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Abanka net profit after 9 months at EUR 43m, a 37% drop y/y

Ljubljana, 10 November (STA) - Slovenia's no. 3 bank Abanka reported on Friday a EUR 43m net profit for the first nine months, which is 37% less than in same period last year. Interest and non-interest revenues were down a little and the bank cancelled markedly fewer provisions.

In the low interest rate environment, net interest income totalled EUR 54.6m, an 8% decrease year-on-year, while net non-interest revenue fell by 18% to EUR 37.1m

Operating profit was down by 42% to EUR 47.5m, while the bank lowered operating expenses by 5% to EUR 51.6m.

Net impairment and provisions cancelled amounted to EUR 7.3m, which compares to EUR 32.2m in the same period last year.

As on 30 September 2017, Abanka's total assets amounted to EUR 3.6bn, while its market share in terms of total assets stood at 9.6%.

Loans to non-bank customers totalled EUR 1.78bn, a decrease of 2.5% compared to the
2016 year-end. Loans to companies decreased, while the volume of loans to households increased.

Abanka wrote it has "continued with restructuring and optimisation of its operations and is accelerating the digital transformation, consolidating the bank's position as an innovative bank".

"The bank has high liquidity and a strong capital base, which is also reflected in the liquidity and capital ratios. As at the reporting date, Abanka's total capital ratio stood at 24.7%."

The state has promised to the European Commission it would sell Abanka by August 2019 due to the 2013-2014 bailout. State asset custodian SSH is expected to start the sales procedure next year.

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