Atnaujinta: 2024.07.20 15:11 (GMT+3)
HANSABANK FINANCIAL REPORTS 29.10.2004
CONSOLIDATED FINANCIAL RESULTS, Q3 2004
Highlights:
- Net profit EUR 48.7 million in Q3 2004, +36.4% yoy
- Operating profit before tax +40% yoy and +4% qoq
- Total income +20.3% yoy and +3.0% qoq
- Total operating expenses +10.0% yoy and +/-0% qoq
- Net interest margin 3.30% in Q3 2004, –26bp yoy and -9bp qoq
- Return on equity (ROE) 25.7%, return on assets (ROA) 2.6%,
annualised earnings per share (EPS) EUR 0.62
- Annual loan growth 35%, 8% qoq
- Annual deposit growth 22%, 4% qoq
Third quarter results influenced by:
- Continuing strong volume growth
- Good cost control
- One-off revenues worth EUR 3.4 million in Latvia (sale of
property, release of provision)
Q3 2004 OPERATING RESULTS
Hansabank Group’s strong performance continued also in the third
quarter of 2004 – the Group’s quarterly net profit increased to a
record-high EUR 48.7 million in Q3 2004. Net profit increase came on
the back of strong lending growth and gradual recovery in revenue
growth. At the same time the Group was able to maintain excellent cost-
efficiency. The Group’s operating profit before provisions increased
by 30.1% yoy. The biggest increase came from the Group’s Latvian
business unit, whose net profit more than doubled to EUR 13.5 million.
The Lithuanian result improved by 29% during one year to EUR 6.6
million and the Estonian net profit increased by 8% to 26.2 million.
The Group’s Russian and other operations earned a net profit of EUR
2.4 million. In both years, the third quarter results include one-off
gains from the sale of property and release of provisions (related to
taxes and shown under other expense). In Q3 2004 those items totalled
EUR 2.5 million and EUR 0.9 million respectively, while last year the
Group released provisions worth EUR 0.5 million.
The Groups earnings per share (annualised) were 0.62 euros in Q3 2004
vs 0.45 euros in Q3 2003 (adjusted for the fund issue in Q2 2004).
Hansapank Group’s return on equity increased to 25.7% and return on
assets to 2.6%. The Group’s EVA result was EUR 30.4 million in the
third quarter of the year.
REVENUES AND EXPENSES
The Group’s total income amounted to EUR 107.9 million in Q3 2004,
increasing by 20.3% yoy.
The annual growth of net interest income recovered to 19.9% in Q3
2004. This is also more in-line with the annualised quarter-on-quarter
growth, which in the third quarter reached 4.7%. Net interest income
growth has been recovering gradually since the second half of 2003
when it was under strong pressure from shrinking margins. The
reduction in the net interest margin has started to slow down in Q2
and Q3 of 2004 and as a result, growth in interest earning assets has
been increasingly translating into growth in interest revenues. In Q3
2004 the net interest margin still reduced by a further 9bp compared
to Q2 2004, but the annual reduction slowed to 26bp, from 36bp in Q2
2004.
Net fees increased by 18.1% yoy. While card and settlement fees
continued to perform strongly also in the third quarter of the year,
lending fees took a step back and reduced by EUR 2.6 million, or 22%
compared to Q2 04. The main reason for the reduction was the annual EU
micro-credit intermediation fee received in Q2 (EUR1.4 million). Also,
the absolute growth of the portfolio reduced by approximately 10% in
the third quarter compared to the second quarter.
Fees from cards rose by 25.8% yoy. While earlier card penetration was
the most important source for growth then now the focus is gradually
shifting towards increasing the usage of the cards. The number of
cards issued by Hansabank increased by 11% during one year to 2.19
million (0.2 million of which are credit cards) while the POS turnover
rose by 45% to EUR 229 million in Q3 2004. However, there are still
considerable differences in card activity between the Group’s three
business units. In the third quarter POS turnover was EUR 168 million
in Estonia, EUR 38 million in Latvia and only EUR 23 in Lithuania.
Similarly, the volume of settlements is increasing considerably,
lifting fees for settlement (cash transactions and transfers) by 15.5%
compared to the same quarter the previous year.
Operating expenses increased by 10.0% yoy, totalling EUR 48.3 million
in Q3 2004. Total expense growth has accelerated during the past few
quarters, but a significant share of the growth is coming from an
increase in bonus accruals, which are directly linked to the EVA
performance of the Group. Assuming stable bonus reserve accruals and
excluding the one-off tax provision reversal, total expense growth was
a modest 3% compared to Q3 2003.
PROVISIONING AND ASSET QUALITY
The Group’s asset quality is stable. The level of overdue loans is
holding constant and the provisioning level is slightly decreasing to
reflect the increasing share of mortgage and SME lending in the total
portfolio. Loan and guarantee losses totalled EUR 10.7 million in Q3
2004, which is 13% more than in the previous quarter, but 11% less
than in the same quarter last year. Recoveries totalled EUR 3.1
million in Q3 2004. The Group’s net risk cost was 0.2% versus 0.1% in
Q2 2004.
LENDING
The Group’s loan portfolio increased by EUR 0.38 billion, or 8% during
the third quarter to EUR 5.46 billion. Annual growth was EUR 1.40
billion or 35%. 39% of the annual growth came from Estonia, 33% from
Lithuania, 26% from Latvia and 2% from Russia. At the end of September
the Estonian loan portfolio formed 48% of the total, Lithuania
contributed 26%, Latvia 23% and Russia 3%. In terms of sectors,
lending to private individuals formed 43% of the growth, 18% came from
real-estate management and wholesale and retailing contributed another
14%.
FUNDING
Customer deposits increased by 4%, or EUR 0.19 billion during the
third quarter to EUR 4.77 billion. Although deposit growth was a bit
more modest compared to the previous quarter, the annual growth rate
increased by another 2pp to 22%. The loan to deposit ratio is
gradually increasing and reached 115% at the end of September (111% at
the end of Q2 2004). Assets under management totalled EUR 0.46 billion
at the end of the third quarter, an increase of 48% yoy.
In September the Group also started the preparations for a larger
Eurobond issue. The actual transaction was concluded in October and
will influence the fourth quarter financials. Hansabank issued a EUR
750 million 5-year floating rate Eurobond at 26bp over 3m Euribor. The
transaction was lead managed by Barclays Capital and Deutsche Bank.
Hansapank will use the proceeds from the Eurobond to finance its
general operations in the Baltics and to refinance existing debt.
1 EUR = 15.6466 EEK
Mart Tõevere
Head of Corporate Communications and IR
Tel. +372 6131 569
CONSOLIDATED BALANCE SHEETS
(in millions of euros, unaudited)
30.09.04 31.12.03 30.09.03
Assets
Cash 144.6 159.9 136.3
Due from Central Bank 387.7 361.8 265.5
Due from other financial 653.1 564.9 555.6
institutions
Treasury securities 442.7 361.9 317.3
Trading securities 78.4 93.0 84.6
Investment securities 183.9 151.2 156.5
Loans 5,461.8 4,395.5 4,059.5
- Allowances for credit losses -71.1 -60.8 -60.0
Net loans 5,390.7 4,334.7 3,999.5
Tangible assets 111.0 117.3 115.7
Intangible assets 25.2 18.1 20.5
Prepayments and accrued interest 132.1 165.4 188.8
Other assets 73.5 80.4 72.0
Total assets 7,622.9 6,408.6 5,912.3
Liabilities
Due to Central Bank and government 84.6 50.0 14.1
Due to other financial institutions 490.6 461.0 517.9
Deposits 4,769.7 4,076.7 3,900.6
Demand deposits 3,451.0 2,890.7 2,702.5
Time deposits 1,318.7 1,186.0 1,198.1
Debt securities issued to the 1,074.9 775.3 491.8
public
Accrued liabilities 130.3 134.9 121.0
Appropriations 121.9 47.5 45.5
Deferred tax liability 1.2 1.4 1.7
Other liabilities 147.5 138.8 124.3
Total liabilities 6,820.7 5,685.6 5,216.9
Minority ownership 9.7 8.3 8.1
Subordinated liabilities 18.6 44.0 44.3
Shareholders' equity
Common stock 202.8 50.7 50.7
Share premium 29.4 181.0 181.9
Treasury stock -0.2 -0.5 -0.5
Reserves 29.9 29.5 28.8
Other restricted equity 6.4 6.4 6.4
Currency translation reserve -7.4 -11.2 -8.0
Retained earnings 513.0 414.8 383.7
Total shareholders' equity 773.9 670.7 643.0
Total liabilities and shareholders' 7,622.9 6,408.6 5,912.3
equity
CONSOLIDATED INCOME STATEMENTS
(in millions of euros, unaudited)
9m 2004 2003 9m 2003
Interest income 264.6 316.9 236.5
Interest expense -88.3 -109.0 -81.8
Interest income, net 176.3 207.9 154.7
Fee and commission income 112.8 130.3 95.2
Fee and commission expense -24.8 -28.1 -20.4
Fees and commissions, net 88.0 102.2 74.8
Net result from financial 28.7 36.7 27.7
operations
Net income from insurance 3.9 1.7 1.5
activities
Other income 12.0 11.7 9.9
Total income 308.9 360.2 268.6
Operating expenses
Personnel expenses 70.4 85.5 61.1
Data network expenses 11.1 14.8 10.3
Administrative expenses 27.2 33.8 24.8
Other expenses 19.8 27.4 19.2
incl. goodwill amortisation 6.0 6.3 4.8
Depreciation 14.0 22.5 17.5
Total operating expenses 142.5 184.0 132.9
Operating profit before provisions 166.4 176.2 135.7
Losses on loans and guarantees -28.6 -41.7 -30.7
Recovered loans 9.3 12.3 8.9
Profit from associates under the 0.2 0.3 0.2
equity method
Profit before income tax 147.3 147.1 114.1
Income tax -11.6 -15.3 -14.2
Profit after income tax 135.7 131.8 99.9
Minority interest -1.6 -0.9 -0.6
Net profit 134.1 130.9 99.3
CONSOLIDATED INCOME STATEMENTS - QUARTERLY
(in millions of euros,
unaudited)
Q3 2004 Q2 2004 Q1 2004 Q4 2003 Q3 2003
Interest income 93.4 88.3 82.9 80.3 78.5
Interest expense -31.4 -29.1 -27.8 -27.1 -26.8
Interest income, net 62.0 59.2 55.1 53.2 51.7
Fee and commission income 38.7 40.4 33.7 35.1 33.0
Fee and commission expense -8.7 -8.9 -7.2 -7.7 -7.6
Fees and commissions, net 30.0 31.5 26.5 27.4 25.4
Net result from financial 9.6 8.5 10.6 9.0 8.8
operations
Net income from insurance 1.3 1.7 0.9 0.2 0.5
activities
Other income 5.0 3.9 3.1 1.8 3.3
Total income 107.9 104.8 96.2 91.6 89.7
Operating expenses
Personnel expenses 24.4 23.5 22.5 24.4 19.7
Data network expenses 3.9 3.9 3.3 4.5 3.4
Administrative expenses 9.4 8.9 8.9 9.0 8.4
Other expenses 6.2 7.4 6.2 8.2 6.9
incl. goodwill amortisation 2.0 2.0 2.0 1.5 1.7
Depreciation 4.4 4.6 5.0 5.0 5.5
Total operating expenses 48.3 48.3 45.9 51.1 43.9
Operating profit before 59.6 56.5 50.3 40.5 45.8
provisions
Losses on loans and guarantees -10.7 -9.5 -8.4 -11.0 -12.2
Recovered loans 3.1 3.2 3.0 3.4 3.6
Profit from associates 0.1 0.1 - 0.1 -
Profit before income tax 52.1 50.3 44.9 33.0 37.2
Income tax -2.9 -7.2 -1.5 -1.1 -1.3
Profit after income tax 49.2 43.1 43.4 31.9 35.9
Minority interest -0.5 -0.5 -0.6 -0.3 -0.2
Net profit 48.7 42.6 42.8 31.6 35.7
COUNTRY-BASED BALANCE SHEETS, 30.09.2004
(in millions of euros, Est Lat Lit Rus
unaudited)
Assets
Cash 45.8 43.4 55.3 -
Due from Central Bank 256.4 44.0 87.4 -
Due from other financial 391.2 102.9 160.7 9.6
institutions
Treasury securities 9.3 269.6 163.9 -
Trading securities 14.9 10.7 52.7 -
Investment securities 55.0 0.3 128.7 -
Loans 2612.2 1,273.1 1,399.6 177.5
- Allowances for credit -37.5 -15.8 -15.2 -2.4
losses
Net loans 2,574.7 1,257.3 1,384.4 175.1
Tangible assets 27.3 43.5 40.0 0.2
Intangible assets 1.7 1.6 21.9 -
Prepayments and accrued 71.4 26.5 24.7 11.9
interest
Other assets 61.1 16.5 10.2 2.6
Total assets 3,508.8 1,816.3 2,129.9 199.4
Liabilities
Due to Central Bank and 3.6 77.6 3.4 -
government
Due to other financial 381.3 385.8 323.2 117.3
institutions
Deposits 2,118.3 1,064.7 1,505.8 82.4
Demand deposits 1,618.2 740.4 1,012.4 81.5
Time deposits 500.1 324.3 493.4 0.9
Debt securities 1,074.9 22.4 - -
Accrued liabilities 71.7 29.7 30.7 0.9
Appropriations 59.5 2.5 60.9 0.2
Other liabilities 74.6 58.7 24.9 1.4
Minority ownership 0.8 - 0.8 8.1
Subordinated liabilities 15.3 10.4 - -
Internal funding adjustments -525.8 47.9 34.6 -27.2
Shareholders' equity 234.6 116.6 145.6 16.3
Total liabilities and 3,508.8 1,816.3 2,129.9 199.4
shareholders' equity
*The deposits under the Russian business unit are collateral deposits
provided by Russian customers.
COUNTRY-BASED INCOME STATEMENTS, Q3 2004
(in millions of euros, Est Lat Lit Rus
unaudited)
Interest income 45.2 23.2 21.3 3.9
Interest expense -16.1 -7.8 -7.0 -0.7
Interest income, net 29.1 15.4 14.3 3.2
Fee and commission income 19.0 9.7 9.6 0.4
Fee and commission expense -3.9 -2.0 -2.4 -
Fees and commissions, net 15.1 7.7 7.2 0.4
Net result from financial 3.5 4.3 1.7 0.1
operations
Net income from insurance 0.4 - 0.9 -
activities
Other income 0.9 3.0 1.1 -
Total income 49.0 30.4 25.2 3.7
Operating expenses
Personnel expenses 7.9 5.2 6.3 0.2
Data network expenses 4.4 2.4 2.8 -
Administrative expenses 3.3 2.7 2.6 0.1
Other expenses 1.8 0.9 3.0 0.2
incl. goodwill amortisation 0.1 0.3 1.6 -
Depreciation 0.5 0.4 0.7 -
Group overhead adjustment 2.1 0.6 0.5 0.1
Total operating expenses 20.0 12.2 15.9 0.6
Operating profit before 29.0 18.2 9.3 3.1
provisions
Losses on loans and guarantees -4.6 -3.2 -2.9 -
Recovered loans 1.7 0.8 0.6 -
Income from associated 0.1 - - -
companies
Profit before income tax 26.2 15.8 7.0 3.1
Income tax - -2.3 -0.4 -0.2
Profit after income tax 26.2 13.5 6.6 2.9
Minority interest - - - -0.5
Net profit 26.2 13.5 6.6 2.4
COUNTRY-BASED BALANCE SHEETS – ESTONIA
(in millions of euros, 30.09.04 30.06.04 31.03.04 31.12.03 30.09.03
unaudited)
Assets
Cash 45.8 48.5 41.8 51.6 45.9
Due from Central Bank 256.4 190.8 199.7 179.6 160.7
Due from other financial 391.2 498.1 400.1 401.2 359.5
institutions
Treasury securities 9.3 8.3 8.2 7.9 8.6
Trading securities 14.9 15.4 16.4 10.3 11.1
Investment securities 55.0 52.8 48.3 43.6 38.6
Loans 2612.2 2,439.5 2,273.5 2,201.6 2,062.7
- Allowances for credit -37.5 -35.7 -34.4 -32.8 -33.3
losses
Net loans 2,574.7 2,403.8 2,239.1 2,168.8 2,029.3
Tangible assets 27.3 26.1 32.6 32.9 34.3
Intangible assets 1.7 2.1 2.6 3.0 3.8
Prepayments and accrued 71.4 71.2 79.4 96.8 107.9
interest
Other assets 61.1 165.1 59.9 53.5 50.7
Total assets 3,508.8 3,482.2 3,128.1 3,049.2 2,850.5
Liabilities
Due to Central Bank and 3.6 3.9 4.3 16.3 12.0
government
Due to other financial 381.3 371.6 380.3 353.6 359.9
institutions
Deposits 2,118.3 2,046.5 1,919.5 1,895.4 1,872.9
Demand deposits 1,618.2 1,564.9 1,377.6 1,423.6 1,366.8
Time deposits 500.1 481.6 541.9 471.8 506.1
Debt securities 1,074.9 1,122.7 777.1 775.3 491.8
Accrued liabilities 71.7 67.5 58.5 79.8 75.2
Appropriations 59.5 55.4 49.1 44.7 41.3
Other liabilities 74.6 69.1 63.7 53.8 59.5
Minority ownership 0.8 0.7 0.6 0.6 0.8
Subordinated liabilities 15.3 15.3 40.8 40.8 40.8
Internal funding -525.8 -501.7 -377.4 -443.3 -327.1
adjustments
Shareholders' equity 234.6 231.2 211.4 232.2 223.2
Total liabilities and 3,508.8 3,482.2 3,128.1 3,049.2 2,850.5
shareholders' equity
COUNTRY-BASED INCOME STATEMENTS - ESTONIA
(in millions of euros, Q3 2004 Q2 2004 Q1 2004 Q4 2003 Q3 2003
unaudited)
Interest income 45.2 44.4 42.7 43.3 42.4
Interest expense -16.1 -15.6 -15.0 -14.6 -15.3
Interest income, net 29.1 28.8 27.7 28.7 27.1
Fee and commission income 19.0 20.4 16.5 17.8 17.3
Fee and commission expense -3.9 -3.7 -2.7 -3.9 -3.8
Fees and commissions, net 15.1 16.7 13.8 13.9 13.5
Net result from financial 3.5 3.2 4.6 3.8 3.6
operations
Net income from insurance 0.4 0.7 0.3 0.3 0.4
activities
Other income 0.9 1.7 1.4 1.0 1.3
Total income 49.0 51.1 47.8 47.7 45.9
Operating expenses
Personnel expenses 7.9 7.9 7.4 8.4 6.9
Data network expenses 4.4 4.4 4.1 4.1 4.6
Administrative expenses 3.3 3.2 3.1 3.2 2.8
Other expenses 1.8 2.1 1.5 2.2 1.6
incl. goodwill 0.1 0.1 0.1 0.1 0.1
amortisation
Depreciation 0.5 0.5 0.6 1.1 0.6
Group overhead adjustment 2.1 1.5 1.7 0.5 1.1
Total operating expenses 20.0 19.6 18.4 19.5 17.6
Operating profit before 29.0 31.5 29.4 28.2 28.3
provisions
Losses on loans and -4.6 -4.7 -4.5 -3.7 -5.8
guarantees
Recovered loans 1.7 1.2 1.4 1.4 1.7
Income from associated 0.1 0.1 - - 0.1
companies
Profit before income tax 26.2 28.1 26.3 25.9 24.3
Income tax - -5.1 - - -
Profit after income tax 26.2 23.0 26.3 25.9 24.3
Minority interest - -0.1 -0.1 0.1 -
Net profit 26.2 22.9 26.2 26.0 24.3
COUNTRY-BASED BALANCE SHEETS - LATVIA
(in millions of euros, 30.09.04 30.06.04 31.03.04 31.12.03 30.09.03
unaudited)
Assets
Cash 43.4 44.4 38.2 45.5 41.3
Due from Central Bank 44.0 59.3 42.1 37.0 33.0
Due from other financial 102.9 59.3 71.3 113.6 87.6
institutions
Treasury securities 269.6 202.7 191.7 195.3 163.3
Trading securities 10.7 9.3 10.3 8.4 9.6
Investment securities 0.3 0.3 3.8 5.7 5.7
Loans 1,273.1 1,185.1 1,073.0 965.4 901.6
- Allowances for credit -15.8 -16.3 -15.2 -12.2 -12.2
losses
Net loans 1,257.3 1,168.8 1,057.8 953.2 889.4
Tangible assets 43.5 42.1 36.5 34.5 32.2
Intangible assets 1.6 1.9 2.2 2.5 2.9
Prepayments and accrued 26.5 21.1 31.5 30.8 24.7
interest
Other assets 16.5 16.2 19.1 18.8 12.8
Total assets 1,816.3 1,625.4 1,504.6 1,445.3 1,302.6
Liabilities
Due to Central Bank and 77.6 - 14.2 31.0 22.3
government
Due to other financial 385.8 331.2 267.4 252.8 152.1
institutions
Deposits 1,064.7 1,023.8 949.2 881.4 869.2
Demand deposits 740.4 717.5 653.4 591.4 591.9
Time deposits 324.3 306.3 295.9 290.0 277.3
Debt securities 22.4 22.5 22.6 22.1 23.0
Accrued liabilities 29.7 24.6 21.6 23.8 21.8
Appropriations 2.5 3.0 2.9 3.2 4.8
Other liabilities 58.7 57.5 63.5 72.5 53.4
Minority ownership - - - 0.1 0.1
Subordinated liabilities 10.4 10.4 10.4 10.2 10.5
Internal funding 47.9 43.6 46.6 40.3 40.1
adjustments
Shareholders' equity 116.6 108.8 106.0 107.9 105.5
Total liabilities and 1,816.3 1,625.4 1,504.6 1,445.3 1,302.6
shareholders' equity
COUNTRY-BASED INCOME STATEMENTS - LATVIA
(in millions of euros, Q3 2004 Q2 2004 Q1 2004 Q4 2003 Q3 2003
unaudited)
Interest income 23.2 21.2 18.7 17.8 16.8
Interest expense -7.8 -6.4 -6.1 -5.9 -5.5
Interest income, net 15.4 14.8 12.6 11.9 11.3
Fee and commission income 9.7 9.7 8.2 8.4 7.6
Fee and commission expense -2.0 -2.0 -1.6 -2.0 -1.9
Fees and commissions, net 7.7 7.7 6.6 6.4 5.7
Net result from financial 4.3 3.7 3.5 3.3 3.6
operations
Net income from insurance - - - - -
activities
Other income 3.0 0.6 0.7 0.2 1.1
Total income 30.4 26.8 23.4 21.8 21.7
Operating expenses
Personnel expenses 5.2 4.9 4.0 4.4 3.8
Data network expenses 2.4 2.6 2.5 2.1 2.4
Administrative expenses 2.7 2.3 2.4 2.7 2.5
Other expenses 0.9 1.7 1.4 1.9 1.4
incl. goodwill 0.3 0.3 0.5 0.3 0.3
amortisation
Depreciation 0.4 0.5 0.5 0.5 0.5
Group overhead adjustment 0.6 0.6 0.4 0.7 0.5
Total operating expenses 12.2 12.6 11.2 12.3 11.1
Operating profit before 18.2 14.2 12.2 9.5 10.6
provisions
Losses on loans and -3.2 -2.6 -3.1 -3.4 -4.4
guarantees
Recovered loans 0.8 0.4 0.6 0.7 0.6
Income from associated - - - - -
companies
Profit before income tax 15.8 12.0 9.7 6.8 6.8
Income tax -2.3 -1.6 -1.3 -0.7 -1.2
Profit after income tax 13.5 10.4 8.4 6.1 5.6
Minority interest - - - - -
Net profit 13.5 10.4 8.4 6.1 5.6
COUNTRY-BASED BALANCE SHEETS - LITHUANIA
(in millions of euros, 30.09.04 30.06.04 31.03.04 31.12.03 30.09.03
unaudited)
Assets
Cash 55.3 53.3 51.9 62.8 49.1
Due from Central Bank 87.4 99.1 101.7 145.2 71.8
Due from other financial 160.7 156.8 175.2 100.4 126.7
institutions
Treasury securities 163.9 181.4 175.5 158.7 145.4
Trading securities 52.7 62.6 71.7 74.3 63.9
Investment securities 128.7 126.4 125.6 101.9 112.1
Loans 1,399.6 1,275.9 1,159.2 1,074.8 942.2
- Allowances for credit -15.2 -14.7 -13.3 -13.2 -12.1
losses
Net loans 1,384.4 1,261.2 1,145.9 1,061.6 930.0
Tangible assets 40.0 41.4 43.7 44.8 44.0
Intangible assets 21.9 23.6 25.2 12.5 13.8
Prepayments and accrued 24.7 29.3 24.1 31.0 37.5
interest
Other assets 10.2 5.8 6.9 13.3 13.7
Total assets 2,129.9 2,040.9 1,947.4 1,806.5 1,607.9
Liabilities
Due to Central Bank and 3.4 3.0 2.9 2.7 2.1
government
Due to other financial 323.2 329.8 291.0 21.4 43.0
institutions
Deposits 1,505.8 1,426.7 1,359.1 1,301.7 1,160.8
Demand deposits 1,012.4 957.6 899.5 877.5 746.1
Time deposits 493.4 469.1 459.6 424.2 414.7
Debt securities - - - - -
Accrued liabilities 30.7 29.9 26.7 30.0 24.2
Appropriations 60.9 54.4 49.8 0.9 1.1
Other liabilities 24.9 21.2 23.9 21.2 22.0
Minority ownership 0.8 0.8 0.9 0.9 0.8
Subordinated liabilities - - - - -
Internal funding 34.6 36.9 58.8 300.0 232.8
adjustments
Shareholders' equity 145.6 138.2 134.3 127.7 121.1
Total liabilities and 2,129.9 2,040.9 1,947.4 1,806.5 1,607.9
shareholders' equity
COUNTRY-BASED INCOME STATEMENTS - LITHUANIA
(in millions of euros, Q3 2004 Q2 2004 Q1 2004 Q4 2003 Q3 2003
unaudited)
Interest income 21.3 19.6 18.7 17.0 16.8
Interest expense -7.0 -6.7 -6.5 -6.5 -5.7
Interest income, net 14.3 12.9 12.2 10.5 11.1
Fee and commission income 9.6 9.5 8.4 8.1 7.6
Fee and commission expense -2.4 -2.7 -2.1 -1.8 -1.9
Fees and commissions, net 7.2 6.8 6.3 6.3 5.7
Net result from financial 1.7 1.4 2.3 1.6 1.5
operations
Net income from insurance 0.9 1.0 0.6 - -
activities
Other income 1.1 1.0 0.9 0.7 0.8
Total income 25.2 23.1 22.3 19.1 19.1
Operating expenses
Personnel expenses 6.3 6.5 6.3 8.0 5.2
Data network expenses 2.8 2.8 3.1 2.8 2.9
Administrative expenses 2.6 2.7 2.7 2.8 2.5
Other expenses 3.0 3.0 2.8 3.0 2.7
incl. goodwill 1.6 1.6 1.5 1.2 1.2
amortisation
Depreciation 0.7 0.7 0.7 1.0 0.7
Group overhead adjustment 0.5 0.7 0.4 0.6 0.4
Total operating expenses 15.9 16.4 16.0 18.2 14.4
Operating profit before 9.3 6.7 6.3 0.9 4.7
provisions
Losses on loans and -2.9 -1.7 -0.6 -2.0 -0.8
guarantees
Recovered loans 0.6 1.6 1.0 1.2 1.3
Income from associated - - - - -
companies
Profit before income tax 7.0 6.6 6.7 0.1 5.2
Income tax -0.4 -0.4 -0.3 -0.3 -0.1
Profit after income tax 6.6 6.2 6.4 -0.2 5.1
Minority interest - - - - -
Net profit 6.6 6.2 6.4 -0.2 5.1
Mart Tõevere
Head of Corporate Communications and IR
Tel. +372 613 1569
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