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All but two banks in Slovakia earned a profit in Q1-Q3 2008

The majority of banks operating in Slovakia earned a profit in the first nine months of 2008.

The majority of banks operating in Slovakia earned a profit in the first nine months of 2008.

The sector generated a post-tax profit of nearly Sk16.5 billion (€547.7 million), the SITA newswire wrote.

Five banks posted a profit amounting to billions of crowns. Slovenská Sporiteľňa recorded the highest profit of Sk4.34 billion (€144.1 million), up 33.3 percent year-on-year (y/y). VÚB Bank posted the second-highest profit, Sk3.489 billion (€115.8 million), up 16 percent y/y. Tatra Banka recorded post-tax profits of Sk2.806 billion (€93.14 billion), up 1.8 percent y/y. UniCredit's profit rose by 33 percent y/y to Sk1.619 billion (€53.74 million). And ČSOB increased its profit by 46.2 percent to Sk1.14 billion (€37.84 million).

Two branches of foreign banks posted losses: BRE Bank, trading as mBank in Slovakia, posted a loss of Sk188.2 million (€6.247 million). However, the internet-based bank has been operating in the Slovak market only since November 2007 and plans to post losses until 2012. The local branch of HSBC Bank plc also posted a loss, of Sk57.2 million (€1.899 million). The bank's costs rose in the period from the last quarter of last year as it focused on a project to launch retail banking services. SITA

Compiled by Zuzana Vilikovská from press reports
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