Atnaujinta: 2024.07.04 21:59 (GMT+3)
AS SBM PANK FINANCIAL RESULTS 23.08.2005
FINANCIAL RESULTS OF AS SBM PANK 6 MONTHS 2005
AS SBM Pank has significantly intensified its economic activities compared
with previous periods. The bank is in growth phase, characterised by increase
of assets and number of customers. Bank has set a goal to grow 2 times each
year, and is making investments and expenses aimed primarily towards
development of customer service.
Bank’s assets totalled 268.0 million kroons as of 30.06.2005, increase
compared with year-end 45%. Loan portfolio increased 89% in half-a-year and
comprised EEK 178.7 million, i.e. 67% of total balance sheet. EEK 72.4
million, making 27% of total assets was kept in liquid instruments as cash, in
central bank and in credit and financial institutions.
Customer deposits in the bank totalled 130,1 million kroons at the end of
second quarter (increase 61% compared with 31.12.2004). 1% belonged to central
government, 18% to financial institutions, 42% to companies and 39% to private
persons.
Bank’s equity totalled 99.8 million kroons.
Net loss of SBM Bank for first half of 2005 totalled 2.98 million kroons. Net
interest income was 4.69 million kroons, earned mainly on loans. Net fee
income was EEK 1.95 million. Dealing profits accounted for 0.89 million
kroons. Operating profit for first half year comprised 7.54 million kroons.
Administrative expenses were EEK 9.26 million kroons in first six months.
Major economic results included successful bond issue, which is listed in the
bond list of Tallinn Stock Exchange from 22 July 2005, as per decision of the
TSE Listing and Surveillance Committee dd. 14.07.2005. Bank issued more bonds
after the report date. On 10 August 2005, additional 1-year bonds were issued
in the total amount of EEK 6.135 million, with annual interest rate of 3.6%
and maturity date 10.08.2006. These debt certificates were sold directly and
they are not listed.
Income Statement
(unaudited, EEK ths.)
2005 2004 2005 2004
EEK EEK EUR EUR
Interest income 6 055 4 127 387 264
From loans 5 423 3 595 347 230
From deposits 596 451 38 29
From debt securities and other 36 81 2 5
fixed income securities
From derivatives 0 0 0 0
From other 0 0 0 0
Interest expense 1 364 228 87 15
From borrowings 0 0 0 0
From demand deposits 167 8 11 1
From time and saving deposits 867 220 55 14
From debts evidenced by 330 0 21 0
certificates
From accounts with equity 0 0 0 0
features
From forward and swap 0 0 0 0
contracts
From other 0 0 0 0
Net interest income/expense 4 691 3 899 300 249
(+/–)
Net profit/loss from financial 0 0 0 0
investments (+/–)
From shares in affiliated 0 0 0 0
undertakings (+/-)
Dividend income 0 0 0 0
Income under equity method 0 0 0 0
Expense under equity method 0 0 0 0
From other (+/-) 0 0 0 0
From participating interests 0 0 0 0
(+/-)
Dividend income 0 0 0 0
Income under equity method 0 0 0 0
Expense under equity method 0 0 0 0
From other (+/-) 0 0 0 0
From other shares (+/-) 0 0 0 0
Dividend income 0 0 0 0
From other (+/-) 0 0 0 0
Fees and commissions income 2 526 872 161 56
Fees and commissions expense 574 240 37 15
Dealing profits (+/–) 893 840 57 54
Profit/income 1 056 872 67 56
Loss/expense 163 32 10 2
General administrative 9 262 6 689 592 428
expenses
Salaries and compensations 3 498 3 136 224 200
Social taxes, unemployment 1 171 1 047 75 67
insurance premium expense
Pensions expense 0 0 0 0
Other administrative expenses 4 593 2 506 294 160
Value adjustments (+/–) of -630 -236 -40 -15
investments in land and
property, fixed and intangible
assets
Profit/income 0 0 0 0
Loss/expense 630 236 40 15
Value adjustments of loans and 0 0 0 0
advances (+/–)
Profit/income 0 0 0 0
Loss/expense 0 0 0 0
incl. loss/expense from value 0 0 0 0
adjustments of off balance
sheet liabilities
Value adjustments of financial 0 0 0 0
fixed assets (+/–)
Income 0 0 0 0
Expense 0 0 0 0
Other operating income 0 0 0 0
Other operating expense 623 553 40 35
Extraordinary gains 0 0 0 0
Extraordinary losses 0 0 0 0
Income/loss before taxes (+/–) -2 979 -2 107 -190 -135
Income tax expense 0 0 0 0
Profit/loss for the period -2 979 -2 107 -190 -135
(+/–)
Balance Sheet
(unaudited, EEK ths.)
30.06.2005 31.12.2004 30.06.2005 31.12.2004
EEK EEK EUR EUR
Cash 705 908 45 58
Balances with central bank 22 453 8 894 1 435 568
Demand loans 22 453 8 894 1 435 568
Other loans 0 0 0 0
Treasury bills and other bills 0 0 0 0
eligible for refinancing with
central banks
Loans to credit institutions 42 415 59 137 2 711 3 780
Demand loans 42 415 59 137 2 711 3 780
Time loans 0 0 0 0
Overdrafts 0 0 0 0
Other loans 0 0 0 0
Loans to clients 185 526 100 142 11 857 6 400
incl. overdrafts 0 0 0 0
incl. loans with mortgage 59 493 32 200 3 802 2 058
collateral
Loans to government 0 0 0 0
Loans to central government 0 0 0 0
Loans to government social 0 0 0 0
security funds
Loans to other non-budget 0 0 0 0
funds
Loans to local governments 0 0 0 0
Claims to financial 6 817 5 543 436 354
institutions
Demand and time loans to 6 817 5 543 436 354
financial institutions
Loans to insurance companies 0 0 0 0
and pension funds
Loans to other financial 0 0 0 0
institutions
Loans to state and local 0 0 0 0
government enterprises
Loans to other enterprises 147 938 86 403 9 455 5 522
Loans to non-profit 0 0 0 0
organisations
Loans to private persons 30 771 8 196 1 967 524
Allowance for uncollectible 0 0 0 0
loans (minus)
Allowance for uncollectible 0 0 0 0
loans to credit institutions
Allowance for uncollectible 0 0 0 0
loans to clients
Other allowances for 0 0 0 0
uncollectible loans
Securities 777 3 098 50 198
incl. repo 0 0 0 0
Debt securities and other 0 3 002 0 192
fixed income securities
Shares 777 96 50 6
Shares in affiliated 0 0 0 0
undertakings
Participating interests 0 0 0 0
Other shares 0 0 0 0
Derivatives 0 0 0 0
Intangible assets 534 162 34 10
Fixed assets 4 360 3 413 279 218
Investments in land and 0 0 0 0
property
Other assets 2 688 28 172 2
incl. items in transmission 0 0 0 0
Accrued revenue and prepaid 8 581 8 773 548 561
expenses
incl. interest receivable 563 475 36 30
Total assets 268 039 184 555 17 131 11 795
Amounts owed to central bank 0 0 0 0
Amounts owed to credit 0 0 0 0
institutions
Demand deposits 0 0 0 0
Time deposits 0 0 0 0
Overdrafts 0 0 0 0
Other borrowings 0 0 0 0
Amounts owed to customers 130 088 80 871 8 314 5 169
Amounts owed to government 125 0 8 0
Central government 125 0 8 0
Demand deposits 125 0 8 0
Time and saving deposits 0 0 0 0
Other amounts owed to 0 0 0 0
government
Government social security 0 0 0 0
funds
Demand deposits 0 0 0 0
Time and saving deposits 0 0 0 0
Other amounts owed to security 0 0 0 0
funds
Other non-budget funds 0 0 0 0
Demand deposits 0 0 0 0
Time and saving deposits 0 0 0 0
Other amounts owed to non- 0 0 0 0
budget funds
Local governments 0 0 0 0
Demand deposits 0 0 0 0
Time and saving deposits 0 0 0 0
Other amounts owed to local 0 0 0 0
governments
Amounts owed to financial 23 569 23 618 1 506 1 509
institutions
Insurance companies and 0 0 0 0
pension funds
Demand deposits 0 0 0 0
Time deposits 0 0 0 0
Saving deposits 0 0 0 0
Other amounts owed to 0 0 0 0
insurance companies and
pension funds
Other financial institutions 23 569 23 618 1 506 1 509
Demand deposits 22 148 1 9
Time deposits 23 547 23 470 1 505 1 500
Saving deposits 0 0 0 0
Other amounts owed to other 0 0 0 0
financial institutions
Amounts owed to state and 0 0 0 0
local government enterprises
Demand deposits 0 0 0 0
Time deposits 0 0 0 0
Saving deposits 0 0 0 0
Other amounts owed to state 0 0 0 0
and local government
enterprises
Amounts owed to other 54 149 27 084 3 461 1 731
enterprises
Demand deposits 8 346 21 629 533 1 382
Time deposits 45 803 5 455 2 927 349
Saving deposits 0 0 0 0
Other amounts owed to other 0 0 0 0
enterprises
Amounts owed to non-profit 1 106 156 71 10
organisations
Demand deposits 31 156 2 10
Time deposits 1 075 0 69 0
Saving deposits 0 0 0 0
Other amounts owed to non- 0 0 0 0
profit organisations
Amounts owed to private 51 139 30 013 3 268 1 918
persons
Demand deposits 24 908 25 088 1 592 1 603
Time deposits 26 231 4 925 1 676 315
Saving deposits 0 0 0 0
Other amounts owed to private 0 0 0 0
persons
Borrowed funds from government 0 0 0 0
and foreign aid
Debt certificate liabilities 35 720 0 2 283 0
Debts evidenced by 35 720 0 2 283 0
certificates
Derivatives 0 0 0 0
Other debt certificate 0 0 0 0
liabilities
Other liabilities 620 0 40 0
incl. items in transmission 620 0 40 0
Accrued expenses and deferred 1 764 858 113 55
income
incl. interest payable 571 122 36 8
Provisions for liabilities and 0 0 0 0
charges
Short term provisions for 0 0 0 0
liabilities and charges
Long term provisions for 0 0 0 0
pension liabilities
Other provisions for 0 0 0 0
liabilities and charges
Subordinated liabilities 0 0 0 0
Total liabilities 168 192 81 729 10 749 5 223
Subscribed capital 100 000 100 000 6 391 6 391
Share premium account 0 0 0 0
General banking reserve 0 0 0 0
Revaluation reserve 0 0 0 0
Other reserves 271 230 17 15
Retained earnings 2 555 1 771 163 113
Profit/(-)loss for the year -2 979 825 -190 53
Treasury stock 0 0 0 0
Total equity 99 847 102 826 6 381 6 572
Total liabilities and equity 268 039 184 555 17 131 11 795
Public Interim Report II Quarter 2005 is available in full, on the web home
page of AS SBM Pank <a href='http://www.sbmbank.ee/' target='_blank'>http://www.sbmbank.ee/</a> , under heading Financial Reports.
Sven Raba
CFO
phone (+372) 6802504
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