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NLB Core Bank Reports EUR 224.1M Loss After Nine Months

Ljubno ob Savinji, 15 November (STA) - The NLB bank released on Friday its full nine-month results, reporting a 85% drop in profits before impairments to EUR 51.8m at group level. Impairments and provisions increased by 24% to EUR 344.9m, causing the group a EUR 293.5m net loss. The loss of the core bank was EUR 234.1m.

The group generated net interest revenues of EUR 197m, which is 35% less than in the same period last year, while non-interest revenue amounted to EUR 106.6m.

The total assets of the group around Slovenia's largest bank stood at EUR 13.66bn at the end of September, which is a 5% decrease compared to the end of 2012.

The core bank saw the same drop in total assets, to EUR 10.87bn, while recording a EUR 234.1m loss on the back of EUR 265.8m in impairments and provisions.

Operations are still marked by stagnating credit growth. Loans to the non-banking sector shrunk by 7% at group level and by 6% for the core bank to EUR 8.88bn and EUR 7.32bn respectively, while non-banking deposits increased by 4%, standing EUR 9.54bn and EUR 7.06bn.

NLB's capital adequacy at group level was estimated at 8.6% at the end of September or 2 percentage points lower than at the end of 2012. The Tier 1 core capital ratio was 6.9% or 1.9 points lower.

At the core bank capital adequacy stood at 10.2% (down 1.6 points) and Tier 1 core capital at 8.6% (down 1.3 points).

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