Consolidated profit of Slovenská sporiteľňa reached EUR 68.5 million in the first quarter of 2025
“Slovenská sporiteľňa is in a good financial condition at the beginning of 2025. Virtually every component of our operating profit has been growing, resulting in a 15 percent increase of this indicator. We are also doing well business-wise, with steady growth in both loans and deposits. Financial markets are also recognizing our success, as we issued EUR 500 million worth of bonds at the beginning of the year and within a few hours, we saw a demand of almost EUR 4 billion. This is the highest demand ever for a bank bond issue in our region. We really appreciate such investor confidence. And we also appreciate the trust of our clients, as our mobile application George was voted the best banking app in the Smart Bank 2025 poll”,says Andrea Blažová, CFO of Slovenská sporiteľňa.
Financial highlights as of 31 March 2025 (y/y comparison)
(Consolidated audited business results of Slovenská sporiteľňa as of 31 March 2025 according to International Financial Reporting Standards (IFRS)).
- Net interest income went up by 10% from EUR 137.8 mil. to EUR 151.5 mil.
- Net fee and commission income increased by 6.8% from EUR 55.1 mil. to EUR 58.9 mil.
- Operating profit went up by 15.1% from EUR 107.1 mil. to EUR 123.2 mil.
- Net profit after tax reached EUR 68.5 mil. (2024: EUR 54.7 mil.)
- Volume of loans and advances to customers grew by 4% from EUR 18.4 billion to EUR 19.1 billion
- Deposits from customers increased by 6.7% from EUR 17.6 billion to EUR 18.8 billion
- Cost income ratio went down from 45.5% and reached 43.3%
- Capital adequacy reached 20.97% and considerably exceeds the limit stipulated by law (according to ECB/NBS, Basel III and IRB approach)
- Loans to deposits ratio went down from 104.6% to 101.9%
Business performance overview of Slovenská sporiteľňa as of 31 March 2025
Net interest income went up by 10% y/y from EUR 137.8 million to EUR 151.5 million. The increase of net interest income was mainly supported by the growing loan portfolio in the retail segment. On the other hand, the volume of deposit products (mainly term deposits and savings accounts in the retail segment) also grew, which translated into an increase of interest expenses.
Net fee and commission income increased by 6.8% y/y from EUR 55.1 million to EUR 58.9 million. Income from investments into mutual funds, income from commissions from brokerage of insurance, income from loan-related fees and income from securities all had a positive effect on net fee and commission income.
The bank recorded a net trading profit of EUR 5.2 million (it was EUR 3.3 million inv2024) which is mainly attributable to derivative transactions.
Operating expenses went up by 5.1% y/y to EUR 94 million (in 2024 it was EUR 89.4 million). Personal expenses increased by 4.2% y/y mainly because of wage growth caused by inflation. Other administrative expenses grew by 6.2% mainly because of higher investments into digitalisation and modernisation.
Operating profit went up by EUR 15.8 million, accounting for an increase of 14.8% y/y. Cost income ratio decreased considerably from 45.5% to 43.3% compared with last year.
The bank recorded a net impairment loss from financial instruments in the amount of EUR 20.4 million in 2025, compared to a loss of EU 15.4 million in 2024. The share of non-performing loans on total loan volume went up from 1.9% to 2.0% y/y, while their coverage with provisions decreased from 101.7% to 93.1%.
The volume of loans products to customers (including loans, leasing and factoring) increased by 4.1% y/y and achieved EUR 19.6 billion. Retail loans grew by 5.1% (EUR 600 million y/y). Housing loans grew by 5.0% (EUR 500 million in absolute terms) and consumer loans went up by 5.8% (EUR 90 million). Slovenská sporiteľňa again confirmed its position as market leader in retail loans; its market share in retail loans reached 24.6% at the end of February 2025.
Loans to corporate clients (including factoring and leasing products) increased by 2.0% y/y (by EUR 130 million) and reached EUR 6.9 billion.
Deposits from customers rose from EUR 17.6 billion to EUR 18.8 billion compared with the year 2024.
Current ratings of Slovenská sporiteľňa (as of 31 March 2025)
| PDF (424 KB) |
Slovenská sporiteľňa – Contact for media:
Marta Cesnaková; tel.: +421 2 48 62 43 60; cesnakova.marta@slsp.sk
Erste Group – Public Relations:
Christian Hromatka; tel,: +43 501 00 61 3711; christian.hromatka@erstegroup.com
Erste Group – Investor Relations:
Thomas Sommerauer; tel.: +43 501 00 17 326; thomas.sommerauer@erstegroup.com