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. The interest margin, calculated on the average total assets, was 2.27%, which is 0.07 percentage points above the projection. Net fees and commissions amounted to €11.0 million or 27% of the annual projection. The Bank covered 56.7% of its administration costs, including depreciation and amortisation, with net fees and commissions. We saw a further moderate deterioration in the quality of the Bank's credit portfolio 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. The Bank's market share in terms of total assets was 9.4% at the end of March, down 0.2 percentage points 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 loans and advances to customers decreased in the first three months of 2011 by 0.1 percentage point to 10.1% at the end of the first quarter of the year.
Deposits from customers were €3,174.2 million at the end of March, an increase of €149.3 million over the 2010 year-end figure. The Bank's market share in customer deposits went down by 0.3 percentage points to 12.6% as of the end of March. Net loans to customers as a percentage of customer deposits decreased in the first quarter of 2011 by 6.5 percentage points to 109.4%.
Total equity of the Bank at the end of March 2011 was €380.1 million, up €4.9 million from the end od 2010. The Bank's total capital adequacy ratio was 10.23% at the end of March. The Bank's capital increase was completed after the end of the first quarter of 2011.
