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18 February 2013

Result of operations for NLB and NLB Group for the year 2012

NLB performance  
In the last quarter 2012 NLB set aside EUR 373.9 million of impairments, which affected the final business result considerably. As a consequence of such a large volume of impairments and provisions NLB concluded the year 2012 with a loss of EUR 304.9 million, which is EUR 71.7 million more than the year before. Before provisions and impairments NLB made a positive result in the amount of EUR 318.4, which is by EUR 130.2 million more than in 2011, mainly due to one-off effects of early buybacks of capital instruments subject to discounts. The result before impairments was also higher because of better cost effectiveness of NLB. The perennial cost-cutting efforts have yielded results, as the costs dropped by EUR 14.6 million or 6% compared to 2011. Labour costs accounting for more than a half of all costs dropped by 7%, operational costs were lower by 5% and depreciation costs declined by 6%.

Deposits of non-banking sector represent 69% of all funding sources and the loan-to-deposit ratio remains below the average of the Slovenian banking system.

Compared to the end of 2011 the total assets of the bank fell by 11 % and amounted to EUR 11,487.4 million at the end of 2012.  

NLB Group performance
Similarly, the NLB Group saw a negative result after tax in the amount of EUR 273.5 million due to considerable provisions and impairments set aside. The profit before provisions stood at EUR 299.0 million, which is 18% more than in 2011, mainly as a result of one-off effects.

The Group's capital adequacy (CAR) at year-end amounted to 10.4%, which is by 0.7 percentage point less year-on-year. The Core Tier 1 ratio was at 8.7% and declined by 2.4 percentage points, which is more than in 2011, but still below the level recommended by the EBA. At the end of the year all the conditions for conversion of EUR 320 million of a hybrid loan into the bank's capital were met.  

NLB, Investor Relations