Business News

Abanka Stays in Black Through Nine Months

Ljubljana, 07 November (STA) - Abanka, Slovenia's third-largest bank, reported a group net profit of EUR 5.98m for the first nine months of the year, a significant improvement over a loss of EUR 26.88m reported in the same period a year ago.

The state-owned bank which was bailed out earlier this year as part of government measures to stabilise the banking system saw impairments shrink from EUR 57.8m to EUR 26.1m year-on-year, the bank said in a nine-month results filing to the Ljubljana Stock Exchange on Friday.

The ongoing restructuring efforts took a toll on its total assets, which contracted by 16% in the nine months to stand at EUR 2.55bn, which is significantly more than the industry-wide drop of around 1.5% for the first eight months of the year.

The bank recently transferred EUR 1.1bn in bad loans to the Bank Asset Management Agency, which it labelled in the filing a "crucial part of the process for strengthening stability".

"Following the recent capital injection and transfer of claims to BAMC, the bank is focusing its efforts on achieving the set business targets and commitments given to the European Commission by the state," it added.

In addition to the asset transfer, the state injected EUR 243m into the bank on 8 October to shore up its capital base.

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