Pēd. atjaunots: 26.11.2024 08:38 (GMT+2)
AS SAMPO PANK FINANCIAL REPORTS 11.05.2005
Business results of the Consolidated Group of AS Sampo Pank 3 months of 2005
INCOME STATEMENT ANALYSIS
The Group's net profit for Q1 2005 was EEK 54.1 million (EEK 26.5 million at the
end of Q1 2004). The more than double growth in net profit was derived from the
continuing fast growth of business volumes, increasing cost efficiency and the
low level of additional allowances for loan impairment. The Group's return on
equity was 32.9% (19.6%) and return on assets was 2.1% (1.4%).
Income
The Group's income totalled EEK 115.4 million (EEK 89.1 million) in Q1 2005, an
increase of 29.4% over the year. Net interest income accounted for 60.7% (61.0%)
and net fee and commission income 29.1% (27.7%) of total income.
Net Interest Income
The Group's net interest income amounted to EEK 70.0 million (EEK 54.4 million)
as at 31 March 2005, an increase of 28.7% over Q1 2004.
Return on the Group's interest earning assets decreased to 5.0% (5.5%), due to
the overall decline in loan interest margins. Expense on interest bearing
liabilities was 2.1% (2.1%). Net interest margin before allowances for loan
impairment was 2.9% (3.1%).
Non-Interest Income
The Group's non-interest income totalled EEK 58.3 million (EEK 45.0 million) in
Q1 2005, an increase of 29.6% over the prior year period. Fee and commission
income amounted to EEK 39.6 million (EEK 28.7 million), income from foreign
exchange and financial transactions totalled EEK 13.0 million (EEK 11.7
million). The increase in fee and commission income is attributable to the higher
volumes of investment funds managed by the Group.
Operating Expenses
The Group's operating expenses totalled EEK 68.8 million (EEK 57.9 million) in Q1
2005, an increase of 18.9% over the prior year period. Personnel expenses
amounted to EEK 40.5 million (EEK 34.7 million) in Q1 2005, an increase of 16.6%
over Q1 2004. Other administrative expenses totalled EEK 21.8 million (EEK 17.2
million), an increase of 26.5%.
Due to the more efficient use of resources the Group's cost/income ratio declined
to 56.3% in Q1 2005 from 60.6% in Q1 2004.
BALANCE SHEET ANALYSIS
Total assets of the Group amounted to EEK 10.7 billion at the end of Q1 2005 (EEK
7.7 billion), an increase of 39.8% over the year and an increase of 10.3% or EEK
1.0 billion, as compared to the end of December 2004.
Assets
The Group's loan and leasing portfolio totalled EEK 7.7 billion (EEK 5.5 billion)
at the end of March 2005, an increase of 39.8% over the year and an increase of
7.0% or EEK 502.4 million during Q1 2005. Loans and leases to private persons
amounted to 3.3 billion (EEK 2.2 billion) and those to private enterprises
totalled EEK 4.2 billion (EEK 3.2 billion) at the end of Q1 2005. The portfolio
of private persons and that of private enterprises grew by 7.0% and 7.6%,
respectively.
Allowances for loan impairment represented 1.5% (2.0%) of the gross loan
portfolio at the end of March 2005. Due to the improvement of the loan portfolio
allowances for loan impairment were decreased by EEK 0.5 million in Q1 of 2005.
Liabilities
The Group's client deposits totalled EEK 5.7 billion (EEK 4.1 billion) at the end
of March of 2005, an increase of 36.5% over the year and 10.6% or EEK 543.2
million during Q1 2005.
Demand deposits totalled EEK 2.7 billion (EEK 2.2 billion) and time deposits
amounted to EEK 2.9 billion (EEK 1.9 billion) at the end of Q1 2005. Demand
deposits increased by 3.3% or EEK 87.9 million and time deposits grew by 18.4% or
EEK 455.3 million during the quarter.
Deposits of private persons totalled EEK 1.5 billion (EEK 1.1 billion) and those
of private enterprises amounted to EEK 3.4 billion (EEK 2.4 billion) at the end
of March 2005, an increase of 36.7% and an increase of 38.5% over the year,
respectively. Deposits of private persons increased by 9.4% or EEK 126.3 million
and those of private enterprises grew by 14.4% or EEK 423.8 million during Q1
2005.
Total interest bearing liabilities increased by EEK 834.7 million or 9.6% in Q1
2005, amounting to EEK 9.5 billion (EEK 6.6 billion) at the end of March 2005.
Owners' Equity
The Group's equity totalled EEK 682.8 million at the end of Q1 2005, as compared
to EEK 628.6 million at the end of 2004. The Group's capital adequacy was 11.4%
at the end of March 2005 and 11.8% at the end of December 2004.
Consolidated income statement
(unaudited, in thousands)
EEK EUR
2005 2004 2005 2004
Q1 Q1 Q1 Q1
Interest income 118 184 91 937 7 553 5 876
Interest income from banking activities 88 193 70 606 5 637 4 513
Interest income from leasing activities 29 987 21 331 1 917 1 363
Other interest income 4 0 0 0
Interest expense 48 183 37 539 3 079 2 399
Interest expense from banking activities 48 173 37 520 3 079 2 398
Interest expense from leasing activities 10 19 1 1
Other interest expense 0 0 0 0
Net interest income (loss) (+/-) 70 001 54 398 4 474 3 477
Income and expenses from insurance
activities 0 0 0 0
Insurance premiums 0 0 0 0
Insurance compensations and change in
reserves 0 0 0 0
Income from securities 0 0 0 0
Equity method gains (losses) (+/-) 0 0 0 0
Profit/loss from sales of long-term
securities 0 0 0 0
Dividends on long-term securities 0 0 0 0
Net fee and commission income 33 539 24 693 2 144 1 578
Fee and commission income 39 558 28 659 2 528 1 832
Fee and commission expense 6 019 3 966 385 253
Net profit (loss) on financial
operations (+/-) 15 709 14 616 1 004 934
Profit/income 15 709 14 616 1 004 934
Loss/expense 0 0 0 0
General administrative expenses 62 254 51 921 3 979 3 318
Salaries expense 30 332 26 154 1 939 1 672
Social security expense 10 133 8 538 648 546
Pension expense (non-state) 0 0 0 0
Other administrative expenses 21 789 17 229 1 393 1 101
Value adjustments in investment property
and tangible and intangible fixed
assets (+/-) - 5 216 - 4 546 - 333 - 291
Profit/income 0 0 0 0
Loss/expense 5 216 4 546 333 291
Value adjustments in loans and off-
balance sheet items (+/-) 644- 11 103 41 - 710
Profit/income 252 334 16 21
Loss/expense - 392 11 437 - 25 731
Value adjustments in long-term
investments (+/-) 0 0 0 0
Income 0 0 0 0
Expense 0 0 0 0
Other operating income (+/-) 1 711 322 109 21
Other operating revenue 3 066 1 719 196 110
Other operating expenses 1 355 1 397 87 89
Extraordinary income/expenses (+/-) 0 0 0 0
Extraordinary income 0 0 0 0
Extraordinary expenses 0 0 0 0
Profit before taxes (+/-) 54 134 26 459 3 460 1 691
Income tax expenses 0 0 0 0
Income tax for reporting period 0 0 0 0
Change in deferred income tax liability (+/-) 0 0 0 0
Minority share of profits 0 0 0 0
PROFIT FOR THE REPORTING PERIOD (+/-) 54 134 26 459 3 460 1 691
Consolidated balance sheet
(unaudited, in thousands)
EEK EUR
31.03.05 31.12.0431.03.0531.12.04
Cash 61 696 54 769 3 943 3 500
Claims and loans 9 071 700 8 185 271 579 786 523 133
Claims and loans to central bank 1 147 266 500 180 73 323 31 967
Claims and loans to credit institutions 239 339 503 326 15 297 32 168
Claims and loans to clients of credit
institution 5 967 592 5 565 782 381 398 355 717
Claims and loans to clients of leasing
enterprises 1 832 371 1 736 683 117 110 110 994
Claims from insurance and reinsurance
activities 0 0 0 0
Other claims 0 0 0 0
Allowance for claims and loans - 114 868 - 119 687 - 7 341 - 7 649
Debt securities 1 144 630 1 125 912 73 155 71 959
Shares and other securities 59 157 35 290 3 781 2 255
Investments in associates 0 0 0 0
Other shares 29 706 29 607 1 899 1 892
Derivatives 29 451 5 683 1 882 363
Intangible assets 8 378 9 615 535 615
Consolidated goodwill 0 0 0 0
Other intangible assets 8 378 9 615 535 615
Tangible assets 141 168 143 749 9 022 9 187
Investment property 12 833 12 914 820 825
Settlements with shareholders 0 0 0 0
Other assets 125 582 53 908 8 026 3 445
Prepayments and accured income 78 239 79 249 5 000 5 065
TOTAL ASSETS 10 703 383 9 701 690 684 069 620 049
Amounts owed 8 971 679 8 137 045 573 393 520 051
Amounts owed to the central bank 0 0 0 0
Amounts owed to the credit institutions 3 308 116 3 015 836 211 427 192 747
Amounts owed to the clients of credit
institutions 5 653 235 5 110 060 361 307 326 592
Amounts owed from insurance and reinsurance
activities 0 0 0 0
Other amounts owed 10 328 11 149 660 713
Liabilities related to securities 297 167 331 442 18 992 21 183
Issued debt securities 284 618 284 618 18 190 18 190
Derivatives 12 549 46 824 802 2993
Other liabilities related to securities 0 0 0 0
Other liabilities 324 503 198 169 20 739 12 665
Accruals and deferred income 177 955 157 115 11 373 10 041
Provisions 0 0 0 0
Technical provisions for insurance activities 0 0 0 0
Pension reserve 0 0 0 0
Other provisions 0 0 0 0
Subordinated liabilities 249 307 249 281 15 934 15 932
Minority interests 0 0 0 0
Total liabilities 10 020 611 9 073 052 640 432 579 872
Share capital 323 111 323 111 20 651 20 651
Paid in capital over par 17 081 17 081 1 092 1 092
General banking reserve 0 0 0 0
Mandatory reserve 9 025 9 025 577 577
Other reserves 0 0 0 0
Unrealised rate differences 0 0 0 0
Profit or loss retained 279 421 171 651 17 858 10 970
Profit or loss for the financial year 54 134 107 770 3 460 6 888
Own shares 0 0 0 0
Total owners' equity 682 772 628 638 43 637 40 177
TOTAL LIABILITIES AND OWNERS' EQUITY 10 703 383 9 701 690 684 069 620 049
Business results of the Consolidated Group of AS Sampo Pank 3 months of 2005 is
available on Sampo's Internet home page: <a href='http://sampo.ee/eng/rubriik.html?id=15527' target='_blank'>http://sampo.ee/eng/rubriik.html?id=15527</a>
Anneli Rõuk
Communication Manager
Tel +372 630 2103
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