VÚB Factoring profit up by 48%

Bratislava, August 7, 2007 – VÚB Factoring increased its profit in the first half of 2007 by 48% y-o-y to earn SKK 21.7 mil. The volume of financed receivables rose by 71% to SKK 3.5 bln. strengthening thus its No. 2 market position by additional 6% to hold the current market share of 15.5%.

”The first half of 2007 was very successful for us. We were growing in all indicators. While the fac-toring market rose by less than 6%, VUB Factoring soared by more than 70% YoY”, said Dušan Čižmárik, Chairman of the Management Board of VÚB Factoring.

VÚB Factoring remains a leader in providing non-recourse factoring services when a factoring company accepts a risk of non-payment by a customer. The non-recourse factoring makes up as much as 84% of the company’s total turnover. Dušan Čižmárik expects that more mostly small and medium companies will use factoring in the future.

”Total volume of factoring market could reach SKK 50-52 bln. by the end of 2007 i.e. 10-15% increase. We surely want to substantially participate in this growth“, says Dušan Čižmárik adding that last year’s growth of the factoring market by 44% will definitely not be repeated this year.

VÚB Factoring, a.s. is a 100% subsidiary of VÚB, a.s. and is the only factoring company in Slovakia that is a member of the Factors Chain International.

 

Information for media:
Alena Walterová, Spokeswoman
Corporate and Marketing Communication Department, VUB, Bratislava
Tel.: +421-2-5055 2130, 0904 755 195
E-mail: awalterova@vub.sk


Michal Kopecký, PR Specialist
Corporate and Marketing Communication Department, VUB, Bratislava
Tel.: +421-2-5055 2424, 0904 755 190
E-mail: mkopecky@vub.sk