CORPORATE BRIEFS

Istrobanka with remarkable 3Q profit of 128 million Sk

Istrobanka, a.s. Bratislava, a medium-sized Slovak bank, reported unconsolidated pre-tax earnings of 127.9 million Sk ($3.6 million) at the end of the third quarter of 1998. This is over 40% more than in the same period last year.

Total assets increased by 1.44 billion Sk to 24.4 billion Sk ($678 million). The volume of loans to clients significantly decreased in the third quarter from 11.3 billion Sk to 6 billion Sk. Client deposits increased 27.4% in the third quarter to 19 billion Sk. In 1997, client deposits increased by 39%.

The volume of deposits in other banks at the end of 3Q98 was 5.3 billion Sk ($147 million), while its liabilities towards other banks, including the National Bank of Slovakia, were 7 billion Sk at the end of September. Istrobanka held public sector bonds worth 3.3 billion Sk in its portfolio. Its registered capital is 1.3 billion Sk.

The volume of created provisions to classified loans was 746 million Sk, and legal reserves sat at 132 million Sk. Usage of provisions during this period was 442.3 million Sk.

Since the beginning of the year, the bank reported a loss from treasury and interbank operations of 107 million Sk, profit of 196 million Sk from foreign exchange operations, 218 million Sk from operations with clients, and 605.7 million Sk in securities transactions.

The majority shareholder in Istrobanka is Slovenská poisťovňa, the largest commercial insurance company in Slovakia, which controls 72% of the bank's shares. The city of Bratislava owns 18%, and the Austrian Die Erste Der Oesterreichischen Sparkassen AG holds 10%.

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