AS EESTI FOREKSPANK

ANNOUNCEMENT

15.12.98

 

 

COMMENTARY TO THE NOVEMBER FINANCIAL RESULTS OF FOREKSPANK 

 

The balance sheet volume of Eesti Forekspank as of the end of 

November 1998 was 1.7 billion EEK, and the 11 months loss 

amounted to 248.8 million EEK. The November loss was 1.7 million 

EEK. 

 

The income structure of Eesti Forekspank in November 1998 was the 

following: gross interest income 42.7% (in October 44.7%), 

commissions and fees received 19.4% (24.9%), income from currency 

exchange operations 37.4% (29.6%) and other income 0.6% (0.8%) of 

the total income.

 

The structure of non-interest expenses of Eesti Forekspank was in 

November the following: among the non-interest expenses, the 

personnel expenses were 32.9% (34.9%), administrative expenses 

36.3% (48.9%), commissions and fees paid 7.5% (3.7%), other 

expenses 23.3% (12.5%).

 

Compared with October, the demand deposits on the liabilities 

side of the balance sheet increased by 57.8 million EEK, or 

13.7%. The total amount of the clients’ deposits increased in a 

month by 17.1 million EEK, or 2.4%. The demand deposits of 

clients decreased by 40.7 million EEK, or 14.3%. In the deposit 

structure, the demand deposits amounted to 66.4% and term 

deposits 33.7% as of the end of November. The clients’ capital in 

transactions decreased in a month by 5.8%, or 10.7 million EEK. 

 

The net loan portfolio of the bank decreased by 20.1 million EEK, 

or 1.9% in a month. The share of doubtful accounts in the gross 

loan portfolio was 8.5%. Net loan portfolio accounts for 61.9% of 

the assets. In the structure of the bank’s assets, the demand 

deposits in other banks increased by 87.1 million EEK, or 69.2%, 

and cash by 9.8%. Investments in bonds decreased by 11.8 million 

EEK, or 7.05% and other assets 55 million EEK, or 40.9%.

 

At the end of November, the capital adequacy of Eesti Forekspank 

was 10.2% and risk concentration 142.8%.

 

 

Piret Villman

Manager of Budget and Planning Department

Tel. +372 630 2103