Business News

NKBM Returns to Profit

Maribor, 30 April (STA) - NKBM, Slovenia's second largest bank, returned to profit in the first quarter of 2014. Net profit hit EUR 8.9m as impairments and provisioning dropped 17% over the year before to just over EUR 10m, the bank said on Wednesday.

Profit before provisioning and impairments was at EUR 18.9m, up from EUR 6m in the first quarter of last year.

Net interest revenue was up a third to EUR 21.8m and non-interest revenue more than doubled to EUR 14.4m.

Total assets rose by just under 2% from the end of last year to EUR 3.99bn.

At the same time the bank continued operating cutting costs, which were down 8.2% year-on-year on the back of a 6.4% reduction in labour costs as the headcount dropped by 97.

At the end of March the bank's total equity amounted to EUR 543.3m, up 4.9% on the end of 2013, with its total capital adequacy ratio standing at 20.49% as calculated according to the Basel II rules.

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