Business News

NKBM Posts EUR 7.5m Operating Profit in Q1

Maribor, 30 April (STA) - Slovenia's second largest bank, the NKBM, generated a EUR 7.5m operating profit in the first quarter of 2010. Net interest income reached EUR 17.4m or 26.9% of the planned value for 2010, the bank wrote on the website of the Ljubljana Stock Exchange on Friday.

The bank's total assets fell by EUR 20.6m or 0.4% in the first three months to EUR 4.769bn and the NKBM's market share rose by 0.1 percentage point to 9.4% from the end of 2009.

The management attributes the decline in the bank's profit to write-downs and provisions exceeding expectations with EUR 13.3m, which is already a third of the planned net value for 2010.

Loans to non-banking customers increased by EUR 49.8m in the first quarter to EUR 3.385bn, maintaining the loan market share in the period at 9.9%.

Non-banking debt increased in the same time by EUR 12m to EUR 2.958bn.

The NKBM's capital stood at EUR 380.3m at the end of March, which is EUR 12.4m more than at the end of 2009. Capital adequacy of the bank was thus 10.45%.

Alongside the quarterly results, the bank also published the audited annual results for 2009, with an operating profit of EUR 15.1m and net profit of EUR 12.1m, which is 3.9% more than the net profit plans.

Annual profit ahead of write-downs and provisions was EUR 70.8m in 2009, which is 28.6% more than in 2008.

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