May 21 (SeeNews) - Austria's Addiko Bank AG said the profit before tax of its Slovenian unit dropped 27% year-on-year to 4.1 million euro ($4.5 million) in the first quarter of 2020, due to a negative change in its credit loss.
The Slovenian lender turned to a negative 1.8 million euro change in the first-quarter credit loss from a positive 100,000 euro a year earlier, which ate its earnings despite a 7.3% rise in the operating profit to 5.9 million euro, Addiko Bank said in its first-quarter financial report published on Tuesday.
The bank's operating revenue edged up by an annual 0.8% to 12.3 million euro in January-March, while operating expenses fell 4.5% to 6.4 million euro, the statement read.
Net interest income rose 6% on the year to 10.5 million euro, while net fee and commission income fell 11% to 2.4 million euro.
The net interest margin improved to 2.6% in the first three months of the current year, from 2.5% in the like period of 2019.
The bank's total assets rose to 1.63 billion euro at the end of March, from 1.61 billion euro at end-2019.
Addiko Bank AG runs units in five SEE countries - Slovenia, Croatia, Bosnia, Serbia and Montenegro.
($=0.910040 euro)
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