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Nova KBM d.d. delivered a profit of €3.7 million in Q1 2011 | NKBM

At today's meeting of the Nova KBM's Supervisory Board, the members of the Board were informed of the successful conclusion of the Bank's capital increase. Nova KBM published today on the web-portal SEOnet the results of its operations for Q1 2011. The Bank's Q1 profit from continuing operations was €3.7 million, while the total assets of the Bank increased by €67.1 million in the period from January through March. The Bank's capital increase was successfully completed after the end of Q1 2011.

Nova KBM d.d. delivered a profit of €3.7 million in Q1 2011

16 May 2011
OBVESTILA
At today's meeting of the Nova KBM's Supervisory Board, the members of the Board were informed of the successful conclusion of the Bank's capital increase. Nova KBM published today on the web-portal SEOnet the results of its operations for Q1 2011. The Bank's Q1 profit from continuing operations was €3.7 million, while the total assets of the Bank increased by €67.1 million in the period from January through March. The Bank's capital increase was successfully completed after the end of Q1 2011.
 

At today's meeting of the Nova KBM's Supervisory Board, the members of the Board were informed of the conclusion of the capital increase process which they assessed as successful.


On the web-portal SEOnet, Nova KBM published today the results for the first three months of 2011. In the period from 1 January to 31 March 2011, Nova KBM d.d. generated a profit of €3.7 million from continuing operations. Net interest income was €26.8 million or 25.0% of the annual projection.


A further moderate deterioration in the quality of the Bank's credit portfolio was registered in the first quarter of the year. Net provisions and impairment charges of €14.6 million, which is slightly above one-quarter of the amount projected for 2011, had the largest negative effect on the result delivered by the Bank in this period.

As of the end of March 2011, the Bank's total assets were €4,873.6 million, an increase of €67.1 million, or 1.4%, from the 2010 year-end. Net loans and advances to customers were €3,471.7 million at the end of March, a decrease of €34.2 million from the end of 2010.


The Bank's market share in customer deposits continues to remain stable and accounted for 12.6% of the Slovene banking system as of the end of March 2011. The Bank's market share in terms of total assets was 9.4%, while its market share in loans and advances to customers accounted for 10.1% of the Slovene banking system as of the end of March 2011.


Upon publishing the preliminary results, Matjaž Kovačič, the President of the Nova KBM's Management Board, said that the Bank's capital increase was completed after the end of the first quarter of 2011. »On 11 May, the trading in newly issued shares of Nova KBM, through which we raised over €104 million, started simultaneously on the local and the Warsaw Stock Exchange. Following the registration of the share capital increase in the court register, the total number of Bank shares is now 39,122,968 and the share capital of the Bank amounts to €40,814,313.65. Our business results prove that our performance is in accordance with the projections and that we are on the right path. I therefore believe that our very ambitious business goals will be accomplished by the end of the year.«