Business News

Abanka Net Loss Down 4% in First Nine Months

Ljubljana, 23 October (STA) - Slovenia's third-largest bank, Abanka Vipa, generated EUR 41.5m in operating profits in the first nine months of 2012, up 12% over the same period last year. Net loss stood at EUR 38.1m, down 4%, mostly due to impairments and provisions to the tune of EUR 85.4m, the bank said on Tuesday.

In a filing on the website of the Ljubljana Stock Exchange, Abanka said the growth of operating profit was due to lower operating costs and higher non-interest revenues.

Net interest income in the first nine months stood at EUR 52.4m, down 12.7% compared to the same period last year.

Total assets at the end of September amounted to EUR 3.64bn, down 13.5% compared to the end of 2011, primarily due to the redemption of a government guaranteed bond, the bank said. Abanka's market share at the end of September stood at 7.7%.

Total loans were down 16.1% compared to December 2011. Loans to non-bank customers decreased by 9.5% while loans to banks decreased by 85.1%.

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