj naloga) iz inostranstva 25.001 28.488

Plaćanja (broj naloga) u inostranstvo 13.787 13.645

Volumen platnog prometa sa inostranstvom u KM 555.372.000 654.631.000

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SREDSTVA

I u 2011. godini odjel Sredstava je uspješno obavljao sve svoje aktivnosti vezano za likvidnost Banke, tako da je Banka sva-kodnevno ispunjavala propisanu obavezu održavanja ročne usklađenost aktive i pasive.

Proces upravljanja likvidnošću je nastavljen kroz kontinuirani monitoring na dnevnoj, sedmičnoj i mjesečnoj osnovi uz redovno praćenje budućeg kretanja likvidnosti putem projiciranih kretanja novčanih tokova (priliva i odliva). Likvidna sredstva, kako u domaćoj tako i u EUR valuti, bila su veća od planiranih, što je u prvom redu posljedica smanjenja kreditnih aktivnosti Banke, te ponovne izm-jene zakonske regulative vezane za stopu obavezne rezerve na depozite sa rokom dospijeća do 1 godine, koja je sa 14% dodatno smanjena na 10%. To je rezultiralo činjenicom da je visina obavezne rezerve na računu kod Centralne banke BH u toku cijele godine bila značajno iznad zakonom propisanog minimuma.

Upravljajući deviznim rizikom Banka je bez većih oscilacija i uredno održavala limite propisane od strane Agencija za bankarstvo, kao i interne limite propisane od strane Uprave Banke i matične banke iz Beča, nastojeći da u isto vrijeme zadrži i optimizira profitnu orijentaciju banke u datim uslovima.

Banka je u 2011. godini nastavila trend povećanja broja potpisanih ugovora sa novim klijentima, koji koriste usluge „Customer Desk-a“. Usluge pružene putem „Customer Desk-a“ uglavnom su se odnosile na trgovinu devizama. Primarni cilj Banke se ogledao u stjecanju i zadržavanju povjerenja i zadovoljstva klijenata kroz realnu i konkurentnu ponudu cijena i valutnih kurseva, usklađenih sa trenutnim tržišnim trendovima.

U strukturi izvora finansiranja i dalje najveći udio imaju dioničari banke VBI/VBAG sa 43,55% odnosno depoziti klijenata koji učestvuju sa 37,40% u ukupnom finansiranju. Supranacionalne finansijske institucije učestvuju sa 4,40% u finansiranju Banke.

U cilju širenja depozitne baze i prikupljanja novih depozita klijenata, Banka je sredinom 2011. godine po drugi put uspješno implementirala strukturirani depozit „VB Gold“, štedno-investicijski proizvod sa zagarantovanom glavnicom, kamatom i mogućim varijabilnim prinosom. Ovaj proizvod je jedinstven i trenutno bez konkurencije na domaćem tržištu.

I u protekloj poslovnoj godini Banka je svojim poslovanjem, koje je bilo u skladu sa zakonskim propisima, zadržala svoju Dozvolu depozitara investicijskih fondova, Dozvolu depozitara u emisiji i prometu vrijednosnih papira, te Dozvolu za obavljanje skrbničkih poslova.

Od kada je u 2010. godini Banka uvela uslugu obavljanja transakcija investicionih fondova na domaćem tržištu preko skrbničkih računa, godinu kasnije zabilježila je i svoju prvu skrbničku transakciju na inostranom tržištu.

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MEĐUNARODNA MREŽA

Bosna i Hercegovinawww.volksbank.ba

Austrijawww.vbi.at

Hrvatskawww.volksbank.hr

Češka Republikawww.volksbank.cz

Mađarskawww.volksbank.hu

Rumunijawww.volksbank.ro

Srbijawww.volksbank.rs

Slovačkawww.volksbank.sk

Slovenijawww.volksbank.si

Ukrajinawww.volksbank.ua

AU S T R I J A

Č E Š K A R E P U B L I KA

S LO VA Č K A

U K R A J I N A

M A Đ A R S K A

R U M U N I J A

H R V A T S K A

B O S N A IH E R C E G O V I N A

S R B I J A

S LO V E N I J A

Finansijskiizvještaj

Volksbank BH d.d.

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BILANS STANJANa dan 31. decembra

Bilješka 31. decembra 2011.

’000 KM

Prepravljeno*31. decembra 2010.

’000 KM

Prepravljeno*1. januara 2010.

’000 KM

Aktiva

Gotovina i ekvivalenti gotovine 15 120.374 142.165 151.098

Obavezna rezerva kod Centralne banke 16 47.263 55.355 52.186

Zajmovi i potraživanja od banaka 17 129.510 72.415 29.357

Finansijska imovina raspoloživa za prodaju 18 1.476 1.476 1.476

Finansijska imovina po fer vrijednosti kroz bilans uspjeha 19 67 - -

Zajmovi i potraživanja od komitenata 20 502.957 534.251 558.662

Pretplaćeni porez na dobit - 360 445

Obračunata kamata i ostala aktiva 21 5.799 5.181 5.487

Ulaganja u pridružena pravna lica 22 - 2.800 2.800

Ulaganja u nekretnine 23 1.999 2.367 -

Nekretnine i oprema 24 6.206 7.220 8.915

Nematerijalna imovina 25 1.361 1.202 1.448

Ukupno aktiva 817.012 824.792 811.874

Obaveze

Tekući računi i depoziti banaka 26 352.108 352.055 361.845

Tekući računi i depoziti komitenata 27 299.670 308.582 289.709

Finansijske obaveze po fer vrijednosti kroz bilans uspjeha 19 63 - -

Uzeti zajmovi i subordinirani dug 28 35.893 37.203 38.604

Obračunata kamata i ostale obaveze 29 11.680 13.378 13.496

Rezervisanja za obaveze i troškove 30 468 494 406

Tekuća obaveza poreza na dobit 49 - -

Odgođena poreska obaveza 31 141 152 126

Ukupno obaveze 700.072 711.864 704.186

17

Bilješka 31. decembra 2011.

’000 KM

Prepravljeno*31. decembra 2010.

’000 KM

Prepravljeno*1. januara 2010.

’000 KM

Kapital i rezerve

Dionički kapital 32 47.000 47.000 47.000

Dionička premija 33 27.773 27.773 27.773

Rezerve za kreditne gubitke formirane iz dobiti 22.284 22.284 18.428

Zadržana dobit 19.883 15.871 14.487

Ukupno kapital i rezerve 116.940 112.928 107.688

Ukupno obaveze, kapital i rezerve 817.012 824.792 811.874

* Pogledati Bilješku 4

Računovodstvene politike i ostale bilješke na stranicama od 9 do 77 čine sastavni dio ovih finansijskih izvještaja.

18

BILANS USPJEHAZa godinu koja je završila 31. decembra

Bilješka 2011.’000 KM

Prepravljeno* 2010.’000 KM

Prihod od kamata 7 47.351 49.359

Rashod od kamata 8 (19.078) (18.521)

Neto prihod od kamata 28.273 30.838

Prihod od naknada i provizija 9 7.263 6.752

Rashod od naknada i provizija (364) (383)

Neto prihod od naknada i provizija 6.899 6.369

Prihod od dividendi 10 a 34 -

Neto dobici i gubici od finansijskih instrumenata po fer vri-jednosti kroz bilans uspjeha i kupoprodaje valuta, te kursnih razlika po preračunavanju monetarne imovine i obaveza

10 b 1.591 1.434

Neto dobici od prodaje ulaganja u pridružena pravna lica 10 c 1.112 -

Prihodi 37.909 38.641

Ostali prihodi 10 d 319 309

Neto gubici od umanjenja vrijednosti i rezervacija 11 (9.216) (8.678)

Troškovi zaposlenih 12 (9.913) (9.729)

Amortizacija (1.994) (2.245)

Ostali troškovi 13 (12.647) (12.892)

Dobit prije poreza 4.458 5.406

Trošak poreza na dobit 14 (446) (166)

Neto dobit za godinu 4.012 5.240

Ostala sveobuhvatna dobit - -

Ukupna sveobuhvatna dobit za godinu 4.012 5.240

KM KM

Osnovna i razrijeđena zarada po dionici 34 4,50 4,21

* Pogledati Bilješku 4

Računovodstvene politike i ostale bilješke na stranicama od 9 do 77 čine sastavni dio ovih finansijskih izvještaja.

19

BILJEŠKE UZ FINANSIJSKI IZVJEŠTAJ

ZNAČAJNE RUKOVODSTVENE POLITIKE

Izjava o usklađenosti

Finansijski izvještaji sastavljeni su u skladu sa Međunarodnim standardima finansijskog izvještavanja („MSFI“). Prilikom sastavl-janja ovih finansijskih izvještaja primijenjen je Međunarodni standard finansijskog izvještavanja 1 „Prva primjena Međunarodnih stan-darda finansijskog izvještavanja“ („MSFI 1“).

Funkcionalna valuta i valuta prezentiranja

Finansijski izvještaji prezentovani su u konvertibilnim markama (“KM”), koja je funkcionalna valuta. Iznosi su zaokruženi na najbližu hiljadu (ako drugačije nije navedeno).

Centralna Banka Bosne i Hercegovine („Centralna banka“ ili „CBBiH“) provodi politiku kursa na principu „valutnog odbora” prema kojem je KM vezana za EUR u odnosu 1: 1,95583 koji je korišten kroz 2011. i 2010. godinu. Očekuje se da će se ovo zadržati i u dogled-noj budućnosti.

Preračunavanje stranih valuta

Transakcije u stranim valutama preračunavaju se u funkcionalnu valutu po kursu važećem na dan transakcije. Dobici i gubici po osnovu kursnih razlika koji nastaju prilikom izmirenja tih transakcija i po osnovi svođenja monetarne imovine i obaveza denomini-ranih u stranim valutama po kursu krajem godine priznaju se u izvještaju o sveobuhvatnoj dobiti. Nemonetarna imovina i stavke u stranoj valuti koje se mjere po historijskom trošku preračunavaju se po kursu na datum transakcije i ne preračunavaju se ponovno na datum izvještavanja.

Prihodi i rashodi od kamata

Prihodi i rashodi od kamata priznaju se u izvještaju o sveobuhvatnoj dobiti za obračunsko razdoblje na koje se odnose meto-dom efektivne kamatne stope. Prihodi i rashodi od kamata priznati u izvještaju o sveobuhvatnoj dobiti uključuju kamatu na finansi-jsku imovinu i finansijske obaveze, koji se mjere po amortizovanom trošku izračunatom metodom efektivne kamatne stope.

Prihod i troškovi od naknada i provizija

Prihodi od naknada i provizija sastoje se uglavnom od naknada za kartično poslovanje, naknada za izdavanje garancija, akredi-tiva, domaća i međunarodna plaćanja i ostale usluge i priznaju se u izvještaj o sveobuhvatnoj dobiti po izvršenju usluge.

20

Prihod od dividendi

Prihodi od dividendi po osnovu vlasničkih vrijednosnih papira priznaju se u izvještaju o sveobuhvatnoj dobiti u trenutku nas-tanka prava za primitak dividende.

Nekretnine i oprema

Nekretnine i oprema vrednuju se po trošku nabavke umanjenom za akumuliranu amortizaciju i umanjenje vrijednosti.

Amortizacija se obračunava na sve nekretnine i opremu, osim zemljišta i imovine u pripremi, prema linearnoj metodi kako bi se otpisao trošak nabavke imovine kroz njezin procijenjeni vijek trajanja. Sljedeći procijenjeni korisni vijekovi se koriste:

Kompjuteri 5 godina

Namještaj i ostala oprema 6,5 – 10 godina

Motorna vozila 6,5 godina

Ulaganja u tuđu imovinu 12 godina

Poslovne zgrade 50 godina

Preostala vrijednost nekretnina i opreme i procijenjeni vijek trajanja pregledavaju se i po potrebi usklađuju na svaki datum izvještavanja.

Dobici i gubici po osnovu rashodovanja sredstava utvrđuju se kao razlika između novčanog priliva i neto knjigovodstvene vri-jednosti i iskazuju u izvještaju o sveobuhvatnoj dobiti u okviru ostalih prihoda ili rashoda iz poslovanja.

Nematerijalna imovina

Nematerijalna imovina se iskazuje po trošku umanjenom za akumuliranu amortizaciju i umanjenje vrijednosti. Troškovi razvoja kapitaliziraju se ako zadovoljavaju sve uslove navedene u MRS 38 Nematerijalna imovina (MRS 38).

Amortizacija se obračunava na svu imovinu, osim imovine u pripremi, prema linearnoj metodi kako bi se otpisao trošak nabavke imovine kroz njezin procijenjeni vijek trajanja. Sljedeći procijenjeni korisni vijekovi se koriste:

Softver 5 godina

Metoda amortizacije i procijenjeni korisni vijek pregledaju se i korigiraju, ukoliko je potrebno, na svaki datum izvještavanja.

21

Rezervacije

Rezervisanja se priznaju ukoliko Banka ima sadašnju zakonsku ili izvedenu obavezu proizašlu iz prošlih događaja za čije se podmirenje očekuje da će Banci stvoriti odljev resursa koji utjelovljuju ekonomske koristi, a moguće je napraviti pouzdanu procjenu iznosa obaveze, ili kao što je propisano zakonom, u slučaju rezervisanja za neidentificirane gubitke po vanbilansnim izloženostima kreditnom riziku.

Rezervisanja za obaveze i troškove održavaju se na nivou koju Uprava Banke smatra dovoljnom za pokrivanje nastalih gubi-taka. Uprava utvrđuje dostatnost rezervacija na temelju uvida u pojedinačne stavke, tekuće ekonomske uslove, karakteristike rizika određenih kategorija transakcija, kao i druge relevantne činjenice.

Rezervacije treba iskorištavati samo za izdatke za koje je rezervacija izvorno priznata. Ako više nije vjerovatno da će podmirivanje obaveza zahtijevati odljev resursa koji utjelovljuju ekonomske koristi, rezervisanje se treba ukinuti.

Dionički kapital

Dionički kapital

Dionički kapital obuhvata uplaćene redovne i prioritetne dionice i izražava se u KM po nominalnoj vrijednosti.

Dividende

Dividende na redovne dionice i prioritetne dionice priznaju se kao obaveza u periodu u kojem su odobrene od strane dioničara Banke.

22

PRIHOD OD KAMATA

A) RAŠČLANJIVANJE PO IZVORIMA

Ukupan prihod od kamata potiče iz sljedećih izvora:2011.

’000 KMPrepravljeno 2010.

’000 KM

Preduzeća 13.469 13.418

Građani 32.122 35.102

Banke i druge finansijske institucije 1.760 839

47.351 49.359

U stavku “prihod od kamata od banaka i drugih finansijskih institucija“ uključuju se i prihodi po osnovi kamata na obaveznu rezervu kod Centralne banke.

B) RAŠČLANJIVANJE PO POSLOVIMA

Prihodi od kamata raščlanjuju se po bankarskim poslovima kako slijedi:2011.


’000 KM

Zajmovi komitentima 45.591 48.520

Obavezna rezerva kod Centralne banke 894 612

Plasmani i zajmovi drugim bankama 866 227

47.351 49.359

23

RASHOD OD KAMATA

A) RAŠČLANJIVANJE PO PRIMATELJIMA

Ukupan rashod od kamata raščlanjuje se po primateljima kako slijedi:2011.


’000 KM

Preduzeća 1.193 977

Građani 3.672 4.788

Banke i druge finansijske institucije 14.202 12.750

Ostalo 11 6

19.078 18.521

B) RAŠČLANJIVANJE PO POSLOVIMA

Ukupan rashod od kamata raščlanjuje se po bankarskim poslovima kako slijedi:2011.


’000 KM

Tekući računi i depoziti preduzeća i drugih organizacija 1.193 977

Tekući računi i depoziti građana 3.672 4.788

Uzeti zajmovi 1.121 963

Tekući računi i depoziti banaka 13.081 11.787

Ostalo 11 6

19.078 18.521

24

PRIHOD OD NAKNADA I PROVIZIJA

2011.’000 KM

Prepravljeno 2010.’000 KM

Naknade po poslovima inozemnog platnog prometa 1.743 1.639

Naknade po poslovima unutrašnjeg platnog prometa 1.146 1.097

Naknade po poslovima izdavanjima garancija i akreditiva 737 657

Naknade po poslovima kupoprodaje deviza 967 752

Naknade po kartičnom poslovanju 106 146

Naknade po poslovima sa tekućim računima 805 798

Naknade po ostalim poslovima 1.759 1.663

7.263 6.752

OSTALI POSLOVNI PRIHODI

2011.’000 KM


Prihodi od otpuštanja obaveza za godišnje odmore - 4

Ostali prihodi iz poslovanja 319 305

319 309

25

NETO GUBICI OD UMANJENJA VRIJEDNOSTI I REZERVACIJE

Neto gubici od umanjenja vrijednosti i rezervacija priznati u bilansu uspjeha analizirani su kako slijedi: 2011.


’000 KM

Neto gubici od umanjenja vrijednosti i rezervacija

za zajmove (bilješka 20) 9.560 7.935

za rezervisanja za obaveze i troškove (bilješka 30) (66) 39

za obračunatu kamatu i ostalu aktivu (bilješka 21) (278) 704

9.216 8.678

OSTALI TROŠKOVI

2011.’000 KM


Administrativni troškovi i troškovi marketinga 5.138 5.608

Najamnina 2.858 2.832

Administrativni troškovi i troškovi konsultantskih usluga 948 1.013

Troškovi osiguranja depozita 773 758

Umanjenje vrijednosti ulaganja u nekretnine 320 -

Ostali troškovi 2.610 2.681

12.647 12.892

26

Trošak poreza na dobit

Porez na dobit priznat u bilansu uspjeha sadrži tekući porez i odgođeni porez. Trenutna stopa poreza na dobiti iznosi 10% (2010.:10%).

A) POREZ NA DOBIT PRIZNAT U BILANSU USPJEHA

2011.’000 KM

Kao što je prethodnoobjavljeno 2010.

’000 KM

Tekući porez 457 140

Odgođeni porez (bilješka 30) (11) 26

Ukupno trošak poreza na dobit 446 166

B) DOBIT PRIJE POREZA

2011.’000 KM


Kao što je prethodnoobjavljeno 2010.

’000 KM

Dobit prije poreza 4.458 5.406 1.550

Porez obračunat po stopi od 10% 446 541 155

Porezno nepriznati troškovi 6 11 11

Porezno nepriznata rezervisanja i otpisi 1 - -

Neoporezivi prihod (7) - -

Efekti prelaska na MSFI - (386) -

Trošak poreza na dobit 446 166 166

Prosječna efektivna stopa poreza na dobit 10,0% 3,1% 10,7%

27

TEKUćI RAČUNI I DEPOZITI KOMITENATA

2011.‘000 KM


Preduzeća

Depoziti po viđenju

- u KM i valutna klauzula 44.937 60.037

- u stranoj valuti 12.393 13.072

Oročeni depoziti


- u stranoj valuti 389 5.785

93.925 100.576

Građani

Depoziti po viđenju



Oročeni depoziti



205.745 208.006

299.670 308.582

28

Svaka registrirana redovna dionica nosi pravo jednog glasa dok su povlaštene dionice bez prava glasa.

Povlaštene dionice nose pravo na dividendu kada je izglasana u iznosu 1% većem od dividende na obične dionice. Uz to daju i prednost nad redovnim dionicama u distribuciji imovine Banke u slučaju likvidacije.

Vlasnička struktura Banke na dan 31. decembra 2011. izgleda kako slijedi:

• Volksbank International AG, sa udjelom od 95,46%• Banca Popolare di Vicenza, Vicenza sa udjelom od 2,41%• Banca Popolare dell’Emilia Romagna, Modena, sa udjelom od 2,13%

DIONIČKI KAPITAL

Odobrene i izdane Klasa ARedovne dionice

‘000 KM

Klasa BPrioritetne dionice

‘000 KM

Ukupno‘000 KM

Stanje na dan 1. januara 2011. 32.900 14.100 47.000

Stanje na dan 31. decembra 2011. 32.900 14.100 47.000

Nominalna vrijednost (KM) 1.000 1.000 1.000

Broj dionica 32.900 14.100 47.000

29

IZVJEŠTAJ NEOVISNOG REVIZORA DIONIČARIMA VOLKSBANK BH D.D.

Obavili smo reviziju priloženih finansijskih izvještaja Volksbank BH d.d. (“Banka”). Finansijski izvještaji sastoje se od izvještaja o finan-sijskom položaju na dan 31. decembra 2011. godine, izvještaja o sveobuhvatnoj dobiti, izvještaja o promjenama u kapitalu i rezervama i izvještaja o gotovinskom toku za 2011. godinu te bilješki koje sadrže sažetak značajnih računovodstvenih politika i ostala objašnjenja.

Odgovornost Uprave za finansijske izvještaje

Uprava je odgovorna za sastavljanje i objektivan prikaz ovih finansijskih izvještaja u skladu s Međunarodnim standardima finan-sijskog izvještavanja te interne kontrole za koje Uprava utvrdi da su potrebne kako bi se omogućila priprema finansijskih izvještaja bez značajnih grešaka koje mogu nastati kao posljedica prijevare ili pogreške.

Odgovornost revizora

Naša je odgovornost izraziti mišljenje o ovim finansijskim izvještajima na osnovu naše revizije. Reviziju smo obavili u skladu sa Međunarodnim revizijskim standardima koji nalažu pridržavanje etičkih pravila te planiranje i provođenje revizije kako bi se s razum-nom mjerom sigurnosti utvrdilo da finansijski izvještaji ne sadrže značajne greške.

Revizija uključuje provođenje procedura u svrhu pribavljanja revizijskih dokaza o iznosima i objavama u finansijskim izvještajima. Odabir procedura ovisi o našoj prosudbi, uključujući i procjenu rizika značajnih grešaka u finansijskim izvještajima, koje mogu nastati kao posljedica prijevare ili pogreške. U procjenjivanju tih rizika, razmatramo interne kontrole relevantne za sastavljanje i objektivan pri-kaz finansijskih izvještaja koje sastavlja Banka u svrhu osmišljavanja revizijskih procedura prikladnih u postojećim okolnostima, ali ne u svrhu izražavanja mišljenja o učinkovitosti internih kontrola Banke. Revizija isto tako uključuje ocjenu primijenjenih računovodstvenih politika, primjerenosti računovodstvenih procjena koje je definisala Uprava, kao i ocjenu ukupnog prikaza finansijskih izvještaja.

Uvjereni smo da su nam pribavljeni revizijski dokazi dostatni te da čine odgovarajuću osnovu za potrebe izražavanja našeg revizorskog mišljenja.

Mišljenje

Prema našem mišljenju, finansijski izvještaji prikazuju realno i objektivno, finansijski položaj Banke na dan 31. decembra 2011. go-dine, te rezultate njezinog poslovanja i novčane tokove za 2011. godinu u skladu s Međunarodnim standardima finansijskog izvještavanja.

KPMG B-H d.o.o. za reviziju 8. maj 2012.Registrovani revizoriZmaja od Bosne 7-7A/III71 000 SarajevoBosna i HercegovinaZa i u ime KPMG B-H d.o.o. za reviziju:Manal Bećirbegović, Izvršni direktor Senad Pekmez, FBiH ovlašteni revizor, Broj licence: 3090044102

30

IZVJEŠTAJ NADZORNOG ODBORA

U skladu sa članom 29h) i 31j) Zakona o bankama te odredbama Statuta Volksbank BH d.d., Nadzorni odbor banke podnosi Skupštini banke izvještaj o radu:

U toku poslovne 2011. godine, Nadzorni odbor Volksbank BH d.d. Sarajevo održao je 4 sjednice, na kojima je razmatrao ma-terijale iz svoje nadležnosti, te donosio odluke, zaključke i preporuke temeljem ovlasti, utvrđenih Zakonom o bankama, pratećim odlukama Agencije za bankarstvo FBiH, te Statutom i internim aktima Banke.

Nadzorni odbor je radio i djelovao u skladu sa Poslovnikom o radu Nadzornog odbora.

Sarajevo, 09.05.2012. godine

Predsjednik Nadzornog odbora

Dr. Friedhelm Boschert

AnnualReport 2011

Volksbank BH d.d.

32

MANAGEMENT BOARD’S REPORT

Ladies and gentlemen,

Volksbank BH d.d. retrospects to yet another challenging business year which was still under the influence of economic situa-tion in Bosnia and Herzegovina and the developments in the international financial markets. Therefore, the bank continued to focus on additional improvements in efficiency, service quality and intensified customer relationship management.

Despite the challenging circumstances in the last year the Bank realized a profit of KM 4.4 million which confirms the correct-ness of our strategy and related activities. By the end of 2011 the bank realized a total loan portfolio of KM 529.7 million and a deposit volume of KM 303 million. The capital adequacy ratio amounts to 19.3% which, together with high liquidity ratios, indicates a strong and high potential for current and future development. As of 31 December 2011, with 329 employees in the network of 26 offices, the bank provides service to 117.000 customers.

In following our main strategic focus on creating and developing a close relationship with our clients we continued to focus our activities on the “house bank” concept. Therefore we have upgraded and adjusted several products and services with the intent to increase the offering quality. An additional crucial part for the successful implementation of this concept is high professional quali-fications of our employees. Therefore the bank continued to place great emphasis on education and training.

Last year, retail business was also in the focus of our activities. In the loan business the bank increased the volume of housing loans by offering competitive conditions combined with client oriented solutions. Within the saving product offers the bank imple-mented and launched the new structured deposit product “VB Gold” which gives private clients the possibility to participate in the gold price development combined with limited risk.

With regard to the corporate and the SME segment the bank was very successful in implementing the above mentioned “house bank” concept by intensifying close cooperation with its clients. A major advantage for our clients is that, based on a high and actual level of information, the bank is able to promptly respond to requests and financial needs which require immediate action.

Senad TupkovićReinhold KollandDenis Hasanić(from left to right)

33

Finally, we would like to thank our employees for their great dedication in the last year, and our partners and shareholders for their confidence and cooperation. We would like to extend a special note of appreciation to our clients who have placed their trust in our bank.

Mag. Reinhold Kolland Senad Tupković Denis HasanićDirector Executive director Executive director

KEY FIGURES

in KM 000 2009 2010* 2011

Total assets 793,960 824,792 817,012

Clients payables 651,554 660,637 651,778

Clients receivables 541,899 534,251 502,957

Opreating profits before taxes 3,724 5,406 4,458

Earnings from ordinary activities 56,689 38,950 38,228

Operating costs -55,965 -33,440 -33,770

Number of employees 334 330 329

Number of branches 27 26 26

* Data for 2010 were corrected in accordance with the amendments in the Audit Report for 2011 and in accordance with the implementation of the IFRS 39 standard. The corrections pertain to the following items:1. Total assets 2. Clients payables 3. Opreating profits before taxes 4. Earnings from ordinary activities5. Operating costs

34

GOVERNING BODIES

SUPERVISORY BOARD

ChairmanDr. Friedhelm BoschertChairman of the Managing BoardVolksbank International AG

Deputy ChairmanDr. Engelbert BramerdorferHead of Acquisition and IntegrationVolksbank International AG

MembersMag. David Vadnal Country Manager Volksbank International AG

Dipl.ing. Mahir HadžiahmetovićMember of the Supervisory Board

Gabriele UgoliniMember of the Supervisory Board

MANAGEMENT BOARD

Mag. Reinhold KollandGeneral ManagerChairman of the Management Board

Dipl.oec. Denis HasanićExecutive DirectorMember of the Management Board

Dipl.oec. Senad TupkovićExecutive DirectorMember of the Management Board

35

ECONOMIC ENVIROMENT

In 2011 too, the banking sector operated in conditions of financial and economic crisis in which the consequences of the recent recession were still present. In spite of this, the banking sector reported improvements in the levels of capitalization, profitability and growth and, as such, it was a bright spot and the actuator of the country’s economic growth in 2011. The stability, security and solvency of the overall system in general were satisfactory.

The domestic economy, which is otherwise highly dependent on the markets of the European Union, was exposed to new instabilities in the Eurozone in the context of the effects of debt crisis, which slowed down its positive growth in the first half of the year. Despite this, it slightly recovered, but with lower intensity than expected. There were significant positive changes in terms of the growth of domestic demand and intensified credit activities after a longer period of stagnation. In addition, an increase in savings deposits, improved profitability at most banks, consequent strengthening of capital base and slowing down of negative trends in terms of asset quality were reported.

After nearly two years of stagnation, increased private consumption and investments were recorded owing to better availability of credit funds in banks, which is still at a moderate level, given the high unemployment rate of 27.6% and minimal growth of real incomes.

Inflationary pressures weakened at the very end of the year and, consequently, the inflation rate in December was 3.1% while during the year it ranged mainly around 4%. It is worth mentioning that the annual inflation rate in Bosnia and Herzegovina is higher than the annual inflation rate in the European Union and neighboring countries, except in Serbia, where inflation of 7% was reported. In addition, average food prices in 2011 compared to the previous year increased by unenviable 3.7%. However, inflationary trends caused no effects to salaries, as the amount of average salaries increased at the annual level, in December, by only 1.3%.

In Bosnia and Herzegovina, the volume of industrial production as at late 2011 reported the increase of 5.6% compared to the previous year owing to the growth in the field of manufacturing and mining. Industrial production was a key actuator of the contin-ued mild economic recovery of the country, given the strong increase in demand for export products of Bosnia and Herzegovina in the EU countries. In addition, the construction sector experienced a recovery in the whole country, but there was an apparent serious decline in the production of electricity.

Last year, commercial banks in Bosnia and Herzegovina achieved excellent operating results compared to the previous year and thus the banking sector returned to the profitability zone. Apart from the increase in assets by 3.4% compared to 2010, B-H Banks also generated a serious profit growth of KM (BAM) 174 million. The total volume of placed loans grew by 5.3% and the growth in deposits of 3.8% was a result of strong retail savings and, therefore, the ratio of loans over deposits of 118% remained stable.

With a view to facilitating proper servicing of debtors’ credit liabilities toward banks and mitigating effects of economic crisis, which is also expected in the current year, the Federal Banking Agency issued a decision on extension of interim measures for repro-gramming credit liabilities of natural and legal entities in banks for one more year.

36

In 2011, the rate of mandatory reserves on deposits with a maturity period of up to 1 year was further reduced from 14% to 10%, which is another regulatory relaxation that results in high KM (BAM) 1.5 million above the minimum prescribed minimum on the reserves account at the Central Bank.

Due to excessive delays in setting up the Council of Ministers, that is, the Government of Bosnia and Herzegovina, as well as in the adoption of the state budget, the Moody’s Investors Service Agency, in May 2011, changed the outlook of the “B2” credit rating from stable to negative. In the same year, the agency Standard & Poor’s changed the outlook of the country’s credit rating on two occasions: it was first in July that it turned “B+” stable outlook to negative and, in November, put the country with the rating “B nega-tive” under scrutiny, with a tendency of further downgrading of the rating. This decline in the state institutions credibility, which was caused by stopping reform processes, is the main culprit for a low rate of economic growth in 2011 year of only 1.9%. In addition to the reduction of the country’s credit rating, there was a deadlock in relations with the IMF through the interruption of Stand-By Ar-rangements, which is a further step toward the loss of the International Community and investors’ confidence in the local authority.

Foreign direct investments in Bosnia and Herzegovina drastically fell in Bosnia and Herzegovina compared to foreign countries in the region, which is attributed to unfavorable environment, bad political situation and failure to set up government in 2011. At the annual level, Bosnia and Herzegovina attracted foreign investment in the symbolic amount of EUR 125 million while a billion EUR was invested in the rest of the region. In addition, the drop in foreign investments is also a reflection of the world’s economic crisis on the domestic economy, which is open and highly dependent on macroeconomic effects from abroad.

It can be concluded that 2011 passed in the light of debt crisis in the Eurozone the consequences of which also directly re-flected on the economy of Bosnia and Herzegovina, especially in the second half of the year. It is certain that the current year will be marked with a slow pace of economic recovery and, therefore, urgent measures to improve the overall economic environment and the implementation of reforms by local authorities are necessary.

37

LINES OF BUSINESS

CORPORATE BUSINESS

At the time of great economic crisis and stagnation in the entire B-H economy, the effects of which are reflected on the markets of countries in the region, Volksbank BH once again showed why it is one of the most prominent financial institutions in the region. In the previous year, the Bank, through its Corporate Business Department, continued its successful and intensified cooperation with existing customers and expanded its network to companies which saw a successful business partner in it. The Bank’s vision remained unchanged: customers are still our most important actuators, and the products we sell are just reflections of their desires and needs.

Volksbank BH has long since ceased to be solely a financier of businesses. Its advisory role is focused on overcoming problems and dilemmas in everyday customers’ operations, it has become our trademark. We measure our success by the success of our cus-tomers. Exceptional care and involvement of Bank expert associates provided to “House Bank” customers were to many of them the wind at their backs on their road to leadership positions on the domestic market. Our employees strive to identify the needs of their customers, often before they themselves do that, they are ready for any challenges carried by a turbulent and uncertain environment and our customers thank us for that by giving us their perennial confidence. Our doors are open to all legal entities that are looking for a serious and reliable partner on their road to success.

RETAIL BUSINESS

In the retail business segment, the Bank was maintaining the quality of its services through continuous training of employees and it was paying attention to service quality control measures. The “House Bank” concept in all segments of our operations results in the increased level of our customers’ satisfaction.

Volksbank BH carries out its operations through a corporate network consisting of 26 business units 9 of which are branch of-fices and 17 are counters.

The Bank reports a sustained positive trend in sales of current accounts, debit and credit cards. In its offer of card products, the Bank has MasterCard credit and Maestro debit cards.

Loan programs, tailored to customers’ needs and to meet their various financial needs, have been started.

By recognizing the needs of its customers, the Bank has launched a special savings and investment product, which is unique on the domestic market and which is a combination of investment and security in the way that it allows the generation of interest, as well as of potential variable yield, with complete safety that the full investment will be recovered. The basic instrument, that is, the base for the structured deposit “VB Gold” is the price of gold denominated in U.S. dollars.

As at December 2011, the Bank reported the result of KM (BAM) 208 million in retail deposits, which includes KM (BAM) 121 million of term deposits and KM (BAM) 87 million on a vista, giro and current accounts. Judging by the volume of deposits collected in the past year, the Bank is proud to say that it lived up to its slogan “United in Trust”.

38

SMALL BUSINESS

In the past year, the Department – Business with Small Businesses / Self-Supporting Craftsmen was focused on the acquisition of as many customers as possible. In addition, our business strategy was oriented to the intensification of operations with existing Bank customers, that is, the “House Bank” customers, through the expansion of offer and the strengthening of business relations according to the principle of individual approach to each individual customer.

In spite of unfavorable economic environment, this segment of operation reported the increase in income and credit portfolio and the expansion of the database of customers in the past year, too.

With such a strategy and unselfish commitment of its employees, the Bank also expects growth in every respect in the future and we are largely grateful to our loyal customers for this.

PAYMENT TRANSACTIONS

Internal payment transactions

Regardless of very complex economic situation in 2011, the volume of payment transactions in the country carried out for Bank customers had a slight increase compared to 2010. The number of insolvent accounts of legal entities-customers of the Bank as at December 31, 2011 was 883 customers and it is a decrease of 70% compared to the previous year.

The number of interbank transactions carried out through the Central Bank of Bosnia and Herzegovina in 2011 is 1,132,292 transactions.

In 2011 too, electronic banking was only used by legal entities. The share of electronically processed orders in the total number of orders by legal entities is 32.5%.

Total proceeds in fees for carrying out internal payment transactions for 2011 were KM (BAM) 1,096,749.

Foreign payment transactions

The volume of i foreign payment transactions n 2011 was KM (BAM) 654,631,000.

The number of foreign payment transactions in 2011 was 42,133.

The total income from fees for rendering foreign payment transactions in 2011 amounted to KM (BAM) 1,163,928.

Description of transaction 2010 2011

Inflows (number of orders) from abroad 25,001 28,488

Payments (number of orders) abroad 13,787 13,645

Volume of foreign payment transactions in KM 555,372,000 654,631,000

39

TREASURY

In 2011 too, the Treasury Department successfully carried out all its activities related to the Bank solvency and the Bank, on a daily basis, met its prescribed obligation to maintain the term balance between assets and liabilities.

The process of solvency management was continued through continuous monitoring on a daily, weekly and monthly basis with regular monitoring of future developments of the solvency through projected cash flows (inflows and outflows). Liquid assets, in both local currency and in EUR, were higher than planned, which was primarily the result of reduced credit activities of the Bank and of the repeated amendment to the legislation regarding the rate of an obligatory reserve on deposits with a maturity period of up to 1 year, which was further reduced from 14% to 10%. This resulted in the fact that throughout the year the amount of the obligatory reserve at the Central Bank of Bosnia and Herzegovina was significantly above the statutory minimum.

By managing foreign exchange risk, the Bank, without any major oscillations, properly maintained the limits prescribed by the Banking Agency, as well as internal limits prescribed by the Bank Managing Board and the parent bank from Vienna, trying at the same time to retain and optimize the profit orientation of the Bank in the given conditions.

In 2011, the Bank continued the trend of increasing the number of signed agreements with new customers who use “Customer Desk” services. The services provided through the “Customer Desk” mainly related to trade in foreign currency. The primary objective of the Bank is reflected in the acquisition and retention of trust and customers’ satisfaction through a realistic and competitive range of prices and exchange rates, adjusted to current market trends.

In the structure of financing sources, the largest share still have VBI / VBAG Bank shareholders with 43.55%, that is, customers’ deposits which account for 37.40% of the total financing. Supranational financial institutions account for 4.40% of the financing of the Bank.

With a view to expanding the deposit base and obtaining new deposits from customers, the Bank, in mid-2011, for the second time successfully implemented a structured “VB Gold” - a savings and investment product with guaranteed recovery of principal, interest and possible variable yield. This product is unique and currently unrivaled on the domestic market.

In the previous year too, the Bank, through its operations which were in compliance with legislation, retained its licenses as a depositor for investment funds, depositor in the issuance and trade of securities and for carrying out custody operations.

Since the Bank introduced a service for carrying out investment fund transactions on the domestic market through custody accounts in 2010, it recorded its first custody transaction on the foreign market a year later.

40

INTERNATIONAL NETWORK

AU S T R I A

C Z E C H R E P U B L I C

S LO VA K I A

U K R A I N E

H U N G A RY

R O MA N I A

C R OAT I A

B O S N I A-H E R Z E G O V I N A

S E R B I A

S LO V E N I A

Bosnia-Herzegovinawww.volksbank.ba

Austriawww.vbi.at

Croatiawww.volksbank.hr

Czech Republicwww.volksbank.cz

Hungarywww.volksbank.hu

Romaniawww.volksbank.ro

Serbiawww.volksbank.rs

Slovakiawww.volksbank.sk

Sloveniawww.volksbank.si

Ukrainewww.volksbank.ua

FinancialStatements

Volksbank BH d.d.

42

BALANCE SHEETAs at 31 December

Note 31 December 2011

BAM’000

Restated*31 December 2010

BAM’000

Restated*1 January 2010

BAM’000

Assets

Cash and cash equivalents 15 120,374 142,165 151,098

Obligatory reserve with the Central Bank 16 47,263 55,355 52,186

Loans and receivables from banks 17 129,510 72,415 29,357

Financial assets available for sale 18 1,476 1,476 1,476

Financial assets at fair value through profit and loss 19 67 - -

Loans and receivables from customers 20 502,957 534,251 558,662

Income tax prepayment - 360 445

Accrued interest and other assets 21 5,799 5,181 5,487

Investments in associates 22 - 2,800 2,800

Investment property 23 1,999 2,367 -

Property and equipment 24 6,206 7,220 8,915

Intangible assets 25 1,361 1,202 1,448

Total assets 817,012 824,792 811,874

Liabilities

Current accounts and deposits from banks 26 352,108 352,055 361,845

Current accounts and deposits from customers 27 299,670 308,582 289,709

Financial liabilities at fair value through profit or loss 19 63 - -

Borrowings and subordinated debt 28 35,893 37,203 38,604

Accrued interest and other liabilities 29 11,680 13,378 13,496

Provision for liabilities and charges 30 468 494 406

Current tax liability 49 - -

Deferred tax liability 31 141 152 126

Total liabilities 700,072 711,864 704,186

43

Note 31 December 2011

BAM’000

Restated*31 December 2010

BAM’000

Restated*1 January 2010

BAM’000

Equity

Share capital 32 47,000 47,000 47,000

Share premium 33 27,773 27,773 27,773

Regulatory reserves for credit losses 22,284 22,284 18,428

Retained earnings 19,883 15,871 14,487

Total equity 116,940 112,928 107,688

Total liabilities and equity 817,012 824,792 811,874

* See Note 4

The accounting policies and other notes on pages 9 to 77 form an integral part of these financial statements.

44

INCOME STATEMENTFor the year ended 31 December

Note 2011BAM’000

Restated* 2010BAM’000

Interest income 7 47,351 49,359

Interest expense 8 (19,078) (18,521)

Net interest income 28,273 30,838

Fee and commission income 9 7,263 6,752

Fee and commission expense (364) (383)

Net fee and commission and income 6,899 6,369

Dividend income 10 a 34 -

Net gains and losses on financial instruments at fair value through profit and loss and result from foreign exchange trading and translation of monetary assets and liabilities

10 b 1,591 1,434

Net gains from disposal of investment in associate 10 c 1,112 -

Revenue 37,909 38,641

Other income 10 d 319 309

Net impairment losses and provisions 11 (9,216) (8,678)

Personnel expenses 12 (9,913) (9,729)

Depreciation and amortisation (1,994) (2,245)

Other expenses 13 (12,647) (12,892)

Profit before tax 4,458 5,406

Income tax expense 14 (446) (166)

Net profit for the year 4,012 5,240

Other comprehensive income - -

Total comprehensive income for the year 4,012 5,240

BAM BAM

Basic and diluted earnings per share 34 4.50 4.21

* See Note 4

The accounting policies and other notes on pages 9 to 77 form an integral part of these financial statements.

45

NOTES TO THE FINANCIAL STATEMENTS

SIGNAFICANT ACCOUNTING POLICES

Statement of compliance

The financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”). Dur-ing the preparation of these financial statements International Financial Reporting Standard 1 “First-time Adoption of International Financial Reporting Standards” (“IFRS 1”) was applied.

Functional and presentation currency

These financial statements are presented in Bosnian Convertible Marks (“BAM”), which is the functional currency. Amounts are rounded to the nearest thousand (unless otherwise stated).

The Central Bank of Bosnia and Herzegovina (“Central Bank” or “CBBH”) has implemented a currency board arrangement align-ing BAM to EUR at an exchange rate of EUR 1: BAM 1.95583, which prevailed throughout 2011 and 2010. This is expected to continue in the foreseeable future.

Foreign currency transactions

Transactions in foreign currency are translated into the functional currency at the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of compre-hensive income. Non-monetary assets and items that are measured in terms of historical cost in foreign currency are translated using the exchange rate at the date of the transaction and are not retranslated at the reporting date.

Interest income and expense

Interest income and expense are recognised in statement of comprehensive income as they accrue using the effective interest rate method. Interest income and expense recognised in statement of comprehensive income include interest on financial assets and financial liabilities that are measured at amortized cost calculated using the effective interest rate method.

Fee and commission income and expenses

Fee and commission income and expenses comprises mainly fees related to credit card transactions, the issuance of guarantees and letters of credit, domestic and foreign transactions and other services and are recognised in the statement of comprehensive income upon performance of relevant service.

46

Dividend income

Dividend income is recognised in statement of comprehensive income when the rights to receive the dividend are established.

Property and equipment

Property and equipment are stated at historical cost less accumulated depreciation and impairment losses. The cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent cost is included in net book value or is ac-counted for as separate assets, depending what is applicable, only if it is probable that the future economic benefits embodied within the part will flow to the Bank and its cost can be measured reliably. The costs of the day-to-day are recognised in profit and loss as incurred.

Depreciation is provided on all property and equipment except for land and assets in the course of construction on a straight-line basis at prescribed rates designed to write off the cost over the estimated useful lives of the assets. The estimated useful lives are as follows:

Computers 5 years

Furniture and equipment 6.5 – 10 years

Motor vehicles 6.5 years

Leasehold improvements 12 years

Business premises 50 years

Depreciation method and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

Gains and losses on disposal are determined by comparing proceeds with the carrying amount, and are included in statement of comprehensive income as other income or operating expense.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and impairment. Expenditures on development activities are capitalised if all of the features required by IAS 38 Intangible assets (IAS 38) are satisfied.

Amortisation is provided on all intangible assets except assets in the course of construction on a straight line basis at prescribed rates designed to write off the cost over the estimated useful lives of the assets. The estimated useful lives are as follows:

Software 5 years

Amortisation method and useful lives are reviewed and adjusted if appropriate at each reporting date.

47

Provisions

Provisions are recognised when the Bank has a present legal or constructive obligation as a result of past events for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made or as required by law in the case of provisions for unidentified impairment of off-balance-sheet credit risk exposures.

Provisions for liabilities and charges are maintained at the level that the Bank’s management considers sufficient for absorp-tion of incurred losses. The Management determines the sufficiency of provisions on the basis of insight into specific items, current economic circumstances risk characteristics of certain transaction categories as well as other relevant factors.

Provisions are released only for such expenditure in respect of which provisions are recognised at inception. If the outflow of economic benefits to settle the obligations is no longer probable, the provision is reversed.

Share capital

Issued share capital

Issued share capital comprises ordinary and preference shares and is stated in BAM at nominal value.

Dividends

Dividends on ordinary shares and preference shares are recognised as a liability in the period in which they are approved by the Bank’s shareholders.

48

INTEREST INCOME

A) ANALYSIS BY SOURCE

Total interest income is derived from the following sources:2011

BAM’000Restated 2010

BAM’000

Corporate clients 13,469 13,418

Retail clients 32,122 35,102

Banks and other financial institutions 1,760 839

47,351 49,359

Included within “interest income from banks and other financial institutions” is interest income from the obligatory reserve with the Central Bank.

B) ANALYSIS BY PRODUCT

Interest income is analysed by banking products as follows:2011


BAM’000

Loans and receivables from customers 45,591 48,520

Obligatory reserves with the Central Bank 894 612

Placements with banks 866 227

47,351 49,359

49

INTEREST EXPENSE

A) ANALYSIS BY RECIPIENT

Total interest expense is analysed by recipient as follows:2011


BAM’000

Corporate clients 1,193 977

Retail clients 3,672 4,788

Banks and other financial institutions 14,202 12,750

Other 11 6

19,078 18,521

B) ANALYSIS BY PRODUCT

Total interest expense is analysed by banking product as follows:2011


BAM’000

Current accounts and deposits from corporate clients 1,193 977

Current accounts and deposits from retail clients 3,672 4,788

Borrowings 1,121 963

Current accounts and deposits from banks 13,081 11,787

Other 11 6

19,078 18,521

50

FEE AND COMMISSION INCOME

2011BAM’000

Restated 2010BAM’000

Processing of international payment transactions 1,743 1,639

Processing of domestic payment transactions 1,146 1,097

Guarantees and letters of credit 737 657

Foreign exchange transactions 967 752

Customers’ credit cards 106 146

Maintenance of customers’ current accounts 805 798

Other fee income 1,759 1,663

7,263 6,752

OTHER OPERATING INCOME

2011BAM’000


Income from release of liabilities for unused holidays - 4

Other operating income 319 305

319 309

51

NET IMPAIRMENT LOSSES AND PROVISIONS

The charge to profit or loss in respect of impairment losses and provisions is analysed as follows: 2011


BAM’000

Net impairment losses and provisions

for loans to customers (Note 20) 9,560 7,935

for provisions for liabilities and charges (Note 30) (66) 39

for accrued interest and other assets (Note 21) (278) 704

9,216 8,678

OTHER EXPENSES

2011BAM’000


Administration and marketing costs 5,138 5,608

Rent 2,858 2,832

Administrative and consultancy fees 948 1,013

Savings deposit insurance 773 758

Impairment loss on investment property 320 -

Other expenses 2,610 2,681

12,647 12,892

52

Income tax expense

Income tax recognized in the income statement includes current and deferred tax. The current rate of income tax amounts 10% (2010: 10%).

A) INCOME TAX EXPENSE RECOGNISED IN INCOME STATEMENT

2011BAM’000

As previouslyreported 2010

BAM’000

Current tax 457 140

Deferred tax (Note 31) (11) 26

Income tax charge for the year 446 166

B) PROFIT BEFORE TAX

2011BAM’000


As previouslyreported 2010

BAM’000

Profit before tax 4,458 5,406 1,550

Tax calculated at rate of 10% 446 541 155

Non-deductible expenses 6 11 11

Non-deductible provisions and write offs 1 - -

Non-taxable income (7) - -

Effects of transition to IFRS - (386) -

Income tax expense 446 166 166

Average effective income tax rate 10.0% 3.1% 10.7%

53

CURRENT ACCOUNTS AND DEPOSITS FROM CUSTOMERS

2011BAM’000


Corporate clients

Demand deposits

- in BAM and BAM linked to foreign currencies 44,937 60,037

- in foreign currency 12,393 13,072

Term deposits


- in foreign currency 389 5,785

93,925 100,576

Retail clients

Demand deposits



Term deposits



205,745 208,006

299,670 308,582

54

Each registered ordinary share carries the right of one vote per share, while preference shares are non-voting.

Preference shareholders are entitled to receive dividends when declared, at a rate 1% higher than ordinary shares. Additionally, there is preference over other shareholders in the distribution of the net assets of the Bank in the event of its liquidation.

The shareholder structure of the Bank as at 31 December 2011 is as follows:

• Volksbank International AG holding 95.46%• Banca Popolare di Vicenza Vicenza holding 2.41%• Banca Popolare dell’Emilia Romagna Modena holding 2.13%

SHARE CAPITAL

Authorised and issued Class AOrdinary shares

BAM’000

Class BPreference shares

BAM’000

Total BAM’000

As at 1 January 2011 32,900 14,100 47,000

As at 31 December 2011 32,900 14,100 47,000

Nominal value (BAM) 1,000 1,000 1,000

Number of shares 32,900 14,100 47,000

55

AUDITOR’S REPORT INDEPENDENT AUDITOR’S REPORT TOTHE SHAREHOLDERS OF VOLKSBANK BH D.D.

We have audited the accompanying financial statements of Volksbank BH d.d. (“the Bank”), which comprise the statement of financial position as at 31 December 2011, statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Interna-tional Financial Reporting Standards, and for such internal controls as management determines is necessary to enable the prepara-tion of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accor-dance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial state-ments. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by man-agement, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the Bank as at 31 December 2011, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

KPMG B-H d.o.o. za reviziju 08 May 2012Registered AuditorsZmaja od Bosne 7-7A/III71 000 SarajevoBosnia and HerzegovinaFor and on behalf of KPMG B-H d.o.o. za reviziju:Manal Bećirbegović, Executive director Senad Pekmez, FBiH registred auditor, License number: 3090044102

56

REPORT OF THE SUPERVISORY BOARD

In accordance with the Articles 29h) and 31j) of the Law on Banks as well as the provisions of the Articles of Association of Volks-bank BH d.d., the Supervisory Bord of the Bank submits to the General assembly its Performance Report:

In the course of 2011 business year the Supervisory Bord of Volksbank BH d.d. Sarajevo held 4 meetings, where it discussed on issues and material within its competency, made decisions, conclusions and recommendations on the basis of the powers stipulated by the Law on Banks, thereto associated decisions of FBA, and by the Articles of Association and internal documents of the Bank.

The Supervisory Bord was acting and operating in compliance with the Rules of Procedure for the Supervisory Bord.

Sarajevo, 09th of May, 2012

Chairman of Supervisory Board

Dr. Friedhelm Boschert

57

NAŠA MREŽA / OUR NETWORK

CENTRALA / HEAD OFFICE

SarajevoPC UNITICFra Anđela Zvizdovića 1 T +387 (0) 33 295-601 F +387 (0) 33 263-832

FILIJALE / BRANCHES

Filijala Centar SarajevoFra Anđela Zvizdovića 1 T +387 (0) 33 295-601 F +387 (0) 33 295-603

Filijala SarajevoŠtrosmajerova 3 T +387 (0) 33 250-000 F +387 (0) 33 250-025

Filijala Novo SarajevoHasana Brkića bbT +387 (0) 33 722-730 F +387 (0) 33 722-741

Filijala TuzlaTuralibegova bbT +387 (0) 35 300-900 F +387 (0) 35 300-909

Filijala GradačacHuseina Kapetana Gradaščevića bb T +387 (0) 35 822-780F +387 (0) 35 822-788

Filijala Tešanj Maršala Tita bb T +387 (0) 32 665-171F +387 (0) 32 665-182

Filijala BihaćBihaćkih branilaca 2 T +387 (0) 37 329-100F +387 (0) 37 329-111

Filijala ZenicaTrg Alije Izetbegovića 69T +387 (0) 32 448-160 F +387 (0) 32 448-168

Filijala MostarDr. Ante Starčevića bb T +387 (0) 36 334-000F +387 (0) 36 334-010

58

ŠALTERI / AGENCIES

Šalter Šentada, SarajevoKolodvorska 11AT +387 (0) 33 721-208 F +387 (0) 33 721-218

Šalter Novi Grad, SarajevoTrg međunarodnog prijateljstva 7T +387 (0) 33 775-280 F +387 (0) 33 775-285

Šalter TuzlaUniverzitetska bbT +387 (0) 35 310-380F +387 (0) 35 310-280

Šalter LukavacLukavačkih brigada bbT +387 (0) 35 550-680F +387 (0) 35 550-682

Šalter BanovićiAlije Izetbegovića 31T +387 (0) 35 871-415F +387 (0) 35 871-410

Šalter GračanicaHajdarovac bb T +387 (0) 35 708-741F +387 (0) 35 708-752

Šalter ŽiviniceAlije Izetbegovića 4 T +387 (0) 35 740-990F +387 (0) 35 740-980

Podružnica/šalter Banja LukaKralja Alfonsa XIII br. 2T +387 (0) 51 225-917F +387 (0) 51 225-919

Podružnica/šalter BijeljinaMiloša Crnjanskog 1 T +387 (0) 55 226-563F +387 (0) 55 226-570

Podružnica/šalter BrčkoBulevar mira 3 T +387 (0) 49 235-853F +387 (0) 49 235-858

Šalter KraševoKraševo bb, TCVF KomercT +387 (0) 32 699-670F +387 (0) 32 699-680

Šalter CazinLojićka bb T +387 (0) 37 539-246F +387 (0) 37 539-243

Šalter Sanski Most Muse Ćazima Ćatića bbT +387 (0) 37 688-500F +387 (0) 37 688-511

Šalter Kakanj Alije Izetbegovića 157T +387 (0) 32 552-760F +387 (0) 32 552-750

Šalter VisokoHazima Dedića 1T +387 (0) 32 730-370F +387 (0) 32 730-391

Šalter Fejićeva, MostarFejićeva bb T +387 (0) 36 501-672 F +387 (0) 36 501-678

Šalter Zalik, MostarMuje Pašića bb, TC Megamarket T +387 (0) 36 558-230 F +387 (0) 36 558-232

Izdavač / Published by

Volksbank BH d.d.Fra Anđela Zvizdovića 171000 SarajevoT +387 (0) 33 295-601F +387 (0) 33 [email protected] www.volksbank.ba

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