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NKBM Group With EUR 11.4M Net Profit in 2010

Maribor, 15 March (STA) - The group around Slovenia's second largest bank, NKBM, reported on Tuesday a EUR 11.4m net profit for 2010, which is a 11% decrease on the year before. Operating profit stood at EUR 18m, 2% more than in 2009, the unaudited results show.

The bank said that profit before provisions and impairments stood at just over EUR 101m, which is 7% above plans.

The total assets of the group, which includes 11 members along with the NKBM bank, amounted to EUR 5.9bn at the end of last year, a 1.4% increase over the previous year.

The total assets of the NKBM bank, which generated a net profit of EUR 9.4m and an operating profit of EUR 11.4m, were up 0.4% to EUR 4.8bn.

"The group was operating in difficult economic conditions...which was reflected in net provisions and impairments", which stood at EUR 83m, exceeding plans by 57%, NKBM wrote, explaining that this even resulted in a loss in the final quarter of the year.

Meanwhile, contributing to the positive outcome on the group level along with NKBM bank were Postna Banka Slovenije with a profit of EUR 5.1m, and Adria Bank with EUR 2.3m, while insurer Zavarovalnica Maribor as an associated company posted a profit of EUR 5.3m.

Pulling in the other direction were Serbia's Credy banka, which recorded a EUR 6.7m loss since becoming part of the NKBM group in April last year, and KBM Projekt, a firm dealing with financial and real estate products, which ended almost EUR 10m in the red.

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