Slovakia's largest bank, the state-owned Slovenská Sporiteľňa (SLSP), on May 27 reported a 88.682 million crown ($1.99 million) net profit in 1998, according to Slovak accounting standards. In 1997, Slovenská Sporiteľňa posted a net profit of 79.552 million crowns.
According to International Accounting Standards, however, the bank said it would post a loss of about 4.7 billion Slovak crowns for 1998. "The bank is registering an uncovered risk of 2.998 billion crowns and a further conditional uncovered risk in the amount of 1.7 billion crowns," the bank said in a statement, referring to the difference between its results according to Slovak and international accounting standards.
The comparative results according to international standards for 1997 were not immediately available. The bank's president, Dušan Jurčák, said its total assets have fallen to 168.618 billion crowns from 179.941 billion at the end of 1997. Slovenska Sporiteľňa's capital adequacy ratio declined to 6.62%, from 7.42% at the end of 1997, Jurčák said.
