Spectator on facebook

Spectator on facebook

CORPORATE BRIEFS

VÚB almost threebillion Sk in red after nine months

According to non-audited and unconsolidated results, Slovakia's second largest bank - Všeobecná Úverová Banka (VÚB) - reported a loss of 2.98 billion Slovak crowns in the first nine months of 1999. During the same period in 1998 it reported a balanced economic result, although it ended the year 3.998 billion crowns in the red due to the creation of provisions and reserves against classified loans.

The bank's total assets went down 13% from December, 1998 to 154.9 billion crowns. Coverage of assets by primary sources grew from 69% at the end of June to 70% in late September. The bank managed to reduce its dependence on interbank financing, which is a traditional weakness of VÚB. Its debts towards other banks dropped 38% from the same period last year to 25.6 billion crowns at the end of September.

Nine months into 1999, the bank's provisions against bad loans amounted to 2.6 billion crowns. In 1998, VÚB followed the advice of auditors and created 9.026 billion crowns in provisions and reserves for the coverage of losses from classified loans. According to the report of VÚB's auditor, Deloitte & Touche, the bank needed provisions and reserves of 19.820 billion crowns at the end of 1998.

Approximately 40 billion crowns of VÚB's loans were non-performing and brought in no interest yield at the end of last year. In 1998, the quality of the bank's loan portfolio deteriorated significantly compared with previous years, with more than 50 billion crowns, or over half of total loans, being classified.

Top stories

LGBTI people in the regions: We change people’s minds

Bratislava will dress up in rainbow colours this August again, for the seventh time. This will be for the Bratislava Dúhový Pride diversity festival. But the colours of the rainbow are less bright in the regions,…

Slovakia’s LGBTI community seeks to expand their rights.

Things that make us different also make us stronger

On August 19, a rainbow flag will fly over the US Embassy in Bratislava to represent the firm commitment of the United States to defending the human rights of LGBTI people, writes Ambassador Sterling.

The rainbow flag flew over the US Embassy in Bratislava in 2016.

Blog: 5 things you should do on your visit to the north of Slovakia Photo

Here is a list of tips by an experienced tour guide - including things you have probably not tried before.

Bratislava growing high Photo

High-rise buildings sprouting up in Bratislava

Visualisation of the future skyline of Bratislava