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VUB Group Net Profit up by 34%

Bratislava, 27.4.2007 – VUB Group earned in 1st quarter of 2007 a consolidated operating profit of SKK 1.5 bil. and a net profit of more than SKK 1 bil., representing a 26% and 34% y-o-y rise respectively. Group loan portfolio up 12% to SKK 96 bil.

VUB Group revenues in 1st quarter 2007 were favourably impacted by continuing significant rise in mortgage and consumer finance volumes, as well as positive development of net trading income.
The Group continued increasing efficiency of its operating platform and Operating expenses dropped by 6.4% y-o-y as a result of cost optimisation. This enabled the Group to reach a Cost/Income Ratio of 50.3% from 55.3% the year before.

The volume of VUB Group loan portfolio reached SKK 96 bil. representing 11.9% y-o-y growth. Especially real estate related loans showed robust growth of 43%, reaching the volume of SKK 36.6 bil. at the end of March, consumer loans portfolio went up by 16.4% reaching the volume of SKK 13.5 bil. at the end of the period.
The VUB Group achieved strong growth also in customer deposits, where volumes grew by almost 8%, to reach the level of SKK 181 bil., with strongest contribution coming from the retail segment which grew 22% y-o-y, recording a volume of SKK 88.6 bil.
Compared to 1st quarter 2006, VUB Group total assets reached the volume of SKK 254.8 bil., growing by 10%.

Selected financial indicators from the consolidated income statement:

SKK mil. March 2007 March 2006 Change
Operating income 3,133 2,941 6.5%
Operating expenses (1,642) (1,754) -6.4%
Operating profit before impairment and provisions 1,491 1,187 25.6%
Profit before tax 1,300 975 33.3%
Net profit for the year 1,049 785 33.6%
Basic and diluted earnings per share 81 60 33.6%
Cost Income Ratio 50.30% 55.30% -5.0%


Selected indicators from the consolidated balance sheet:

SKK mil. March 2007 March 2006 Change
Loans to customers 95,967 85,752 11.9%
Deposits from customers 180,556 167,577 7.7%
Total assets 254,844 232,131 9.8%

The VUB Group comprises of VUB, a.s. and its 100% subsidiaries: Consumer Finance Holding, a.s., VUB Asset Management, a.s., VUB Factoring, a.s., VUB Leasingová, a.s. and Recovery, a.s. In addition, the consolidated data also include VUB´s stakes in VUB Generali DSS, a.s. (50%) and Slovak Banking Credit Bureau, s.r.o. (33.3%).

VUB is a member of the international banking group Intesa Sanpaolo that operates in more than 40 countries worldwide. The Bank runs 207 retail branches, 32 corporate branches, and 11 mortgage centres across Slovakia.

Information for media:
Alena Walterová
Spokeswoman and Head of Press Sub-department
Corporate and Marketing Communication Department
Tel.: +421-2-5055 2130
E-mail: awalterova@vub.sk

Štefan Demovič
Head of Financial Reporting and Accounting Governance
Tel.: +421-2-5055 2502
E-mail: sdemovic@vub.sk

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