Business News

NLB Group Makes EUR 34M in Half-Year Profit

Ljubljana, 27 August (STA) - The NLB banking group made a EUR 34m net profit in the first half of the year, which compares to a EUR 91.2m loss in the same period in 2013. The core bank made a EUR 35.8m net profit after posting a EUR 85.8m loss in last year's first half, NLB said in a press release on Wednesday.

The group around the core bank in full ownership of the state had EUR 162.3m in net interest revenue, up 21.5% year-on-year, while NLB alone increased its net interest revenue by 35% to EUR 114.3m.

Net non-interest revenue at the group level stood at EUR 88.6m (up 34.6%), and amounted to EUR 70.9m at the core bank (up 32.6%).

As part of its restructuring programme, the bank reduced its operating costs by 5.9% to EUR 96.7m, while the entire group cut its operating costs by 7.2% to EUR 150.2m.

According to the press release, a significantly lower amount of impairments and provisions contributed to the result. At the group level, these costs were down by 54.5% to EUR 66m, and at the core bank by 59.4% to EUR 53.4m.

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