Business News

SKB Group Profits Down 13.6%

Ljubljana, 16 February (STA) - The SKB banking group, the Slovenian subsidiary of Societe Generale, generated EUR 24.42m in profits in 2011, down 13.6% compared to the record results in 2010, the group said on Thursday. SKB bank accounted for the majority of the income, with profits of EUR 24.3m.

The group's net banking revenues grew 0.4% to EUR 114.4m, according to unaudited and unconsolidated results posted on the website of the Ljubljana Stock Exchange.

Net interest revenues climbed 1.2% to EUR 77.92m, while non-interest revenues amounted to EUR 36.4m, down 1.2% compared to 2010. Operating costs increased by 1.3% to EUR 62.66m.

Costs associated with risks grew 30.2% to EUR 21.3m as a result of the economic downturn in Slovenia and Europe, SKB said in the statement.

Total deposits were up 7% (EUR 99m), while consumer deposits grew by 10% (EUR 95m). SKB group's assets stood at EUR 281m at the end of 2011.

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