Last update: 05.07.2024 02:14 (GMT+3)
AS SAMPO PANK FINANCIAL REPORTS 10.08.2005
BUSINESS RESULTS OF THE CONSOLIDATED GROUP OF AS SAMPO PANK 6 MONTHS OF 2005
INCOME STATEMENT ANALYSIS
The Group's net profit for the first half of 2005 was EEK 90.9 million (EEK 54.1
m). The increase in net profit was primarily derived from the continuing fast
growth of business volumes and the low level of additional allowances for loan
impairment due to the good quality of the loan portfolio. The Group's return on
equity and return on assets accounted for 26.6% (19.5%) and 1.7% (1.4%),
respectively.
Income
The Group's net income totalled EEK 236.9 million (EEK 189.4 m) at the end of Q2
2005, an increase of 25.1% over the year. Net interest income accounted for 65.1%
(65.8%), net fee and commission income 24.2% (25.1%) and income from other
sources 10.7% (9.1%) of total income.
Net Interest Income
The Group's net interest income amounted to EEK 154.3 million (EEK 124.6 m) in
the first half of 2005, an increase of 23.8% over the year.
Return on the Group's interest earning assets decreased to 5.1% (5.4%) due to the
overall decline in loan interest margins. Expense on interest bearing liabilities
was 2.1% (2.0%). Net interest margin before allowances for loan impairment was
3.2% (3.3 %).
Non-Interest Income
The Group's non-interest income totalled EEK 115.5 million (EEK 82.6 m) in the
first half of 2005, an increase of 39.9% over the prior year period. Fee and
commission income amounted to EEK 72.4 million (EEK 58.0 m), income from foreign
exchange and financial transactions totalled EEK 14.6 million (11.8 m) and EEK
17.7 million (EEK 7.2 m), respectively.
Operating Expenses
The Group's operating expenses for the first half of 2005 totalled EEK 159.7
million (EEK 125.7m), an increase of 27.0% over the prior year period.
Personnel expenses amounted to EEK 82.4 million
(EEK 70.4 m), an increase of 17.2%. Other administrative expenses totalled EEK
63.9 million (EEK 43.0 million), an increase of 48.6% over the year primarily due
to investments in information technology.
The Group's cost/income ratio was 62.7% (63.9%) in the first half of 2005.
BALANCE SHEET ANALYSIS
The Group's total assets amounted to EEK 11.7 billion (EEK 8.2 bn) at the end of
Q2 2005, an increase of 42.1% over the year and an increase of 20.1% or EEK 1.9
billion, as compared to the end of December 2004.
Assets
The Group's loan and leasing portfolio totalled EEK 8.8 billion (EEK 6.0 bn) at
the end of June 2005, an increase of 46.2% over the year. Loans and leases to
private persons amounted to EEK 3.8 billion
(EEK 2.6 bn) and those to private enterprises totalled EEK 4.8 billion (EEK 3.4
billion) at the end of Q2 2005. The total loan and leasing portfolio increased by
22.0% or EEK 1.6 billion in the first half of 2005. The portfolio of private
persons and that of private enterprises grew by 23.3% and 21.2%, respectively.
Allowances for loan impairment represented 1.3% (1.9%) of the gross loan
portfolio at the end of June 2005. Allowances for loan impairment formed in the
six-month period of 2005 totalled EEK 4.8 million
(EEK 16.9 m).
Liabilities
The Group's client deposits totalled EEK 6.3 billion (EEK 4.6 bn) at the end of
June 2005, an increase of 37.3% over the year and 23.7% or EEK 1.2 billion during
the first half of 2005.
Demand deposits totalled EEK 3.2 billion (EEK 2.6 bn) and time deposits amounted
to EEK 3.1 billion (EEK 2.0 bn) at the end of Q2 2005. Demand deposits increased
by 23.3% or EEK 614.2 million and time deposits grew by 24.0% or EEK 595.0 during
the first two quarters of 2005.
Deposits of private persons totalled EEK 1.7 billion (EEK 1.2 bn) and those of
private enterprises amounted to EEK 3.7 billion (EEK 2.8 bn) at the end of June
2005, an increase of 46.6% and an increase of 30.9% over the year, respectively.
Deposits of private persons increased by 28.9% or EEK 386.3 million and those of
private enterprises grew by 26.8% or EEK 787.3 million during the first half-year
of 2005.
Total interest bearing liabilities increased by EEK 1.5 billion or 17.0% during
the first two quarters of 2005, amounting to EEK 10.1 billion (EEK 7.0 bn) at the
end of June 2005.
Owners' Equity
The Group's equity totalled EEK 719.5 million at the end of June 2005, as
compared to EEK 628.6 million at the end of 2004. The Group's capital adequacy
was 10.6% at the end of June 2005 and 11.8% at the end of December 2004.
Consolidated income statement
(audited, in thousands) EEK EEK EUR EUR
2005 2004 2005 2004
Interest income 253 915 198 344 16 228 12 676
Interest income from banking activities 192 293 151 060 12 290 9 654
Interest income from leasing activities 61 615 47 284 3 938 3 022
Other interest income 7 0 0 0
Interest expense 99 661 73 710 6 369 4 711
Interest expense from banking activities 99 642 73 677 6 368 4 709
Interest expense from leasing activities 19 33 1 2
Other interest expense 0 0 0 0
Net interest income (loss) (+/-) 154 254 124 634 9 859 7 966
Income and expenses from insurance
activities 0 0 0 0
Insurance premiums 0 0 0 0
Insurance compensations and change in
reserves 0 0 0 0
Income from securities 2 0 0 0
Equity method gains (losses) (+/-) 0 0 0 0
Profit/loss from sales of long-term
securities 2 0 0 0
Dividends on long-term securities 0 0 0 0
Net fee and commission income 57 268 47 462 3 660 3 033
Fee and commission income 72 428 58 011 4 629 3 708
Fee and commission expense 15 160 10 549 969 674
Net profit (loss) on financial
operations (+/-) 35 660 21 916 2 279 1 401
Profit/income 35 660 21 916 2 279 1 401
Loss/expense 0 0 0 0
General administrative expenses 146 390 113 389 9 356 7 247
Salaries expense 61 819 52 784 3 951 3 374
Social security expense 20 618 17 574 1 318 1 123
Pension expense (non-state) 0 0 0 0
Other administrative expenses 63 953 43 031 4 087 2 750
Value adjustments in investment
property and tangible and intangible
fixed assets (+/-) - 10 679 - 9 328 - 683 - 596
Profit/income 0 0 0 0
Loss/expense 10 679 9 328 683 596
Value adjustments in loans and
off-balance sheet items (+/-) - 4 031 - 16 856 - 258 - 1 077
Profit/income 850 431 54 28
Loss/expense 4 881 17 287 312 1 105
Value adjustments in long-term
investments (+/-) 0 0 0 0
Income 0 0 0 0
Expense 0 0 0 0
Other operating income (+/-) 4 807 - 370 307 - 24
Other operating revenue 7 426 2 627 475 168
Other operating expenses 2 619 2 997 167 192
Extraordinary income/expenses (+/-) 0 0 0 0
Extraordinary income 0 0 0 0
Extraordinary expenses 0 0 0 0
Profit before taxes (+/-) 90 891 54 069 5 809 3 456
Income tax expenses 0 0 0 0
Income tax for reporting period 0 0 0 0
Change in deferred income tax liability 0 0 0 0
Minority share of profits 0 0 0 0
PROFIT FOR THE REPORTING PERIOD (+/-) 90 891 54 069 5 809 3 456
Consolidated balance sheet
(audited, in thousands)
EEK EEK EUR EUR
30.06.05 31.12.04 30.06.05 31.12.04
Cash 55 464 54 769 3 545 3 500
Claims and loans 9 893 285 8 185 271 632 295 523 133
Claims and loans to central bank 362 791 500 180 23 187 31 967
Claims and loans to credit institutions 767 551 503 326 49 055 32 168
Claims and loans to clients of credit
institution 6 884 650 5 565 782 440 008 355 717
Claims and loans to clients of leasing
enterprises 1 995 450 1 736 683 127 532 110 994
Claims from insurance and reinsurance
activities 0 0 0 0
Other claims 0 0 0 0
Allowance for claims and loans - 117 157 - 119 687 - 7 488 - 7 649
Debt securities 1 234 922 1 125 912 78 926 71 959
Shares and other securities 99 149 35 290 6 337 2 255
Investments in associates 0 0 0 0
Other shares 28 487 29 607 1 821 1 892
Derivatives 70 662 5 683 4 516 363
Intangible assets 7 481 9 615 478 615
Consolidated goodwill 0 0 0 0
Other intangible assets 7 481 9 615 478 615
Tangible assets 144 389 143 749 9 228 9 187
Investment property 12 751 12 914 815 825
Settlements with shareholders 0 0 0 0
Other assets 102 950 53 908 6 580 3 445
Prepayments and accured income 98 306 79 249 6 283 5 065
TOTAL ASSETS 11 648 697 9 701 690 744 486 620 049
Amounts owed 9 301 690 8 137 045 594 485 520 051
Amounts owed to the central bank 0 0 0 0
Amounts owed to the credit institutions 2 973 035 3 015 836 190 011 192 747
Amounts owed to the clients of credit
institutions 6 319 292 5 110 060 403 875 326 592
Amounts owed from insurance and reinsurance
activities 0 0 0 0
Other amounts owed 9 363 11 149 598 713
Liabilities related to securities 510 739 331 442 32 642 21 183
Issued debt securities 494 554 284 618 31 608 18 190
Derivatives 16 185 46 824 1034 2993
Other liabilities related to securities 0 0 0 0
Other liabilities 594 274 198 169 37 981 12 665
Accruals and deferred income 172 994 157 115 11 056 10 041
Provisions 0 0 0 0
Technical provisions for insurance activities 0 0 0 0
Pension reserve 0 0 0 0
Other provisions 0 0 0 0
Subordinated liabilities 349 471 249 281 22 335 15 932
Minority interests 0 0 0 0
Total liabilities 10 929 168 9 073 052 698 499 579 872
Share capital 323 111 323 111 20 651 20 651
Paid in capital over par 17 081 17 081 1 092 1 092
General banking reserve 0 0 0 0
Revaluation reserve 0 0 0
Mandatory reserve 14 413 9 025 921 577
Other reserves 0 0 0 0
Unrealised rate differences 0 0 0 0
Profit or loss retained 274 033 171 651 17 514 10 970
Profit or loss for the financial year 90 891 107 770 5 809 6 888
Own shares 0 0 0 0
Total owners' equity 719 529 628 638 45 986 40 177
TOTAL LIABILITIES AND OWNERS' EQUITY 11 648 697 9 701 690 744 486 620 049
Business results of the Consolidated Group of AS Sampo Pank 6 months of 2005 is
available on Sampo's Internet home page: <a href='http://sampo.ee/eng/rubriik.html?id=15527' target='_blank'>http://sampo.ee/eng/rubriik.html?id=15527</a>
Anneli Rõuk
Communication Manager
Tel +372 630 2103
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