November 30 (SeeNews) - Slovenia's Nova Kreditna Banka Maribor (NKBM) Group said on Wednesday its consolidated net profit surged to 40.8 million euro ($43.2 million) in the first nine months of 2016 from 16.2 million euro a year earlier, as impairment losses narrowed.
NKBM Group comprises a number of companies in three main units, namely banking, investment funds and real estate. In the banking segment, the group is the owner of Nova Kreditna Banka Maribor (NKBM).
The group's consolidated net interest income fell 7.4% on the year to 68.3 million euro, while net fee and commission income dropped 15.8% to 34.5 million euro, NKBM Group said in an unaudited financial report for the period January-September 2016.
NKBM Group's operating costs rose 5.9% to 74.6 million euro.
In the first nine months of 2016, the bank recorded net impairment losses of 5.9 million euro, versus 40.8 million euro booked in the same period last year, while reversing provisions of 7.96 million euro.
The group's total assets reached 4.3 billion euro at the end of September, down 0.4% from end-2015, while its NPL ratio decreased to 14.71% from 17.01% at end-2015.
The net profit of NKBM alone came in at 41.3 million euro in the first nine months of 2016, versus 28.1 million euro a year earlier. The bank's NPL ratio went down to 14.3% at the end of September from 15.85% in December 2015.
The privatisation of 100% of NKBM Group was completed on April 21, when Slovenia received the sale proceeds of 250 million euro. Presently, US-based alternative investment manager Apollo Global Management owns 80% of NKBM Group, and the EBRD holds the balance.
NKBM was rescued by the government in Ljubljana alongside peers NLB and Abanka in late 2013, when the tiny Alpine state narrowly avoided an international bailout. At the time, NKBM was the nation's second largest lender.
($=0.944917 euro)
Nova Kreditna Banka Maribor d.d. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here