Business News

Abanka Reports EUR 27.3M Loss After 10 Months

Ljubljana, 23 October (STA) - Slovenia's third-largest bank, Abanka, made a loss of EUR 27.3m in the first 10 months on the back of EUR 56.4m in write-downs from toxic assets. The write-downs were down 34% on the same period last year, while the loss was down 28% on last year.

Excluding write-downs, the bank would have made a net profit of EUR 24.8m in the ten-month period, Abanka said in a statement issued through the Ljubljana Stock Exchange on Wednesday.

The bank's total assets continued to shrink as a result of the ongoing crisis, falling by 0.8% to EUR 3.57bn.

The results were discussed on Tuesday by the supervisory board, which also examined efforts to raise fresh capital and possible mergers with other banks, the statement reads.

According to the bank, Abanka's capital adequacy stood at 9.71% at the end of September, while its tier 1 capital was at 5.88%.

Efforts are still under way to prepare for the transfer of toxic assets to the bad bank following the completion of the much-awaited stress tests at eight Slovenian banks.

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