For the period from 1 January to 31 March 2012, Nova KBM reported a pre-tax profit from continuing operations of €777,000. The net profit was €536,000. Net interest income amounted to €22.5 million, or 22.3% of the annual projection. The interest margin, calculated on the average total assets, was 1.90%, which was 0.22 percentage points below the projection. Net fee and commission income reached €10.8 million, or 22.6% of the annual projection. Net fees and commissions covered 55.6% of the Bank's administration costs, including depreciation and amortisation. The Bank’s results continued to be adversely affected mainly by loan loss provisioning. As a result of further deterioration in its loan portfolio, in the first quarter of the year the Bank recorded net impairment losses and provisions of €13.7 million, which was just under one-fifth of the annual projection. Financial and operating income and expense decreased as well, by nearly 10% relative to the same period last year.
The Bank's total assets amounted to €4,778.7 million at the end of March 2012, a decrease of €32.3 million, or 0.7%, from the end of 2011. As of 31 March 2012, the Bank's market share in total assets was 9.6%, down 0.3 percentage points from the end of 2011, according to the unaudited data.
Net loans and advances to customers totalled €3,307.5 million, a decrease of €34.6 million from the end of 2011. In the first three months of the year, the Bank's market share in loans and advances to customers decreased by 0.1 percentage point to 10.0% at the end of March 2012. At the end of March 2012, loans and deposits from customers totalled €3,034.9 million, a decrease of €31.3 million from the end of 2011. The Bank's market share in loans and deposits from customers decreased in the first three months of the year by 0.1 percentage point to 12.6% at the end March 2012. The customer loans-to-deposits ratio remained flat at 109.0%.
The Bank's total equity at the end of March 2012 was €389.3 million, up 4.2%, or €15.6 million, on the end of 2011.
