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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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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