Business News

NKBM Group with EUR 20M Net Profit After Nine Months

Maribor, 23 November (STA) - The group around Slovenia's second largest bank, NKBM, reported a EUR 20.3m net profit for the first nine months of 2010 on Tuesday. Operating profit was at EUR 26.6m, a 64% increase year-on-year.

The core bank saw a net profit of EUR 13.8m and an operating profit of EUR 16.2m, the bank reported after a session of the supervisory board.

The group's total assets stood at EUR 5.89bn at the end of September, which is 1.8% more than at the end of 2009, while the core bank's total assets were at EUR 4.81bn.

The NKBM group had EUR 455.8m in capital after the third quarter, a 5.7% increase on the start of the year. Capital adequacy stood at 11.06%.

According to NKBM chairman Matjaz Kovacic, the restructuring of the recently acquired Credy bank from Serbia and the crisis in the real estate sector had an important impact on operations. However, the group as well as the core bank are making profit and are ready for the future, he added.

The group continues to pursue its strategic goals. It opened a new branch office in Ljubljana in November, with two more planned by the end of the year, in the Korosko region and in Gornja Radgona.

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