Business News

Abanka Reports Quarterly Loss Due to EUR 12M in Impairments

Ljubljana, 26 April (STA) - Abanka Vipa, Slovenia's third-largest bank, reported a EUR 1.665m loss for the first fiscal quarter of 2013 on the back of EUR 12.2m in impairments stemming from bad loans.

The bank said in Friday's statement that it would have made an operating profit of EUR 10.67m without the impairments.

The quarterly loss compares to a net profit of EUR 329,000 in the same period of last year.

Despite the loss, write-downs were 14% lower than in the same period last year, according to unaudited data from the bank.

Interest revenue were down 9% year-on-year to EUR 16.2m, while non-interest revenue stood at EUR 7.1m, which is 25% less than last year.

The bank's total assets contracted by 0.8% on the annual level to stand at EUR 3.57bn at the end of March.

The bank, which recently launched a EUR 90m capital increase, had a capital adequacy ratio of 9.9% and a Tier 1 capital ratio of 6.5%, the press release reads.

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