Raiffeisen reported EUR 65m-worth of provisions and impairments in Slovenia, which is almost twice as much as the year before.

The bank cut down its workforce from 310 to 245 and closed one office, reducing the number to 16. The number of clients dropped by 4.6% to 65,441.

Raiffeisen, which recently announced a EUR 40m capital increase in Slovenia, said it was adapting to a new strategy, noting that the risk of recession remained for Slovenia this year.

It said it had successfully passed the stress tests conducted at eight Slovenian banks last year.

The group formed EUR 1.15bn-worth of provisions and impairments last year, which was a 13.9% increase over 2012.