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Business news in Slovenia

NLB bank reports 17% increase in Q1 profit

Ljubljana, 08 May (STA) - NLB bank posted profit after tax of EUR 140 million in the first quarter, an increase of 17% on the year before, as interest income continued to rise at double-digit rates.

Net operating income rose by 23% to EUR 298 million, of which net interest income was EUR 232 million, a 30% increase year-on-year, shows an interim report released on Wednesday.

Non-interest income meanwhile rose by just 5% to EUR 66 million, and net fees and commissions were up by 8% to EUR 71 million.

At the same time, impairments and provisions, which have a negative impact on the bottom line, contracted significantly compared to a year ago, by 83% to EUR 4.7 million.

The results show that "the group is well on track to bring about the expected results communicated in the 2024 outlook," the report says.

NLB will reveal more details about Q1 performance at an investor meeting tomorrow, when a new business strategy and vision for 2030 will also be presented.

"The new business strategy draws a path that will continue to justify the trust of our shareholders with strong dividend payments, while at the same time pursuing long-term development of the Group and indirectly, also the wider economic environment in our home region," CEO Blaž Brodnjak was quoted as saying.

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