Nova KBM
 

Nova KBM delivered a pre-tax profit of €7.3 million from continuing operations | NKBM

Nova KBM today released the preliminary results of its operations for the period from January through September 2011. In spite of adverse market conditions, the Bank performed well in the first nine months of the year. For the period from January through September 2011, the Bank reported a pre-tax profit of €7.3 million from continuing operations, which made up 52.9% of the annual projection. Net profit reached €6.2 million.

Nova KBM delivered a pre-tax profit of €7.3 million from continuing operations

25 October 2011
OBVESTILA
Nova KBM today released the preliminary results of its operations for the period from January through September 2011. In spite of adverse market conditions, the Bank performed well in the first nine months of the year. For the period from January through September 2011, the Bank reported a pre-tax profit of €7.3 million from continuing operations, which made up 52.9% of the annual projection. Net profit reached €6.2 million.
 

The Bank's total assets were €4,780.0 million at the end of September. As of 30 September 2011, the Bank's market share in terms of total assets was 9.7%, an increase of 0.1 percentage point from the beginning of the year. In the period from January through September 2011, the Bank generated net interest income of €76.3 million, which accounted for 71.0% of the annual projection.


The Bank's profit before provisions and impairment losses was €52.2 million, which made up 76.2% of the annual projection. With the economic recovery stagnating, the quality of the Bank's loan portfolio registered a further moderate deterioration, as a result of which the Bank had to recognise higher than projected provisions and impairment losses; these amounted to €45.2 million, or 82.1% of the annual projection.


Net loans and advances to customers totalled €3,433.6 million at the end of September, and Nova KBM's market share in loans to the non-banking sector remained flat at 10.2%. As of the end of September 2011, the Bank's total equity was €473.3 million, an increase of €98.1 million, or 26.1%, from the end of 2010. The Bank’s total capital adequacy ratio was 12.42% at the end of September.


Upon today's release of preliminary results of operations, Matjaž Kovačič, President of Nova KBM's Management Board, said: »Despite continuing adverse market conditions, both in Slovenia and globally, Nova KBM delivered a net profit of €6.2 million. The Bank's market share in loans to the non-banking sector remained flat over the first nine months of 2011, which is an evidence of our ongoing support to the Slovene economy. Nova KBM will be a strong partner of corporate customers also in the future«.