Slovenia's banking group NLB nearly doubled earnings last year to post a record €447 million in net profit. The bumper figure is largely attributed to the acquisition of the Slovenian subsidiary of the Russian Sberbank in March.

Disregarding the contribution of the acquired bank, now called N Banka, the NLB group generated €262.8 million in net profit, 11% more than in 2021, the bank said in a regulatory filing on 23 February.

Net operating income was up by 20% to €798.5 million and income before impairments and provisions rose by 34% to €338.3 million. N Banka contributed €12.7 million to that figure.

Net interest income was up by 23% to €504.9 million as a result of higher volumes, higher interest rates and extensive new loan production.

Net non-interest income rose by 14% to €293.6 million mainly as a result of higher net fee and commission income in all markets. The bank is present in all markets of the former Yugoslavia except for Croatia.

"Despite the precarious circumstances, the shadow of war in Europe, the resulting energy crisis, and the economic slowdown, 2022 was the best year in the history of NLB Group," the bank said.

The total capital ratio of 19.2% gives the group "confidence and optionalities to pursue future growth ambitions".

The group's total assets increased by 12% to €24.16 billion last year, again mainly due to the acquisition of N Banka.

In response to the upbeat figures, the NLB share gained 5.98% to €74.40 on the Ljubljana Stock Exchange. The bank's shares were also up on the London Stock Exchange.