Izola Bank has reported a profit before tax of €1,239,191 for the six months ended June 30, 2013 – down 1.7 per cent, compared with €1,260,379 for the same period in 2012.

This figure was slightly lower than the same period last year due to low prevailing market rates. In fact, net interest income of €848,345 for the six months was down €115,855 or 12 per cent.

Net fee and commission income of €966,329 increased by 10 per cent, mainly due to an expanded factoring portfolio.

• Operating income of €2,043,535 for the six months was up 9.9 per cent.

• The bank’s cost-to-income ratio increased to 39.4 per cent, up 7.2 per cent, due to an increase in administration expenses and impairment allowances.

• Loans and advances to customers of €21 million were up 9.9 per cent, compared with December 31, 2012.

• Meanwhile, customer deposits reached €57 million, representing an increase of €2.5 million, or 4.5 per cent.

• Total assets of €100 million were up €5 million, or 5.3 per cent, while earnings per share of €2.02 were in line with the earnings per share for the same period in 2012.

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