Banks' profits soar

PROFITS in the Slovak banking sector grew by almost 50 percent year-on-year to €175 million over the first three months of 2011. Net interest income grew by 8.2 percent to €437 million based on figures released by the National Bank of Slovakia (NBS). Net income from fees and commissions increased 8.7 percent to €114 million. The volume of reserves and provision for losses shrank 60.7 percent to €38 million, the SITA newswire reported in late April.

PROFITS in the Slovak banking sector grew by almost 50 percent year-on-year to €175 million over the first three months of 2011. Net interest income grew by 8.2 percent to €437 million based on figures released by the National Bank of Slovakia (NBS). Net income from fees and commissions increased 8.7 percent to €114 million. The volume of reserves and provision for losses shrank 60.7 percent to €38 million, the SITA newswire reported in late April.

In 2010, the banking sector improved its profits by 101.4 percent from 2009, making €503.65 million, according to preliminary data from Slovakia’s central bank. The Slovak banking sector revived last year as its profitability increased and its overall financial position improved, SITA wrote, with the better performance being driven primarily by the household sector and particularly by a recovery in the market for housing loans. The central bank also wrote that the entire sector benefited from low interest rates, adding that there is now some risk of future interest rate increases. The market for corporate loans was different, according to the central bank, and there was only a very moderate revival in demand in this sector.

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