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Unicredit Generates Q1 Profit Despite Growing Reservations, Impairments

Ljubljana, 14 May (STA) - Unicredit Banka Slovenija generated EUR 1m in net profit in the first three months of 2013, which is 72% less than in the first quarter last year. The profit comes despite a 12.1% growth in costs related to impairments and reservations, which amounted to EUR 7.3m in the first quarter.

The bank generated EUR 3.6m in net profit in the first three months of last year. The figure included EUR 1.8m in one-off revenues from dividends, the bank said.

Net interest in the first quarter of 2013 were down 11.2% year-on-year to EUR 12.4m. The bank said the decline was due to low interest rates and high costs of deposits in the banking system.

Deposits grew 1.9% to EUR 1.25bn in the first quarter, which compares to 29.3% growth in the same period last year.

The bank cut operating costs by 5.2% to EUR 10m, while the profit before taxes stood at EUR 1.1m in the first quarter, the bank said.

Total assets at the end of March amounted to EUR 2.83bn, up 0.4% compared to the end of 2012. The amount of loans meanwhile dipped by 1.4% to EUR 2.24bn.

The bank capital adequacy ratio increased to 14.7% from 13.5% at the end of 2012.

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