Business News

Unicredit Slovenia Doubles Nine-Month Profit

Ljubljana, 10 November (STA) - Unicredit banka Slovenija generated EUR 14.2m in pre-tax profit in the first nine months of this year, nearly a two-fold increase on the same period last year. The bank attributed the rise to higher revenues and lower loan writedowns.

Nine-month operating profit amounted to EUR 25.8m, which is up 30% on the first three quarters of 2009, according to a press release from the bank, which is member of Italy's Unicredit Group.

The bank has been applying a conservative approach to risk management. In the first three quarters, it formed EUR 11.6m in provisions for credit loss, which is down one million euros year-on-year.

At the end of September, the bank's total assets amounted to nearly EUR 3bn, a 9% fall on the end of 2009. The main reason is a drop in inter-bank deposits, which was partly offset by an increase in client crediting.

Crediting of clients increased by EUR 162m to EUR 2.3bn compared with the end of last year.

Chairman France Arhar was very pleased with the operating results, noting that the economic turmoil had impacted on the results of most financial firms.

The bank expects the developments in the construction sector to continue to affect operations of the financial sector in the next year.

The capital adequacy quotient of Unicredit Banka Slovenija was 10.1% at the end of September.

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