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SKB Bank Jumps Back to Profit in H1

Ljubljana, 01 August (STA) - The French-owned SKB banka made a EUR 17.5m net profit in the first six months of the year, after posting a loss of EUR 12.5m in the same period last year.

The profit was a result of an increase in revenues and a drop in writedowns, the bank owned by Societe Generale said in a statement on Friday.

Net banking revenues were up 7.6% year-on-year to EUR 51.3m, with interest revenues rising by 4.8% to EUR 29.7m and non-interest revenues up 11.6% to EUR 21.5m.

Meanwhile, risk-based costs, including impairments and provisions, were down by 81.4% to around EUR 7m.

Pre-tax profit amounted to EUR 19.9m in the first six months, while the operating profit surged 22% over the same period last year to EUR 27m.

SKB banka said the improvement in results was the result of a universal banking model "based on prudent business operations".

The bank also said it maintained a high level of liquidity during the first six months, as well as increased its market share in lending activities.

Its market share in loans was up 0.9 percentage points to 7.9%, with the share in consumer loans up 0.2 points to 11% and the share in corporate loans up 0.7 points to 6.3%.

Its share on the market of deposits was meanwhile up 0.7 percentage point to 7%.

The bank's Core Tier 1 capital ration stood at 14.55% at the end of July.

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