Montenegro’s commercial banking sector generated €105.9 million in combined net profit during the first nine months of 2026, down approximately 5.8% year on year, as weaker financial results at several major institutions outweighed earnings growth among smaller lenders. The combined result compares with €112.46 million recorded between January and September 2025, according to financial disclosures published by the banks and compiled by Bankar.
Ten of the country’s 11 commercial banks reported positive earnings, while Turkish-owned Ziraat Bank was the only institution to record a net loss.
OTP Bank, formerly Crnogorska komercijalna banka, retained its position as Montenegro’s most profitable lender, although its net earnings declined by 7.2% to €39.61 million, compared with €42.68 million in the corresponding period of the previous year. Its net interest income amounted to €71.5 million, while net fee and commission income reached €15.49 million.
Hipotekarna banka recorded the second-highest profit, with earnings increasing by 7.4% to €19.24 million. NLB Banka ranked third, reporting €17.61 million, representing a 12.4% annual decrease. Erste Banka generated €11.87 million in net profit, down 11.4% year on year.
The results show contrasting financial performance among the country’s largest lenders, despite continued deposit growth and generally strong liquidity across the banking system.
Addiko Bank experienced a particularly sharp contraction, with net profit dropping 75.2% to approximately €921,000, from €3.71 million in the first nine months of 2025. The bank’s financial performance comes amid uncertainty surrounding its future ownership. Raiffeisen Bank International has planned an acquisition of Addiko Group, while an anticipated sale of a subsidiary to ALTA Group collapsed.
The reported financial results do not establish a direct connection between these ownership developments and Addiko Bank’s earnings decline. Ziraat Bank recorded a net loss of €1.1 million, reversing a profit of approximately €434,000 reported a year earlier. Smaller institutions generally posted stronger results. Zapad banka increased its net profit by 23.7% to €3.92 million, while Lovćen banka recorded a 14.7% increase to €4.13 million.
Adriatic Bank also improved its financial performance, returning to profitability with earnings of €1.82 million, compared with a net loss of €1.7 million in the corresponding period of 2025. The available financial disclosures do not identify a single factor behind the banking sector’s overall profit contraction. Changes in lending margins, funding costs, operating expenses and credit provisions would need to be assessed to establish the drivers of individual banks’ results. Fourth-quarter financial statements will provide additional information on whether the decline in aggregate profitability represents a temporary adjustment or a more sustained change in earnings performance.
