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Operating Profit of NKBM Group Down 69% in First Quarter

Maribor, 30 May (STA) - The group around Slovenia's second largest bank NKBM posted a EUR 4.6m operating profit in the first quarter of 2011, which is 69% less than in the same period last year, the bank said on Monday, blaming the result on impairments and provisions.

NKBM said in a press release that the impairments and provisions to the tune of EUR 20m were up 33% compared to the first quarter of 2010.

The bank's management added, however, that the planned EUR 33.9m operating profit for 2011 was still attainable.

The group's net profit in the first quarter stood at EUR 5.1m, down 50% year-on-year, reaching EUR 0.13 per share. The generated profit represented 18% of the planned profit for this year.

The NKBM group increased its total assets by 1.5% to EUR 5.95bn. Its capital adequacy in the third quarter was at 11.07%, while the total capital was up 1.4% from the end of 2010 to EUR 445m.

The core bank posted EUR 3.7m in operating profit and EUR 3m in net profit in the first quarter.

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