Austria's Hypo Alpe-Adria-Bank Slovenian Unit To Get 35 Mln Euro Credit from EIB To Back Economy

The signing of the contract means a positive direction in these times of crisis and support for the Slovenian economy, Ljubljana-based Hypo Alpe-Adria-Bank said in a statement.

The bank raised its net profit to 11.297 million euro in 2007 from 6.489 million euro in the previous year. Total assets rose to some 1.906 billion euro at the end of last year from 1.133 billion euro a year earlier.

The nine-month performance of Slovenian companies has shown the first effects of the global turmoil on the real economy of the country. Analysts expect the local companies to be hit even harder next year by tougher conditions for borrowing and dwindling demand.

($ = 0.7788 euro)