November 30 (SeeNews) - Slovenia's state-owned SID Bank Group, the parent of development lender SID Banka, said on Wednesday its consolidated net profit jumped to 19.9 million euro ($21.2 million) in the first nine months of 2016 from 6.6 million euro a year earlier.
Consolidated net interest income increased 6.7% year-on-year, reaching 19 million euro in January-September, while non-interest revenue soared 56.7% to 13.1 million euro, the group said in its interim financial report for the the nine months ended September 30, 2016.
Operating costs grew 5.6% to 11.7 million euro, while impairment and provisions reversed to positive 3.6 million euro from a loss of 7.1 million euro in the first nine months of 2015.
SID Banka recorded a pre-tax profit of 23.2 million euro in the first nine months of 2016, which is 17 million euro more than in the same period of 2015, and net profit in the amount 19.3 million euro.
"Significantly higher profits compared to the same period of last year are due to the positive effects of impairments and provisions, mainly stemming
from the successful completion of the restructuring," according to the report.
SID Bank Group's total assets amounted to 2.62 billion euro at end-September, down from 3.22 billion euro at the end of 2015.
SID Banka Group employed 289 at end-September, down from 359 a year earlier. The group comprises SID Banka and Prva kreditna zavarovalnica. SID Bank Group also owns a 50% stake in Prvi faktor factoring company and participates in Ljubljana-based Centre for International Cooperation and Development.
($=0.939550 euro)
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