NLB Montenegrobankas net profit halves to EUR 0.4mn in Jan-Sep.

By bne IntelliNews November 29, 2010
Commercial bank NLB Montenegrobanka said its net profit halved to EUR 0.4mn in the first nine months of the year, according to the banks preliminary financial report sent to the securities commission. The deterioration came as a result of the 39.1% annual hike in provision for losses to EUR 10.4mn. In the meantime, both the net interest income and net income from fees and commissions rose over the year - by 12.8% y/y and 12.7% y/y to EUR 13.9mn and EUR 5mn, respectively. The banks total assets increased by 4.7% y/y to EUR 518.6mn as of Sep 30. The stock of extended loans amounted to EUR 402.5mn at end-September, translating to 3.6% y/y expansion. NLB Montenegrobanka is majority controlled by Slovenian lender NLB.

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