March 21 (SeeNews) - Slovenia's state-owned SID Bank Group, whose parent company is development and export lender SID Bank, said on Wednesday its consolidated net profit halved to 11.8 million euro ($14.5 million) in 2017, from 23.0 million euro in the previous year.
"The reason for the lower profit compared to the year 2016 is mainly in one-time effects of restructuring processes that influenced the relatively higher profit in the year 2016", the group said in its 2017 annual financial statement.
SID Bank Group's consolidated net interest income decreased 14.8% year-on-year in 2017, to 20.6 million euro, while net non-interest income plummeted to 4.9 million euro from 27.2 million euro.
Loans to banks totalled 1.04 billion euro at the end of December, up from 1.00 billion euro a year earlier, while loans to non-bank customers edged down to 597.7 million euro from 610.6 million euro.
SID Bank Group's assets decreased to 2.5 billion euro at the end of 2017, down from 2.6 billion euro in 2016.
SID Bank Group employed 266 at end-December, down from 277 a year earlier.
The group comprises SID Bank and Prva kreditna zavarovalnica. SID Bank Group also owns a 50% stake in Prvi faktor factoring company and participates in the Ljubljana-based Centre for International Cooperation and Development.
($=0.814348 euro)
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