The bank released the unaudited report for the first quarter on Friday after it was reviewed by the supervisory board. The core bank had already reported a month ago a net profit of EUR 8.9m for the first quarter.

The quarterly performance trumped target figures, with data showing the banking group is operating stably, while implementing measures to improve its market share and profitability, a release from the bank said.

Deposits from the non-banking sector totalled EUR 3.15bn, which is up EUR 74.1m from the end of last year. The growth was mainly on account of deposits with the core bank, which retained 10.5% market share among deposits from the non-banking sector.

The group generated EUR 27.6m in net interest income, a growth of 23% compared to the first quarter of last year. A third of the income was on account of securities trading and the rest from lending.

The bank highlights its role in the efforts to kick-start the country's economic growth and corporate financial and operational restructuring.

The bank also noted a slowdown in the decline in lending. Loans to the non-banking sector as at the end of the first quarter stood at EUR 2.2bn at the group and EUR 1.8bn at the core bank, with which it retained its market share of 7.4%.

The 4% decrease in deposits from the end of the year is in line with the group's targets and restructuring plans, and partly because of a lack of increase in companies' investment demand.

NKBM is currently undergoing a restructuring process with major consolidation activities, including the divestment of leasing firms, planned for the second half of next year.

The latter is expected to affect operating results, as will the higher proportion of extraordinary costs of the asset quality review and stress tests dictated by eurozone rules.

NKBM also expects adjustments in the volume of impairments and provisions considering the economic situation and the quality of corporate operations.