VUB Group operating profit up by 24%

Bratislava, 31.7.2008 – VUB Group earned in first half of 2008 a consolidated operating profit of SKK 3.9 bil. and a net profit of SKK 2.5 bil., representing a 24% and 16% y-o-y rise respectively. Group loan portfolio was up by 46% to SKK 153 bil.

VUB Group revenues in first half of 2008 recorded significant growth of 15.3% y-o-y, reaching the volume of SKK 7.3 bil. Revenue performance was favourably impacted by strong and steady rise in volume of loans across all segments, as well as in customers’ deposits.

Consolidated operating profit increased by 23.9% y-o-y, reaching the level of SKK 3.9 bil., enhanced by the Group’s reconfirmed ability to keep increasing the efficiency of its operating platform while maintaining a tight control of cost development. As a result, in first half of 2008 the Group achieved a Cost/Income Ratio of 46.9% from 50.5% the year before.

The volume of VUB Group loan portfolio reached SKK 152.7 bil. representing 45.5% y-o-y growth. Mortgages and house financing loans continued to grow robustly by 43.5%, reaching the volume of SKK 53.2 bil. at the end of June. Group consumer loans portfolio, including CFH business activities, went up by 27.8% reaching the volume of SKK 26.6 bil. at the end of the period.

The Group continued to grow also in customer deposits, where volumes grew by 13.5%, to reach the level of SKK 214.8 bil.

Selected financial indicators from the consolidated income statement:

The VUB Group comprises VUB, a.s. and its 100% subsidiaries: Consumer Finance Holding, a.s., VUB Asset Management, a.s., VUB Factoring, a.s., and Recovery, a.s. The consolidation perimeter also includes VUB´s shareholdings in leasing company B.O.F. a.s. (70% share) and in VUB Generali DSS, a.s. (50% share)

VUB is a member of the international banking group Intesa Sanpaolo that operates in more than 40 countries worldwide. The Bank runs 210 retail branches, 32 corporate branches, 11 mortgage centres across Slovakia and 1 branch in the Czech Republic.

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

Róbert Kubinský
Head of Planning and Controlling
Tel.: +421-2-5055 2310
E-mail: rkubinsky@vub.sk