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Addiko Bank's profit up by nearly 50% last year

Ljubljana, 16 April (STA) - Addiko Bank generated EUR 18.9m in profit after tax last year, an increase of 47% over 2016, according to the bank's annual business report published on Monday. The bank attributes the increase to a 20% jump in loans.

Addiko Bank focused above all on loans to households and SMEs, increasing the share of highly profitable loans. "We surpassed practically all of our goals for 2017," the bank says in the report.

In line with its strategy, Addiko reduced the share of housing loans and loans to the public sector. The growth in loans was funded by expanding its deposit base and changing its funding obligations.

Interest collected by the bank grew by 36%, while net fees and commissions were up by 14%. Operating cost was up 8% compared to the year before.

Impairments and provisions were reduced by EUR 1.4m, mostly due to more favourable macroeconomic conditions and repayments of larger clients. The share of non-performing assets was reduced from 5.4% to 3.4%.

The bank's total assets grew by nearly 9% last year, reaching EUR 1.54bn. The 2016 data on total assets provided on the website of the Bank Association shows Addiko Bank as the eleventh biggest out of a total of sixteen banks in the country.

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