VUB Group posts a net profit of EUR 61.5 mil in the first half of 2009
Bratislava, 30.7.2009 – VUB Group, a member of Intesa Sanpaolo Group, earned in the first half of 2009 a consolidated operating profit of EUR 134.1 mil. and a net profit of EUR 61.5 mil. The VUB’s loan portfolio reached EUR 5.8 bil., representing 13.6% y-o-y growth.
Revenues of VUB Group amount to EUR 242.1 mil. in the first half of 2009, thus slightly exceeding the first half of 2008. The revenue performance has been favourably impacted by an increased volume of loans, especially in the retail segments.
The consolidated operating profit rose by 4.5% to EUR 134.1 mil. compared to last year. This result is supported by further cost efficiencies. However, due to the increasing cost of risk arising from the deteriorated economic environment, the profit before tax dropped by 30.7% y-o-y.
“Even in these tough times, we were able to grow revenues while keeping our operating cost/income ratio at a reasonable level of 47.5%. Given the difficult economic environment, the cost of risk is currently absorbing a significant portion of our operating profit; however, we continue to maintain a solid revenue stream and to position ourselves as one of the most efficient banks in Slovakia. We believe that our strict cost control and our excellent risk management will further allow us to deliver the expected results,” said Ignacio Jaquotot, CEO of VUB bank.
The volume of VUB Group loan portfolio totalled EUR 5.8 bil., a 13.6% y-o-y growth. Deposits amount to EUR 6.7 bil. (-5.5% y-o-y), mainly due to an expected outflow of public sector deposits. Nevertheless, the deposit/loan ratio has still reached a comfortable level of 117%.
“The growth of VUB’s loan portfolio shows the Group’s strong commitment to support local economies”, added Giovanni Boccolini, Head of International Banks Division of Intesa Sanpaolo.
Selected financial indicators from the consolidated income statement:
| EUR mil. |
June 2009 |
June 2008 |
Change |
|---|---|---|---|
| Operating income |
242.1 |
241.6 |
0.2% |
| Operating expenses |
(107.9) |
(113.2) |
-4.7% |
| Operating profit before impairment and provisions |
134.1 |
128.4 |
4.5% |
| Profit before tax |
76.0 |
109.6 |
-30.7% |
| Net profit for the year |
61.5 |
83.5 |
-26.4% |
| Basic and diluted earnings per share (EUR) |
4.74 |
6.43 |
-26.4% |
| Cost Income Ratio (net of extraordinary impact of litigation reserves) |
47.5% |
46.8% |
+70 bps |
Selected indicators from the consolidated balance sheet:
| EUR mil. |
June 2009 |
June 2008 |
Change |
|---|---|---|---|
| Loans to customers | 5 758 | 5 069 | 13,6% |
|
Deposits from customers |
6 735 |
7 130 |
-5,5% |
| Total assets |
9 552 |
9 788 |
-2,4% |
The VUB Group comprises VUB bank and its 100% subsidiaries: Consumer Finance Holding, VUB Asset Management, VUB Factoring and Recovery. The consolidation perimeter also includes VUB shareholdings in leasing company VUB Leasing (70% share) and in 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 215 retail branches, 32 corporate branches, 11 mortgage centres across Slovakia and 1 branch in the Czech Republic.
About Intesa Sanpaolo
Intesa Sanpaolo is a major banking group with a leadership in the Italian market and a strong international presence focused on Central-Eastern Europe and the Mediterranean basin. With one trillion of entrusted savings, the Group offers services for retail customers as well as a significant support for development of business customer.
