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NLB Reports Minimum Half Year Profit

Ljubljana, 08 August (STA) - Slovenia's largest bank, NLB, generated EUR 0.9m in after-tax group profit in the first half of the year. The comparable figure at level of the core bank was EUR 1.2m, the bank reported on Monday.

NLB's operations continue to be affected by impairments and provisions, although these are not as high as in the first half of last year when the bank reported group loss of EUR 34.6m and EUR 20.1m loss at the core bank.

Provisions and writedowns were down 16% year-on-year to EUR 90.9m at the core bank, while dropping by 24% to EUR 125.6m for the group.

The semi-annual report points to solid results before provisions and impairments. Profit before impairments and provisions was EUR 132.6m at the group level and EUR 95.5m for the core bank.

The overall result, including appraisal of securities and cash flows, shows a loss of EUR 10.4m for the core bank and EUR 3.9m for the group. Year-on-year the losses are down 67% and 91%, respectively.

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