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NKBM Bank Reports EUR 17.8M Nine-Month Profit

Maribor, 30 October (STA) - Slovenia's no. 2 bank, NKBM, reported on Thursday a EUR 17.8m net profit for the first nine months of the year. According to the preliminary results, which do not yet include group level figures, the pre-tax, pre-provision profit more than doubled compared to last year to EUR 57.1m.

The bank, which expects to also finish the year in the black, said it is gradually reducing its total assets and lowering operating costs in line with the restructuring plan.

At the end of September, NKBM's total assets amounted to EUR 3.6bn, down EUR 298.1m on December last year. The bank's total capital adequacy ratio was 24.54%.

Operating costs amounted to EUR 53.7m, down 9.1% on the same period last year, while net provisioning charges stood at EUR 34.9m.

In the past 12 months the workforce at the bank, which is in the process of being privatised, was cut by 96.

Net loans to non-bank customers decreased by EUR 129m in the last nine months to EUR 1.7nm, which gives the bank a 7.4% market share in this segment.

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