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Bratislava, October 31, 2011VUB Group, the member of international banking group Intesa Sanpaolo, earned in the third quarter of 2011 Operating profit of EUR 220.8 mn. Net profit exceeded EUR 135 mn with a y-o-y leap of 28.5%. The Group’s net loan portfolio grew y-o-y by 11.6% to EUR 7.0 bn.

VUB Group Gross operating income in Q3 2011 amounted to EUR 393.1 mn., representing the growth by 8.6% y-o-y, which was fuelled mainly by an increase of the revenues from the core banking business. In this context, interest income with the growth by 10.2% over the year stemming from extension of the client loan portfolio was the key driver of the improvement. In addition net fee income went up by 3% y-o-y thanks to increase of transactions with current accounts, the sale of mutual funds as well as card operations.

VUB Group managed to go on cutting the Cost income ratio by 276 bps to 43.8% y-o-y. The drop was caused by higher growth of Operating income 8.6% over 2.1% growth of Operating expenses resulting as well in the 14.2% yearly growth of Operating profit to the level of EUR 220.8 mn. Thanks to the higher Operating profit coupled with the 16.8% reduction of costs on risks VUB Group posted a Profit before taxation of EUR 171.2 mn with a robust growth of 28.2% and Net profit of EUR 135.7 mn, 28.5% y-o-y.

The volume of VUB Group net loan portfolio increased by 11.6% over the year amounting to almost EUR 7 bn due mainly to increase of mortgage loan volume by 13% as well as lending to large corporate clients. Finally, the size of the Group’s balance sheet amounting to EUR 11.3 bn rose by 4.1% y-o-y owing to the growth of customer deposits by 6% y-o-y to the volume of EUR 7.6 bn.

„Although we are tackling turbulent times, we arecapable to deliver very good results maintaining a sound liquidity as well as efficiency. Our liquidity ratios as well as cost income ratio are standing at levels setting the bank to a strong position we are undoubtedly able to withstand the current turmoil on the financial markets and continue doing responsible business and to be the best bank for our customers.” said Ignacio Jaquotot, the CEO of VUB bank.

Selected financial indicators from the consolidated income statement:

EUR mn

Sep 2011

Sep 2010

Change

Operating income

393.1

362.1

8.6%

Operating expenses

(172.3)

(168.7)

2.1%

Operating profit before impairment and provisions

220.8

193.4

14.2%

Profit before tax

171.2

133.5

28.2%

Net profit for the year

135.7

105.6

28.5%

Basic and diluted earnings per share (EUR)

10.46

8.13

28.7%

Cost income ratio

43.83%

461.59%

-276 bps


Selected indicators from the consolidated balance sheet:

EUR mn

Sep 2011

Sep 2010

Change

Loans to customers

6,964

6,242

11.6%

Deposits from customers

7,643

7,207

6.0%

Total assets

11,252

10,809

4.1%

VÚB Rating:

Moody´s

 

Outlook

Negative

Bank Deposits

A2/P-1

Financial strength

C-

 

The VUB Group comprises VUB bank and its 100% owned subsidiaries: Consumer Finance Holding, VUB Asset Management, VUB Factoring, VUB Leasing and Recovery. The consolidation perimeter also includes VUB Generali DSS (50% share).

About VUB
VUB is a member of Intesa Sanpaolo, an international banking group that operates in more than 40 countries worldwide with a network of banks, direct branches and representative offices. The Bank runs 206 retail branches, 32 corporate branches, 11 mortgage centres across Slovakia and 1 branch in the Czech Republic. In August 2011, the prestigious Global Finance magazine awarded VUB as the Safest Bank in Central and Eastern Europe.

About Intesa Sanpaolo
Intesa Sanpaolo is among the top banking groups in the Euro zone and the leading player in Italy in the retail, corporate and wealth management business areas. Thanks to a well-spread network of over 5,500 branches it offers a wide range of services to about 11 million customers in Italy. Intesa Sanpaolo’s international activities are focused in Central-Eastern Europe and in Middle East and North Africa, where it operates in 13 countries through retail and commercial banks with more than 1,700 branches and 8.3 million customers. Moreover, an international network is present in 29 countries to support corporate customers.

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