In spite of unstable economic conditions, the Nova KBM Group delivered excellent results in the first six months of the year. In the period from January through June 2010, the Nova KBM Group generated a pre-tax profit of €25,278 thousand from continuing operations, nearly four times the amount reported for the same period last year. This figure accounts for 60.7% of the annual projection made for the Group.
Higher net interest income, higher profits from investments in equity of associates, higher net fee and commission income, as well as higher other net gains, contributed most to the increase in the pre-tax profit of the first half of 2010. The Group's total assets rose by €135,608 thousand, or 2.3%, to €5,921,245 thousand at the end of June 2010. The growth in total assets in the first half of 2010 accounts for 80.7% of the growth projection for 2010.
Nova KBM d.d. reported for the first half of 2010 a pre-tax profit of €15.0 million from continuing operations. The net profit amounted to €10.2 million, which is 59.1% of the annual projection. The total assets of the Bank increased in the first half of 2010 by €49.8 million, or 1.0%, to €4,839.1 million at the end of June.
It is worth mentioning that, compared to the same period last year, Nova KBM recorded a twofold increase in housing loans, which is a significant deviation from the trend observed in the Slovene financial market that continues to register a decrease in lending volumes.
Matjaž Kovačič, President of the Management Board of Nova KBM, expressed his satisfaction with the outstanding results of the Bank and the Group in the first half of the year. He pointed out: »We are pleased with our improved profitability. Forecasts for the global economy are now more optimistic, and anticipate an improvement in economic conditions. This is why we are confident as regards our business model. We will devote in the coming period even more energy to the further implementation of our strategy, and to the comprehensive provision of business excellence. I am confident we will deliver good performance going forward. The Nova KBM Group is well prepared for future challenges«.
