NLB with EUR 114M Loss
The NLB bank reported a EUR 113.9m loss for the core bank after the first nine months of the year and a EUR 96.3m loss at group level.
The supervisors of Slovenia's largest bank, which is majority state-owned, got acquainted with the results today, highlighting provisions for write-downs among the reasons for the negative figures.
NLB's provisions and impairments stood at EUR 264.2m in the first nine months, a 49% increase on the same period last year. At group level the figure was up by 22% to EUR 306.9m.
The bank stressed that things became especially bad in the third quarter, which saw a large number of insolvency proceedings. The situation is calming down this month and NLB expects a better result at the end of the year.
Without the provisions, the NLB group would have recorded a profit of EUR 187.6m and the core bank a profit of EUR 126.5m.
The supervisors also examined cost saving measures, establishing that costs were cut by more than EUR 10m or 3% compared to last year.
The group's capital adequacy ratio was estimated at 12% on 30 September and the Tier 1 capital ratio at 7.7%. The ratios for the core bank were 12% and 8.5%, respectively.
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