ePrivacy and GPDR Cookie Consent by TermsFeed Generator

Business news in Slovenia

SID Banka net profit almost doubles to EUR 15.6m last year

Ljubljana, 24 April (STA) - The SID Banka national export and development bank generated a net profit of EUR 15.6 million last year, which is 90% more than in 2022, while loans to the non-banking sector increased by 3% to EUR 1.43 billion, SID Banka reported on Wednesday.

The higher profit on an annual basis is the result of higher net interest and non-interest revenue, which increased by 24.8% to EUR 30.2 million and by 440% to EUR 10.2 million, respectively, the bank said in a press release.

Chairman Borut Jamnik said that the bank's operation in 2023 was strongly impacted by the slowdown in the growth of private consumption and the contraction of industrial production, coupled with a high inflation rate and increased interest rates.

Slovenia being hit by catastrophic floods and landslides in August 2023 with extensive consequences for infrastructure, business and housing units also had an impact, he added.

At the end of 2023, net loans totalled EUR 1.67 billion, which is 1% less than at the end of 2022, but with the share of direct financing increasing in structural terms.

The bank continued to strengthen its development-oriented activities, including by financing technological development projects, and participating in the drafting and implementation of investment and infrastructure projects and investments.

SID Banka was also involved in circular economy, environmental protection and energy efficiency projects last year.

As part of its interventionist and anti-crisis financing role, the bank also continued to finance the elimination of the consequences of the war in Ukraine and the energy crisis, SID Banka said.

Loans to non-banking clients increased by 3.3% to EUR 1.43 billion, of which 86% were loans to Slovenian non-financial companies, and 15% were loans to the general government sector, mostly to municipalities.

Loans to banks, which include deposits, amounted to EUR 259.2 million at the end of 2023, which is 24.7% less year-on-year, with their share in the bank's assets decreasing from 12.3% in 2022 to 9.6 percent in 2023.

Last year, 86% of loans to banks were loans to Slovenian banks that act as intermediaries and forward development funds to end recipients, and the rest were loans to foreign banks for crediting export operations of Slovenian companies.

Terms of use |Privacy policy | Financed by the Ministry of Economy, Tourism and Sport © SPIRIT Slovenia 2022