Slovak Banks’ Nine-Month Profit Falls on Bank Tax, Sme Reports

Nine-month net income at Slovak commercial banks fell 30 percent to 414.3 million euros ($534.3 million) as lenders were hurt by a new bank levy, Sme reported, citing the Slovak Banking Association.

The levy on client deposits, in place since January, reduced profit by 69 million euros, the newspaper said. Results were also affected by declining interest-rate margins as competition rose, Sme said.

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net