Consolidated, unaudited financial results of Slovenská sporiteľňa as of 30 September 2022 according to International Financial Reporting Standards (IFRS).  

“The third quarter was marked by rising interest rates on loans. This translated into a slight increase of the Bank’s interest income. Total loan volume grew by 14.1% y/y and loan to corporate clients grew by EUR 1 billion. The good news is that despite the difficult economic conditions, the share of defaulted loans went down slightly to 1.6%. We are closely monitoring and responding to the development of credit risk for specific economy sectors. As we are expecting the energy crisis to have a negative impact on some of our clients, we increased the volume of provisions. We managed to keep the costs under control even in times of inflation and as a result, the cost income ratio decreased by 1 percentage point,” said Pavel Cetkovský, CFO and Member of the Board of Directors of Slovenská sporiteľňa.


  • Net interest income went up by 1.4% y/y from EUR 322.4 million to EUR 326.8 million
  • Net fee and commission income increased by 11.4% y/y from EUR 128.1 million to EUR 142.7 million
  • Operating profit went up by 9.0% y/y from EUR 242.2 million to EUR 264.1 million
  • Net profit after tax decreased to EUR 161.7 million (2021: EUR 177.3 million)
  • Volume of loans and receivables to customers grew by 14,1% y/y from EUR 15.1 billion to EUR 17.3 billion
  • Deposits from customers increased by 8.7% y/y from EUR 15.6 billion to EUR 17.0 billion 
  • Cost income ratio reached 46.2%
  • Capital adequacy reached 19.8% and continues to considerably exceed the limit stipulated by the law (according to ECB/NBS, Basel III and IRB approach)
  • Loans to deposits ratio increased from 96.9% to 101.7% y/y


Net interest income went up by 1.4% y/y from EUR 322.4 million to EUR 326.8 million. After adjusting for last year’s one-off effect of the TLTRO operation in the amount of EUR 12.9 million, net interest income grew by 5.6%. The rising interest rates on loan products were among the major growth drivers. 

Net fee and commission income increased by 11.4% y/y from EUR 128.1 million to EUR 142.7 million. Income from payments services saw a considerable increase (approx. EUR 8.3 million) due to switching to a single card company and so did fee and commission income from brokerage of insurance and investment into mutual funds (increase by EUR 4.9 million).

The bank recorded a net profit of EUR 18.8 million in net trading and fair value result (it was EUR 6.7 million in 2021) which is mainly attributable to derivative transactions.

General administrative expenses went up by 4.5% y/y to EUR 226.5 million (in 2021 it was EUR 216.7 million). Personal expenses increased by 4.2% y/y, while other administrative expenses grew by 4.8% mainly because of higher IT costs. Write-offs grew by 5.1%. 

Operating profit went up by EUR 21.9 million, accounting for an increase of 9.0%. Cost income ratio decreased to 46.2% compared with last year. The bank recorded a net impairment loss on financial assets in the amount of EUR 45.5 million in the first three quarters of 2022; it achieved a positive result of EUR 1.6 million in the previous period. The increase in provisions is a precautionary measure related to the expected negative impact of the energy crisis on bank clients.

The share of defaulted loans on total loan volume decreased from 1.9% to 1.6% while the coverage with provisions improved from 117.0% to 124.1%.

Consolidated profit after tax reached EUR 161.7 mil.

The volume of loans products to customers (including loans, leasing and factoring) increased by 14.3% y/y and achieved EUR 17.7 billion. Retail loans were the major driving force; they increased by 10.7% y/y (by EUR 1.2 billion) compared with 2021. Slovenská sporiteľňa again confirmed its position as market leader in retail loans; its market share in retail loans reached 24.6% in 2022. The main growth driver were housing loans which grew by 12.5% (EUR 1.1 billion in absolute terms), while consumer loans went up by 0.2% y/y.   

Loans to corporate clients (including factoring and leasing products) increased by 23.4% y/y (by EUR 1.0 billion) and reached EUR 5.5 billion.

Retail deposits increased slightly from EUR 13.76 billion to EUR 13.81 billion, providing a solid base for financing and room for further growth of the bank. Deposits from customers rose from EUR 15.6 billion to EUR 17.0 billion compared with the year 2021. 

Current ratings of Slovenská sporiteľňa (as of 30 September 2022):

Slovenská sporiteľňa – Contact for media:
Marta Cesnaková; tel.: +421 2 48 62 43 60;

Erste Group – Public Relations:
Peter Klopf; tel,: +43 50 10 01 16 76;

Erste Group – Investor Relations:
Thomas Sommerauer; tel.: +43 50 10 01 73 26;