Business News

Abanka with EUR 40M Loss After Nine Months

Ljubljana, 21 October (STA) - Slovenia's third largest bank, Abanka Vipa, reported on Friday a EUR 39.73m loss for the first nine months of 2011, attributing the negative result to EUR 86.84m worth off write-offs and provisions formed in the face of the crisis.

Commenting on the unconsolidated data, Abanka pointed to the increase in the number of insolvent companies, which led to a significant rise in write-offs and provisions. In the same period last year, these amounted to EUR 36.41m.

Before the write-offs and provisions, Abanka recorded an operating profit of EUR 37.05m.

The bank's total assets at the end of September stood at EUR 4.27bn, down 6.2% compared to the end of 2010. Abanka primarily attributes this to the reducing of dependence on loans from international markets.

The bank's supervisors met on Thursday to back the management's strategy for 2012-2014, drawn up due to significant changes in the business environment and the macroeconomic and financial system in Slovenia, the press release says.

The strategy's key guidelines are a consolidation of capital strength and development, including possible alliances with other banks, improvement in operations with individuals and SMEs, and efficiency.

The supervisors also got acquainted with the latest developments in the sale of a majority stake in the bank, which is continuing in line with plans, Abanka said.

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