May 14, 2020 / 5:58 PM / 11 days ago

Slovenia's bank NLB reports 68% slide in Q1 profit due to bad loan provisions

LJUBLJANA, May 14 (Reuters) - Slovenia’s largest bank Nova Ljubljanska Banka (NLB) said its first quarter net profit fell 68% to 18.3 million euros ($19.74 million) mainly due to new provisions for bad loans made because of the coronavirus epidemic.

NLB also said on Thursday that the amount of bad loans at the end of March rose to 393.5 million euros, from 374.7 million at the end of 2019. They represented 4.6% of the bank’s total loans, according to the European Banking Authority definition.

$1 = 0.9270 euros Reporting By Marja Novak Editing by Chris Reese and Susan Fenton

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