Net profit of UniCredit Bank Slovakia narrows by 69.2% y/y in 2009.

By bne IntelliNews March 18, 2010
UniCredit Bank Slovakia posted EUR 22.1mn net profit in 2009, falling by 69.2% y/y, the bank CEO Jozef Barta informed. He underlined that the profit outcome was in line with expectations and was based on the negative impact of the euro adoption as well as the economic crisis. Operating revenue was down by 37.3% y/yin 2009 due to the loss of income from forex transactions and due to lower trading profits. Operating costs were also reduced as a response to the negative developments by 10.8% y/y. Nevertheless, the bank positively evaluated its performance and underlined that it was not forced into making job cuts. It noted that deposits overall declined during 2009 with the outflow being more pronounced in the segment of large corporate clients. This was attributed to the liquidity crunch, the falling profitability of companies and eurozone entry. A withdrawal of retail deposits was also observed in the beginning of 2009 but the market stabilised in H2, reflecting the bottoming out of the economic crisis. Barta projected that the economy was expected to start improving in the short term and stressed that the bank planned to use it to pick up its lending activity. UniCredit Bank Slovakia is part of Italian UniCredit and is owned through the Austrian unit of the group.

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