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SID Bank Posts EUR 7.3M Pre-Tax Profit in 2010

Ljubljana, 22 February (STA) - The state-owned SID export and development bank posted last year a profit of EUR 7.3m before tax, which is six-fold more than in 2009. Net interest rose from EUR 21.5m to EUR 40.1m, while the bank's total assets increased by 28.8% to EUR 3.9bn, according to unaudited data released by SID on Tuesday.

SID made a net profit of EUR 5.86m last year, while its net profit in 2009 stood at EUR 948,000.

The SID group, which comprises the core bank and specialised credit insurance company, SID-Prva kreditna zavarovalnica, generated EUR 11.3m in net profit, while making a EUR 5.4m loss in 2009.

The group boosted its pre-tax profit from EUR 6.5m in 2009 to EUR 14.6m in 2010, while its total assets rose by 27.1% to EUR 4.09bn. Net interest was up from EUR 28.5m to EUR 44.9m.

According to SID chairman Sibil Svilan, the bank provided around EUR 1bn in 2010 to boost the economic recovery, either directly or through commercial banks. It expects to earmark EUR 800m for the cause in 2011, while shifting its focus back on financing development.

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