August 27, 2014 / 10:12 AM / 3 years ago

Top Slovenian bank NLB posts 34 mln eur net profit after rescue in 2013

LJUBLJANA, Aug 27 (Reuters) - Slovenia’s largest bank, state-owned Nova Ljubljanska Banka (NLB), swung to a net profit of 34 million euros ($44.8 million) in the first half, its chief executive said on Wednesday, confirming its recovery after last year’s government rescue.

Janko Medja also told a news conference NLB’s revenue grew 26 percent to 250.9 million euros in the six months through June while costs declined 9 percent. And he said the bank expected a full-year profit of some 16 million euros, against a loss of 1.44 billion in 2013.

He added that the bank’s level of bad loans fell by 1 percentage point in the second quarter to 25 percent. “Provisions made for bad loans represent more than 70 percent of those loans,” Medja added.

NLB had received a state capital injection of 1.55 billion euros in December as the euro zone member narrowly avoided an international bailout for its banks. (1 US dollar = 0.7586 euro) (Reporting by Marja Novak; Editing by Zoran Radosavljevic and David Holmes)

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