Pursuant to the meeting agenda, the Supervisory Board was informed of current operations and discussed the Group's results for the first quarter of the year. Despite unstable economic conditions, the Group's results reported for the first quarter of 2010 were above the projection. The net profit of the Group increased by 4.5 times compared to the same period of last year.
In the period form 1 January to 31 March 2010, the Group's pre-tax profit from continuing operations was €14,726 thousand, 6.75 times the figure of the same period of 2009, and 35% of the projection for 2010. Higher than projected net interest and net fees and commissions, as well as lower administration costs, contributed most to the good result.
As a result of good performance, the Group's pre-tax return on average equity was 14.20%, approximately three times the figure of the end of 2009. The total assets of the Group increased in the first three months of 2010 by €63,201 thousand, or 1.1%, to €5,849,993 thousand at the end of March 2010.
The increase in volume recorded by the parent company, Nova KBM d.d., as well as by PBS d.d., contributed most to the increase in the Group's total assets in the first three months.
At the end of March 2010, Nova KBM d.d. and PBS d.d. had together an 11% market share in terms of total assets of the Slovene banking system. By the end of March, the Group's increase in total assets was 37.9% of the projection for 2010.
