Andmed seisuga: 21.07.2024 11:08 (GMT+3)
Hansapank FINANCIAL RESULTS 05/04/2004 09:00
FINANCIAL RESULTS, Q1 2004
Highlights:
- Net profit EUR 42.8 million in Q1 2004, annual growth 24%;
- Revenues +14% yoy;
- Expenses +6% yoy;
- Operating profit before taxes EUR 44.9 million, +25% yoy;
- EVA result EUR 25.6 million, +50%;
- Net interest margin 3.40%, -5bp qoq and -46bp yoy;
- Return on equity 24.6%, return on assets 2.6%, earnings per share
EUR 2.16;
- Cost-income ratio 45.7%;
- The main factors influencing the first quarter results were:
Strong volume growth in Q4 2003 and Q1 2004, good loan quality, lower
than expected fee expense, higher than usual trading income, good cost
control and consolidation of Lithuanian life-insurance company,
Lietuvos Draudimo Gyvybes Draudimas.
- The Group expects to see somewhat higher expenses in the
following quarters
- The Q2 2004 results will also include a EUR 5.9 million income
tax expense on dividends. Hansabank will pay EUR 0.447 dividend per
share in May as decided by the annual general meeting of shareholders.
- Update of the Group’s Russian strategy: new leasing company in
Russia and target to acquire or establish a small corporate bank.
Druvis Murmanis appointed as the new CEO of Russian operations
- 545,000 customers have chosen Hansabank Group as their pension II
pillar fund manager. This is 48% of all who have joined this system in
the Baltic countries. Hansabank’s goal is to reach 750,000 pension II
pillar customers by the end of 2004.
Q1 2004 RESULTS
The Group earned a EUR 42.8 million net profit in the first quarter of
2004. The Group’s operating profit before provisions increased by 22%
yoy to EUR 50.3 million. The biggest increase came from the Group’s
Latvian business unit, which net profit increased by 110% yoy to EUR
8.4 million. Lithuanian net profit increased by 12% to EUR 6.4 million
and Estonian result by 10% EUR 26.2 million. The Group’s Russian and
other operations earned a net profit of EUR 1.8 million in the first
quarter of the year.
REVENUES AND EXPENSES
The Group’s total income amounted to EUR 96.3 million in Q1 2004,
increasing by 5.1% qoq and 13.6% yoy. The Group’s net interest margin
continued to decrease also in the first quarter of 2004, but at a
considerably slower pace than during the previous quarters. The margin
reduced by 5bp to 3.40% during the quarter. Although the yield of the
loan portfolio decreased by 20bp qoq, it was partially offset by a
31bp reduction in the cost of foreign funding and a 4bp reduction in
the cost of deposits.
The Group’s average yield of interest-earning assets was 5.23% in Q1
2004, compared to 5.39% in the fourth quarter of 2003. The cost of
interest-bearing liabilities was 1.72% and 1.79%, respectively. The
Group’s spread decreased by 9bp to 3.51% during one quarter and by
53bp during the past year. The quarterly decrease in the spread and
the net interest margin is at its lowest since Q3 2002 which is also a
sign of a gradual stabilisation in margins.
Thanks to very strong risk asset growth and stabilising margins,
interest income growth is gradually starting to pick up with quarterly
growth (+3.2%) being almost as high as annual growth (+4.4%).
Total income distribution during the first quarter was the following:
57% net interest income, 28% net fee income, 11% financial income, and
4% other income.
Operating expenses decreased by 10.0% qoq, but increased by 5.5% yoy,
totalling EUR 46.0 million in Q1 2004.
The Group’s cost-income ratio (before provisions) was 45.7% compared
to 49.7% in Q1 2003. The ratio of operating expenses to total assets
improved to 2.71% from 3.18% a year ago.
PROVISIONS AND ASSET QUALITY
The Group’s loan and guarantee losses totalled EUR 8.4 million in Q1
2004, which is 23.6% less than in the previous quarter, and almost the
same as in the same period last year (EUR 8.7 million). Recoveries
totalled EUR 3.0 million in Q1 2004. The Group’s loan loss reserve
amounted to EUR 65.1 million at the end of March, forming 1.40% of the
loan portfolio. Loans overdue totalled EUR 275.5 million, up 17% qoq,
while non-performing loans (overdue more than 60 days) amounted to EUR
19.1 million (+13% qoq). Total overdue loans formed 5.9% and non-
performing loans 0.4% of total loans at the end of March 2004.
LENDING AND DEPOSITS
The loan portfolio increased by EUR 0.26 billion, or 6% during the
first quarter to EUR 4.65 billion. Annual growth was EUR 1.15 billion
or 33%. 38% of the annual growth originated from Estonia, 33% from
Lithuania, 23% from Latvia and 6% from Russia. Lending to private
individuals formed 40% of the growth, with real-estate management and
wholesale and retailing contributing another 16% and 14% respectively.
During the first quarter the Group increased the Russian limit by $50
million to $300 million, which corresponds roughly to 5% of the Group
risk-weighted assets. In May the Group will expand its leasing
operations in Russia through a new leasing company. At the 2004 annual
general meeting CEO Indrek Neivelt also announced the Group’s plans to
either establish or acquire a small corporate bank in Russia and in
the medium term to increase the share of Russian assets up to 10% of
the Group’s risk-weighted assets.
Customer deposits increased by 5%, or EUR 0.22 billion during the
first quarter to EUR 4.30 billion. Annual deposit growth was 15% or
EUR 0.56 billion. 53% of total deposit growth came from Lithuania, 25%
from Latvia and only 16% from Estonia. At the same time assets under
management have increased by 22% qoq and 100% yoy to EUR 0.49 billion.
The combined annual growth of asset management funds and deposits
would have been 22% or EUR 0.84 billion
1 EUR = 15.64664 EEK
Mart Tõevere
Head of Corporate Communications and IR
Tel. +372 6131 569
CONSOLIDATED BALANCE SHEETS
(in millions of euros,
unaudited)
31.03.04 31.12.03 31.03.03
Assets
Cash 132.0 159.9 130.4
Due from Central Bank 343.5 361.8 313.0
Due from other financial 621.3 564.9 812.3
institutions
Treasury securities 375.4 361.9 303.2
Trading securities 98.3 93.0 98.2
Investment securities 177.7 151.2 210.3
Loans 4,654.2 4,395.5 3,508.8
- Allowances for credit -65.1 -60.8 -53.6
losses
Net loans 4,589.1 4,334.7 3,455.2
Tangible assets 118.0 117.3 119.2
Intangible assets 30.0 18.1 23.7
Prepayments and accrued 141.4 165.4 154.5
interest
Other assets 76.4 80.4 56.8
Total assets 6,703.1 6,408.6 5,676.8
Liabilities
Due to Central Bank and 21.4 50.0 6.6
government
Due to other financial 483.3 461.0 298.1
institutions
Deposits 4,298.7 4,076.7 3,737.1
Demand deposits 3,001.3 2,890.7 2,427.1
Time deposits 1,297.4 1,186.0 1,310.0
Debt securities issued to the 777.1 775.3 662.3
public
Accrued liabilities 106.0 134.9 121.0
Appropriations 100.7 47.5 39.1
Deferred tax liability 1.3 1.4 1.5
Other liabilities 142.6 138.8 153.7
Total liabilities 5,931.1 5,685.6 5,019.4
Minority ownership 8.8 8.3 3.8
Subordinated liabilities 44.1 44.0 44.6
Shareholders' equity
Common stock 50.7 50.7 50.7
Share premium 181.1 181.0 180.5
Treasury stock -0.3 -0.5 -3.1
Reserves 29.5 29.5 29.1
Other restricted equity 6.4 6.4 6.4
Currency translation reserve -5.9 -11.2 -3.7
Retained earnings 457.6 414.8 349.1
Total shareholders' equity 719.1 670.7 609.0
Total liabilities and 6,703.1 6,408.6 5,676.8
shareholders' equity
CONSOLIDATED INCOME STATEMENTS
(in millions of euros,
unaudited)
Q1 2004 2003 Q1 2003
Interest income 82.9 316.9 79.4
Interest expense -27.8 -109.0 -28.4
Interest income, net 55.1 207.9 51.0
Fee and commission income 33.7 130.3 29.1
Fee and commission expense -7.1 -28.1 -6.2
Fees and commissions, net 26.6 102.2 22.9
Net result from financial 10.6 36.7 7.9
operations
Net income from insurance 0.9 1.7 0.6
activities
Other income 3.1 11.7 2.4
Total income 96.3 360.2 84.8
Operating expenses
Personnel expenses 22.5 85.5 20.5
Data network expenses 3.3 14.8 3.3
Administrative expenses 8.7 33.8 8.2
Other expenses 6.5 27.4 5.5
incl. goodwill amortisation 2.0 6.3 1.5
Depreciation 5.0 22.5 6.1
Total operating expenses 46.0 184.0 43.6
Operating profit before 50.3 176.2 41.2
provisions
Losses on loans and guarantees -8.4 -41.7 -8.7
Recovered loans 3.0 12.3 3.4
Profit from associates under - 0.3 0.1
the equity method
Profit before income tax 44.9 147.1 36.0
Income tax -1.5 -15.3 -1.3
Profit after income tax 43.4 131.8 34.7
Minority interest -0.6 -0.9 -0.1
Net profit 42.8 130.9 34.6
CONSOLIDATED INCOME STATEMENTS - QUARTERLY
(in millions of euros,
unaudited)
Q1 2004 Q4 2003 Q3 2003 Q2 2003 Q1 2003
Interest income 82.9 80.3 78.5 78.7 79.4
Interest expense -27.8 -27.1 -26.8 -26.7 -28.4
Interest income, net 55.1 53.2 51.7 52.0 51.0
Fee and commission income 33.7 35.1 33.0 33.1 29.1
Fee and commission expense -7.1 -7.7 -7.6 -6.6 -6.2
Fees and commissions, net 26.6 27.4 25.4 26.5 22.9
Net result from financial 10.6 9.0 8.8 11.0 7.9
operations
Net income from insurance 0.9 0.2 0.5 0.4 0.6
activities
Other income 3.1 1.8 3.3 4.2 2.4
Total income 96.3 91.6 89.7 94.1 84.8
Operating expenses
Personnel expenses 22.5 24.4 19.7 20.9 20.5
Data network expenses 3.3 4.5 3.4 3.6 3.3
Administrative expenses 8.7 9.0 8.4 8.2 8.2
Other expenses 6.5 8.2 6.9 6.8 5.5
incl. goodwill amortisation 2.0 1.5 1.7 1.6 1.5
Depreciation 5.0 5.0 5.5 5.9 6.1
Total operating expenses 46.0 51.1 43.9 45.4 43.6
Operating profit before 50.3 40.5 45.8 48.7 41.2
provisions
Losses on loans and guarantees -8.4 -11.0 -12.2 -9.8 -8.7
Recovered loans 3.0 3.4 3.6 1.9 3.4
Profit from associates - 0.1 - 0.1 0.1
Profit before income tax 44.9 33.0 37.2 40.9 36.0
Income tax -1.5 -1.1 -1.3 -11.6 -1.3
Profit after income tax 43.4 31.9 35.9 29.3 34.7
Minority interest -0.6 -0.3 -0.2 -0.3 -0.1
Net profit 42.8 31.6 35.7 29.0 34.6
COUNTRY-BASED BALANCE SHEETS, 31.03.2004
(in millions of euros, Est Lat Lit Rus
unaudited)
Assets
Cash 41.8 38.2 51.9 -
Due from Central Bank 199.7 42.1 101.7 -
Due from other financial 400.1 71.3 175.2 0.6
institutions
Treasury securities 8.2 191.7 175.5 -
Trading securities 16.4 10.3 71.7 -
Investment securities 48.3 3.8 125.6 -
Loans 2,273.5 1,073.0 1,159.2 149.8
- Allowances for credit -34.4 -15.2 -13.3 -2.0
losses
Net loans 2,239.1 1,057.8 1,145.9 147.8
Tangible assets 32.6 36.5 43.7 0.1
Intangible assets 2.6 2.2 25.2 -
Prepayments and accrued 79.4 31.5 24.0 6.9
interest
Other assets 59.9 19.1 6.9 0.2
Total assets 3,128.1 1,504.6 1,947.4 155.5
Liabilities
Due to Central Bank and 4.3 14.2 2.9 -
government
Due to other financial 380.3 267.4 291.0 92.6
institutions
Deposits 1,919.5 949.2 1,359.1 71.3
Demand deposits 1,377.6 653.4 899.5 71.3
Time deposits 541.9 295.9 459.6 -
Debt securities 777.1 22.6 - -
Accrued liabilities 58.5 21.6 26.6 0.5
Appropriations 49.1 2.9 49.8 0.0
Other liabilities 63.7 63.5 23.9 1.3
Minority ownership 0.6 0.0 0.9 7.2
Subordinated liabilities 40.8 10.4 - -
Internal funding adjustments -377.4 46.6 58.8 -29.9
Shareholders' equity 211.4 106.0 134.3 12.5
Total liabilities and 3,128.1 1,504.6 1,947.4 155.5
shareholders' equity
*The deposits under the Russian business unit are collateral deposits
provided by Russian customers.
COUNTRY-BASED INCOME STATEMENTS, Q1 2004
(in millions of euros, Est Lat Lit Rus
unaudited)
Interest income 42.7 18.7 18.7 3.1
Interest expense -15.0 -6.1 -6.5 -0.5
Interest income, net 27.7 12.6 12.2 2.6
Fee and commission income 16.5 8.2 8.4 0.3
Fee and commission expense -2.9 -1.6 -2.1 -
Fees and commissions, net 13.6 6.6 6.3 0.3
Net result from financial 4.6 3.5 2.3 0.2
operations
Net income from insurance 0.3 - 0.6 -
activities
Other income 1.4 0.7 0.9 -
Total income 47.6 23.4 22.3 3.1
Operating expenses
Personnel expenses 7.4 4.0 6.3 0.1
Data network expenses 4.1 2.5 3.1 -
Administrative expenses 2.9 2.4 2.7 -
Other expenses 1.5 1.4 2.8 0.1
incl. goodwill amortisation 0.1 0.5 1.5 -
Depreciation 0.6 0.5 0.7 -
Group overhead adjustment 1.7 0.4 0.4 0.1
Total operating expenses 18.2 11.2 16.0 0.3
Operating profit before 29.4 12.2 6.3 2.8
provisions
Losses on loans and guarantees -4.5 -3.1 -0.6 -
Recovered loans 1.4 0.6 1.0 -
Income from associated - - - -
companies
Profit before income tax 26.3 9.7 6.7 2.8
Income tax - -1.3 -0.3 -
Profit after income tax 26.3 8.4 6.4 2.8
Minority interest -0.1 - - -0.4
Net profit 26.2 8.4 6.4 2.4
COUNTRY-BASED BALANCE SHEETS - ESTONIA
(in millions of euros, 31.03.04 31.12.03 30.09.03 30.06.03 31.03.03
unaudited)
Assets
Cash 41.8 51.6 45.9 48.0 41.5
Due from Central Bank 199.7 179.6 160.7 115.5 184.3
Due from other financial 400.1 401.2 359.5 427.2 656.5
institutions
Treasury securities 8.2 7.9 8.6 8.7 9.2
Trading securities 16.4 10.3 11.1 11.7 14.1
Investment securities 48.3 43.6 38.6 34.5 30.4
Loans 2,273.5 2,201.6 2,062.7 1,933.3 1,832.6
- Allowances for credit -34.4 -32.9 -33.3 -30.7 -29.0
losses
Net loans 2,239.1 2,168.7 2,029.3 1,902.6 1,803.6
Tangible assets 32.6 32.8 34.3 35.6 36.5
Intangible assets 2.6 3.0 3.8 4.4 3.5
Prepayments and accrued 79.4 96.9 107.9 107.7 89.5
interest
Other assets 59.9 53.6 50.7 47.8 44.8
Total assets 3,128.1 3,049.2 2,850.5 2,743.8 2,913.8
Liabilities
Due to Central Bank and 4.3 16.3 12.0 11.8 12.6
government
Due to other financial 380.3 353.6 359.9 347.0 269.8
institutions
Deposits 1,919.5 1,895.4 1,872.9 1,899.5 1,880.0
Demand deposits 1,377.6 1,423.6 1,366.8 1,326.4 1,264.7
Time deposits 541.9 471.8 506.1 573.1 615.3
Debt securities 777.1 775.3 491.8 480.2 662.3
Accrued liabilities 58.5 79.9 75.2 72.4 78.0
Appropriations 49.1 44.7 41.3 38.4 35.3
Other liabilities 63.7 53.7 59.5 61.3 57.7
Minority ownership 0.6 0.6 0.8 0.8 0.2
Subordinated liabilities 40.8 40.8 40.8 40.8 40.9
Internal funding -377.4 -443.4 -327.1 -419.5 -325.9
adjustments
Shareholders' equity 211.4 232.2 223.2 211.0 203.1
Total liabilities and 3,128.1 3,049.2 2,850.5 2,743.8 2,913.8
shareholders' equity
COUNTRY-BASED INCOME STATEMENTS - ESTONIA
(in millions of euros, Q1 2004 Q4 2003 Q3 2003 Q2 2003 Q1 2003
unaudited)
Interest income 42.7 43.3 42.4 45.0 45.5
Interest expense -15.0 -14.6 -15.3 -15.7 -17.4
Interest income, net 27.7 28.7 27.1 29.2 28.1
Fee and commission income 16.5 17.7 17.2 17.2 14.6
Fee and commission -2.9 -3.9 -3.8 -3.5 -3.3
expense
Fees and commissions, net 13.6 13.8 13.4 13.7 11.4
Net result from financial 4.6 3.8 3.6 4.2 3.0
operations
Net income from insurance 0.3 0.3 0.4 0.4 0.6
activities
Other income 1.4 1.0 1.3 1.3 0.9
Total income 47.6 47.5 45.8 48.8 44.0
Operating expenses
Personnel expenses 7.4 10.6 9.5 9.9 9.3
Data network expenses 4.1 2.0 1.3 1.4 1.1
Administrative expenses 2.9 3.3 3.1 3.1 3.0
Other expenses 1.5 2.7 2.2 2.3 1.7
incl. goodwill 0.1 - 0.1 0.1 -
amortisation
Depreciation 0.6 2.1 2.1 2.1 2.4
Group overhead adjustment 1.7 -1.3 -1.0 -1.0 -0.7
Total operating expenses 18.2 19.4 17.4 17.9 16.8
Operating profit before 29.4 28.1 28.4 30.9 27.2
provisions
Losses on loans and -4.5 -3.7 -5.8 -4.2 -3.9
guarantees
Recovered loans 1.4 1.5 1.6 0.6 1.0
Income from associated - - 0.1 0.1 -
companies
Profit before income tax 26.3 25.9 24.3 27.4 24.3
Income tax - - - -9.9 -0.5
Profit after income tax 26.3 25.9 24.3 17.5 23.8
Minority interest -0.1 0.1 - -0.1 -
Net profit 26.2 26.0 24.3 17.4 23.8
COUNTRY-BASED BALANCE SHEETS - LATVIA
(in millions of euros, 31.03.04 31.12.03 30.09.03 30.06.03 31.03.03
unaudited)
Assets
Cash 38.2 45.5 41.3 44.9 41.9
Due from Central Bank 42.1 37.0 33.0 50.4 28.4
Due from other financial 71.3 113.6 87.6 56.7 80.6
institutions
Treasury securities 191.7 195.3 163.3 116.3 117.6
Trading securities 10.3 8.4 9.6 9.3 7.6
Investment securities 3.8 5.7 5.7 5.8 5.8
Loans 1,073.0 965.4 901.6 839.3 814.5
- Allowances for credit -15.2 -12.2 -12.2 -11.3 -11.0
losses
Net loans 1,057.8 953.2 889.4 827.9 803.4
Tangible assets 36.5 34.5 32.2 29.2 28.6
Intangible assets 2.2 2.5 2.9 3.3 3.7
Prepayments and accrued 31.5 30.8 24.7 22.3 22.1
interest
Other assets 19.1 18.7 12.8 19.2 8.2
Total assets 1,504.6 1,445.3 1,302.6 1,185.2 1,148.0
Liabilities
Due to Central Bank and 14.2 31.0 22.3 - -
government
Due to other financial 267.4 252.8 152.1 126.0 82.3
institutions
Deposits 949.2 881.3 869.2 802.7 806.3
Demand deposits 653.4 591.4 591.9 539.4 520.5
Time deposits 295.9 289.8 277.3 263.3 285.8
Debt securities 22.6 22.1 23.0 23.2 24.0
Accrued liabilities 21.6 23.8 21.8 20.8 20.4
Appropriations 2.9 3.2 4.8 4.5 4.5
Other liabilities 63.5 72.5 53.4 67.0 70.5
Minority ownership 0.0 0.1 0.1 0.1 0.1
Subordinated liabilities 10.4 10.2 10.5 10.5 10.7
Internal funding 46.6 40.4 40.1 35.3 37.0
adjustments
Shareholders' equity 106.0 107.9 105.5 95.2 92.1
Total liabilities and 1,504.6 1,445.3 1,302.6 1,185.2 1,148.0
shareholders' equity
COUNTRY-BASED INCOME STATEMENTS - LATVIA
(in millions of euros, Q1 2004 Q4 2003 Q3 2003 Q2 2003 Q1 2003
unaudited)
Interest income 18.7 17.8 16.8 16.0 16.0
Interest expense -6.1 -5.9 -5.5 -5.4 -5.3
Interest income, net 12.6 11.9 11.3 10.6 10.7
Fee and commission income 8.2 8.4 7.6 7.3 6.3
Fee and commission -1.6 -2.0 -1.9 -1.6 -1.5
expense
Fees and commissions, net 6.6 6.4 5.7 5.6 4.8
Net result from financial 3.5 3.3 3.6 3.0 2.5
operations
Net income from insurance - - - - -
activities
Other income 0.7 0.2 1.1 1.3 0.7
Total income 23.4 21.8 21.7 20.5 18.7
Operating expenses
Personnel expenses 4.0 4.8 4.2 4.4 4.3
Data network expenses 2.5 1.0 0.8 0.8 0.7
Administrative expenses 2.4 2.7 2.6 2.5 2.5
Other expenses 1.4 1.6 1.1 1.4 1.2
incl. goodwill 0.5 0.3 0.3 0.3 0.3
amortisation
Depreciation 0.5 1.2 1.7 1.8 1.9
Group overhead adjustment 0.4 0.6 0.5 0.4 0.3
Total operating expenses 11.2 12.2 11.1 11.6 11.0
Operating profit before 12.2 9.5 10.6 8.9 7.7
provisions
Losses on loans and -3.1 -3.4 -4.4 -3.3 -3.3
guarantees
Recovered loans 0.6 0.7 0.7 0.2 0.3
Income from associated - - - - -
companies
Profit before income tax 9.7 6.8 6.8 5.8 4.8
Income tax -1.3 -0.7 -1.2 -1.6 -0.8
Profit after income tax 8.4 6.1 5.6 4.2 4.0
Minority interest - - - - -
Net profit 8.4 6.1 5.6 4.2 4.0
COUNTRY-BASED BALANCE SHEETS - LITHUANIA
(in millions of euros, 31.03.04 31.12.03 30.09.03 30.06.03 31.03.03
unaudited)
Assets
Cash 51.9 62.9 49.1 51.6 47.0
Due from Central Bank 101.7 145.3 71.8 103.7 100.3
Due from other financial 175.2 100.4 126.7 151.5 90.2
institutions
Treasury securities 175.5 158.7 145.4 188.7 176.4
Trading securities 71.7 74.2 63.9 65.2 76.4
Investment securities 125.6 101.8 112.1 118.9 174.1
Loans 1,159.2 1,074.8 942.2 846.7 776.2
- Allowances for credit -13.3 -13.2 -12.1 -11.7 -11.1
losses
Net loans 1,145.9 1,061.5 930.0 835.0 765.0
Tangible assets 43.7 44.8 44.0 46.9 48.8
Intangible assets 25.2 12.5 13.8 15.1 16.4
Prepayments and accrued 24.0 31.0 37.5 31.4 28.8
interest
Other assets 6.9 13.3 13.7 5.8 6.1
Total assets 1,947.4 1,806.5 1,607.9 1,613.7 1,529.7
Liabilities
Due to Central Bank and 2.9 2.7 2.1 0.8 0.8
government
Due to other financial 291.0 21.4 43.0 266.3 204.2
institutions
Deposits 1,359.1 1,301.8 1,160.8 1,113.2 1,059.9
Demand deposits 899.5 877.5 746.1 708.4 643.6
Time deposits 459.6 424.3 414.7 404.8 416.3
Debt securities - - - - -
Accrued liabilities 26.6 30.0 24.2 22.5 20.7
Appropriations 49.8 0.9 1.1 0.8 0.8
Other liabilities 23.9 21.1 22.0 25.3 35.4
Minority ownership 0.9 0.9 0.8 0.9 0.8
Subordinated liabilities - - - - -
Internal funding 58.8 300.0 232.8 69.3 99.4
adjustments
Shareholders' equity 134.3 127.7 121.1 114.7 107.8
Total liabilities and 1,947.4 1,806.5 1,607.9 1,613.7 1,529.7
shareholders' equity
COUNTRY-BASED INCOME STATEMENTS - LITHUANIA
(in millions of euros, Q1 2004 Q4 2003 Q3 2003 Q2 2003 Q1 2003
unaudited)
Interest income 18.7 17.0 16.8 16.8 17.7
Interest expense -6.5 -6.5 -5.8 -6.0 -6.2
Interest income, net 12.2 10.5 11.0 10.8 11.5
Fee and commission income 8.4 8.2 7.6 7.4 6.9
Fee and commission -2.1 -1.8 -1.9 -1.5 -1.4
expense
Fees and commissions, net 6.3 6.3 5.8 5.9 5.5
Net result from financial 2.3 1.6 1.5 3.8 2.3
operations
Net income from insurance 0.6 - - - -
activities
Other income 0.9 0.7 0.8 1.2 0.4
Total income 22.3 19.1 19.1 21.7 19.7
Operating expenses
Personnel expenses 6.3 8.5 5.6 6.0 6.4
Data network expenses 3.1 1.5 1.3 1.4 1.6
Administrative expenses 2.7 2.9 2.6 2.6 2.7
Other expenses 2.8 1.9 1.6 1.2 0.9
incl. goodwill 1.5 1.2 1.2 1.2 1.2
amortisation
Depreciation 0.7 1.7 1.7 1.8 1.9
Group overhead adjustment 0.4 0.6 0.4 0.4 0.3
Total operating expenses 16.0 18.2 14.4 14.7 15.1
Operating profit before 6.3 0.9 4.7 7.0 4.6
provisions
Losses on loans and -0.6 -2.0 -0.7 -2.3 -1.0
guarantees
Recovered loans 1.0 1.2 1.3 1.0 2.1
Income from associated - - - 0.1 -
companies
Profit before income tax 6.7 0.1 5.2 5.8 5.7
Income tax -0.3 -0.3 -0.1 -0.1 -
Profit after income tax 6.4 -0.2 5.2 5.6 5.7
Minority interest - - - -0.1 -
Net profit 6.4 -0.2 5.1 5.6 5.7
Mart Tõevere
Head of Communications and IR
+372 6131 569
Sisukaart