September 19, 2021

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The Slovak Development and Guarantee Bank made a profit of 1.9 million euros

The Slovak Development and Guarantee Bank made a profit of 1.9 million euros

Bratislava, August 26 (TASR) – The Slovak Security and Development Bank (SZRB) posted a profit of €1.9 million in the first half of the year. It managed to reduce operating costs by 14% to 4.4 million euros. The bank’s operating profit before provision was created rose 16% year-on-year to €3.5 million, SZRB reported on Thursday.

“Our income for the first half of the year is affected by the payment of last year’s dividend to our subsidiary SIH, which was half this year compared to 2020,” Determined by the Chairman and CEO of the Bank Peter David. Without this impact, according to David, revenue would have increased by 4% compared to the first half of 2020 to reach 7.53 million euros.

Compared to last year, the bank also made a much higher provision amounting to 1.5 million euros, while in the corresponding period last year it was only 53,000 euros. According to David, the bank is conservative in terms of management and is preparing for worse times by creating provisions.

The Slovak Guarantee and Development Bank supports businesses in Slovakia in accordance with the state’s economic policy. Its owner and sole shareholder is the Ministry of Finance of the Slovak Republic. It mainly focuses on the development of small and medium-sized businesses and agricultural entities, but also on the financing of cities and villages and the renovation of apartment buildings.

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