LJUBLJANA (Slovenia), August 11 (SeeNews) – Slovenia's ‘bad bank’, the Bank Assets Management Company (DUTB), said on Tuesday its net profit shrank by 35% to 41 million euro ($48 million) in 2019.
DUTB's income from loans decreased 31% to 50 million euro last year, while income from equity instruments jumped to 14.5 million euro from 5.8 million euro in 2018, it said in an audited 2019 annual financial report filed with the Ljubljana Stock Exchange.
"Unlike the previous period, in 2019 most of the positive result from loans came from the realized transactions, while the result from revaluation contributed only a small share (14%)," DUTB said.
The revenue from DUTB's inventories, comprising mainly real estate, plunged to 5.1 million euro last year from 15.6 million euro in 2018.
Financial expenses decreased by 25% to 8.9 million euro last year, while operating costs went up 4% to 21.2 million euro.
Last year, DUTB generated cash in the amount of 20.8 million euro, surpassing its annual plan, while the 41 million euro net profit lifted its equity to 242 million euro, which is already more than the initial amount provided by its founder, the Slovenian government, in 2013 when the 'bad bank' was established.
DUTB's portfolio shrank by 16% in 2019, mostly in the portfolio of claims, while the net increase of the equity portfolio is attributable to the conversion of claims into 100% ownership of local hotel operator Istrabenz Turizem.
($=0.848566 euro)