OPTIVA PANK

COMMENTARY TO THE FINANCIAL RESULTS

15.11.99

 

COMMENTARY TO THE FINANCIAL RESULTS 10/99

 

The volume of net profit earned by Optiva Pank in October was 693 

thousand EEK; the bank's ten-months net profit is 11.0 million EEK.

As of end-October, the balance sheet size of Optiva Pank stood at 

3.3 billion EEK, providing 38.2 million EEK (1.2%) increase from 

the previous month. The balance sheet size grew mainly due to 

increase in the volume of clients' current accounts.

 

The clients' current accounts increased in October 4.6% (or 50.3 

million EEK) and clearing accounts by 6.9% (10.9 million EEK).

The clients' current accounts and term deposits accounted for 64.8% 

(737.5 million EEK) and 35.2% (400.4 million EEK) of total 

deposits, respectively. Loans from other banks declined monthly by 

3.5% (22.1 million EEK) and government loans by 10.7% (11.4 million 

EEK).

 

No substantial changes took place on the bank's assets account. The 

volume of net loan portfolio remained unchanged from the last 

month's level (1,856.0 million EEK). The share of net loan 

portfolio among total assets was 55.7%. At the end of month the 

allowances for doubtful accounts accounted for 9.3% of gross loan 

portfolio. On the assets account, other assets increased by 45.9% 

(43.4 million EEK).

 

The income structure in October was as follows: net interest income 

accounted for 39.8% of total revenue, commissions and service fees 

received 32.6%, income from currency exchange 24.2%, income from 

investments in shares 0.9% and other income 2.5%.

As of end-October, the bank's capital adequacy level was 11.58%. 

Owners' equity accounted for 10.5% of the bank's total assets.

 

 

Additional information:

Piret Villmann

Head of budget and analysis dept.

Tel. +372 6302 103

 

 

Lea Endrikson

Public relations specialist

+372 63 02 588