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CORPORATE NEWS

IRB lost 684.7 m Sk in 1H97

Investičná a Rozvojová Banka (IRB) Inc., Bratislava, incurred a loss of 684.7 million Sk ($19.56 m) in the first six months of 1997, management announced. In the same period last year, it recorded a profit of 3.2 million Sk.

IRB's management attributed this year's loss mainly to restructuring the bank's loan portfolio and the unfavorable development of interest rates on the interbank money market.

IRB created 705.4 million Sk in reserves for bad and doubtful claims, which was 850 [??] percent more compared to the same period in 1996. The bank's total assets dropped to 47.12 billion Sk ($1.35 bn) as of June 30, 5.57 billion Sk less than a year ago. Total loans extended by the end of June reached 36.52 billion Sk, a 2 billion Sk decline.

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