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Profits of Slovak banking sector double in 2010

The profits of Slovakia's banking sector doubled in 2010 from their level in the previous year, with total net profit reaching €504 million as of the end of the year, according to a preliminary report released by the country’s central bank (NBS) on June 23, the TASR newswire reported.Strong improvement in the second half of 2010 had a major impact on the profit level.

The profits of Slovakia's banking sector doubled in 2010 from their level in the previous year, with total net profit reaching €504 million as of the end of the year, according to a preliminary report released by the country’s central bank (NBS) on June 23, the TASR newswire reported.
Strong improvement in the second half of 2010 had a major impact on the profit level.

"The banking sector posted a profit [in the second half of 2010] that was nearly four times higher than in the latter half of 2009," states the report that was discussed by the governemtn cabinet on June 22.

Although 13 banks increased their profits year-on-year, three banks accounted for 85 percent of the overall increase.

"The rise in profits was mainly fuelled by growing revenues from retail operations. Banks benefited from an increased volume of provided loans as well as from the dwindling costs of deposits," states the report.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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