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SID Bank Increases Pre-Tax Profit in 2011

Ljubljana, 15 March (STA) - The state-owned export and development bank SID posted EUR 7.5m in pre-tax profits in 2011, up from EUR 7.2m a year before. Profits from net interest rose to EUR 54.4m, up from EUR 40.1m, while total assets increased by 3.43% to about EUR 4bn.

According to unaudited results posted on the bank's website on Thursday, the bank generated EUR 6.45m in net profit, up from EUR 5.73m in 2010.

On the group level, which includes SID-Prva kreditna zavarovalnica, a specialised credit insurance company, the net profits reached EUR 11.06m, down from EUR 11.15m in 2010.

Pre-tax profit at the group level was down to EUR 14.2m (from EUR 14.4m in 2010), while total assets stood at EUR 4.22bn at the end of 2011, down 3.26% compared to the year before.

The group collected EUR 60.2m in net interest, which compares to EUR 44.9m in 2010.

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