Business News

Abanka Vipa Records Negligible Profit in Q1

Ljubljana, 21 April (STA) - Slovenia's third largest bank Abanka Vipa generated a net profit of EUR 351,000 in the first quarter of 2011, plummeting 94% from the EUR 5.5m it made in the same period last year.

The bank's total assets stood at EUR 4.7bn, up 3.3% from the end of December 2010 and surpassed the total planned for the end of March 2011 by 3.7%. Its market share increased by 0.1% to 9.1%, the bank said on Thursday.

Crediting expanded 3.7% over the final quarter of 2010 and stood at EUR 3.7bn. Both loans to banks (by 24.6%) and to the non-banking sector (by 1.3%) rose in the first quarter.

The bank already posted a considerably lower net profit in 2010, down 87% from the year before.

However, Abanka chairman Joze Lenic remains an optimist. He told a radio show on Monday that the lower profit was also the result of the bank's strong presence on the market during the crisis and its expansion of crediting.

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