Q1 Net Profit Down 27% at Abanka

By , 19 Jun 2019, 14:19 PM Business

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STA, 19 June 2019 - Abanka, Slovenia's third largest bank, said Wednesday it saw its net profit decline 27% in the first quarter of the year to EUR 18.6 million on plunging non-interest revenue and higher net write-downs and provisions.

Net interest revenue increased by 2% year-on-year to EUR 15.1 million, but non-interest revenue plunged over 40% in the same period to EUR 15.4 million.

Abanka says the decline of non-interest revenue is the result of the impact a sale of non-performing loans had on its balance sheet in 2018.

Net write-downs and provisions almost doubled to EUR 5.6 million. Nevertheless, the bank reduced non-performing loans by EUR 12.7 million.

The share of non-performing loans contracted by 0.7 percentage points to 3.7% from the end of last year according to European Banking Authority methodology.

The bank's total assets rose by 2% from the end of 2018, to EUR 3.8 billion, making for a market share measured by total assets of 9.6%, the bank said on Wednesday.

Abanka released the results just hours before Slovenian Sovereign Holding is due to decide on the buyer for the state's 100% stake in the bank.

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