AS OPTIVA PANK

ANNOUNCEMENT

15.02.99

 

 

COMMENTARY TO THE FINANCIAL RESULTS OF OPTIVA PANK IN JANUARY 

 

The balance sheet volume of Optiva Pank at the end of January amounted 

to 3.2 billion EEK. In a month, the balance sheet volume increased by 

15 million EEK, or 0.5%. During January, the deposits of clients 

increased by 6.4 million EEK, or 1%, including the increase of time 

deposits by 33.5 million EEK, or 11.2%, and decrease in current 

accounts by 27 million EEK, or 5.5%. The total volume of the clients’ 

deposits at the end of January was 840.6 million EEK, including current 

accounts in the amount of 523.7 million EEK (or 62.3% deposits) and 

time deposits 316.8 million EEK (37.7%). The time resources dominated 

the foreign capital structure of Optiva Pank (time deposits, loans from 

banks, borrowings from government, bonds issued and subordinated debt). 

At the end of January, the time resources amounted to 80.4% of the 

interest-bearing liabilities.

 

Among the assets of the bank, demand deposits with other banks 

increased in a month by 18.2 million EEK, or 5.3%, net loan portfolio 

decreased by 6.3 million EEK, or 0.3%, cash by 4.9 million EEK, or 

8.3%, investments in debt securities by 4.2 million EEK, or 1.6%, and 

intangible assets by 2.4 million EEK, or 1.8%. The bank’s net loan 

accounted for approximately 64.7% of the assets at the end of January. 

Allowances for potential loan losses accounted for 8.8% of the gross 

loan portfolio at the end of January. The volume of the gross loan 

portfolio at the end of month amounted to 2.3 billion EEK. Interest-

earning assets accounted for 75.3% of the bank’s assets, and 91.2% of 

the interest-bearing liabilities. The bank’s securities’ portfolio 

(short-term and long-term investments in shares, and investments in 

debt securities) totaled 403.4 million EEK, or 12.5% of the assets. On 

the account of long-term investments in shares, the investments in the 

bank’s subsidiaries and associated companies accounted for 47%. 

 

The owners equity of the bank at the end of January totaled 342.7 

million EEK, which is 10.7% of the balance sheet volume. Capital 

adequacy at the end of January amounted to 12.06%.

 

The January’s financial result of the bank was 582 thousand EEK loss. 

The loss occurred due to high expenses, which were caused by changing 

the bank’s name and continuous process of restructuring.

 

The income structure of Optiva Pank in January was the following: gross 

interest income after loan provisions accounted for 51.7% of income, 

commissions and service fees received 25.3%, income from the currency 

exchange operations 20.8%, income from investments in shares 1.4% and 

other income 0.8%.

 

 

Piret Villman

Manager of the Budget and Planning Department

Optiva Pank

Tel. +372 630 2103