UniCredit Bank Slovakia 2011 net profit nearly triples to EUR 31.8mn.

By bne IntelliNews April 2, 2012
UniCredit Bank Slovakia said its net profit nearly tripled last year to EUR 31.8mn, buoyed by a healthy growth in its loan portfolio, which boosted revenues. Gross loans widened by 5.8% y/y to EUR 428.5mn at the end of 2011, as retail loans rose 16.5% on the back of a 33.1% growth in housing loans, the bank said in a statement. The quality of the loan portfolio also improved, as loan loss provisions fell 46.8% to EUR 11.7mn. The bank said its operating profit increased 38.1% last year as a result of its continued its focus on sale effectiveness, consistent market analysis, competitiveness of products and improving the client service. UniCredit Bank Slovakia's capital adequacy ratio reached 13.4% at end-2011, providing a high potential for further growth in the area of loans and economy financing. The bank's total assets shrank 8.8% due to reduction of the interbank business.
EUR mn 2011 2010 y/y change
Net interest income 86.0 73.7 16.7%
Net income from fees 28.7 28.0 2.5%
Net trading income and other operating revenues 8.4 7.8 7.7%
Total revenues 123.0 109.6 12.2%
Operating costs -72.5 -73.0 -0.7%
Net operating income 50.5 36.6 38.0%
Provisions and reserves -11.7 -22.0 -46.8%
Pre-tax profit 38.8 14.5 167.6%
Net profit 31.8 11.5 176.5%
Cost income ratio 58.9 66.6 -7.7pps
Loans to customers, gross 3,027.1 2,861.3 5.8%
Client deposits 2,389.6 2,948.8 -19.0%
Total assets 3,851.0 4,221.6 -8.8%
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