OPTIVA PANK

ANNOUNCEMENT

25.01.98

 

 

COMMENTARY TO THE FINANCIAL RESULTS 12/98

 

According to the merger contract concluded on 30.09.1998 between 

Eesti Investeerimispank and Eesti Forekspank, the balance sheets 

of the banks were consolidated on 01.12.1998. The Commercial 

Register registered the merger on 18.12.1998.

 

The comparable data from the previous period are the audited 1997 

financial results of Eesti Forekspank. Unaudited balance sheet 

volume of Optiva Pank as of 31.12.98 amounted to 3.2 billion EEK 

(audited balance sheet volume of Eesti Forekspank as of the end 

of 1997 totaled 2.5 billion EEK). On the account of interest-

bearing foreign capital of Optiva Pank, demand and time deposits 

of the clients accounted for 31.5%, loans from other banks 26.0%, 

and debt securities issued 30,8%. Net loan portfolio of the bank 

at the end of 1998 was 2.1 billion EEK, which is 64.9% of the 

assets. Allowances for potential loan losses at the end of the 

year accounted for 8.8% of gross loan portfolio. Interest-bearing 

deposits with other banks accounted for 10.7%, long-term 

financial investments in debt securities 8.3%, and short-term and 

long-term financial investments in shares 4.7% of the bank’s 

assets. At the end of December, intangible assets of Optiva Pank 

accounted for 4.3% of the total assets, including goodwill in the 

amount of 136.4 million EEK. Unaudited financial result of 1998 

was 255.9 million EEK loss (audited gross profit of Eesti 

Forekspank at the end of 1997 was 74.8 million EEK). Loss from 

short-term and long-term financial investments in shares amounted 

to 135.1 million EEK.

 

 

Budget and Analysis Department

Optiva Pank

Tel. +372 630 2103