Ljubljana, 23 April (STA) - SID Banka, the state-owned export and development bank, posted EUR 9 million in net profit in 2024, down by 42% compared to 2023, largely due to a new tax on bank total assets and expenditure on impairments and provisions. Loans to the non-banking sector shrunk by 7% to EUR 1.33 billion.
The bank's total assets amounted to EUR 2.7 billion at the end of last year, up by 1.5% compared to 2023. Pre-tax profit was down 39% to EUR 11.2 million, shows the 2024 annual report released on Wednesday.
The credit portfolio balance stood at EUR 1.51 billion, which is 9.7% less than at the end of 2023. Net loans decreased both in terms of financing of households and of banks, which is in line with the general downward trend in loans to companies.
SID Banka finances 750 final borrowers through commercial banks and 1,064 borrowers directly, chairman Borut Jamnik wrote in the report.
The bank was able to further strengthen its role in trade credit insurance, Jamnik said, adding that the volume of insurance business amounted to EUR 1.5 billion, up by 2.6%.
In 2024 the bank insured EUR 81 million worth of Slovenian exports. "We also successfully insured bank guarantees, export loans and other forms of financing," Jamnik wrote.
Operating costs grew by 29%, largely due to the new tax on bank total assets that is being channelled into a special fund for post-flood reconstruction, which cost SID EUR 4.8 million.
Net expenditure on impairments and provisions was EUR 4.4 million, compared to EUR 533,000 in net revenue in 2023.
Jamnik said that in 2025 the bank would continue providing access to financing for SMEs, support innovative projects and take on sustainable investments. SID Banka expects to strengthen cooperation with the European Commission and expand financing by means of new financing instruments.
