VUB Group profit of EUR 39.5 mil

Bratislava, 4.5.2009 – VUB Group earned in first quarter of 2009 a consolidated operating profit of EUR 73.4 mil. and a net profit of EUR 39.5 mil. The Group´s loan portfolio reached EUR 5.8 bn, representing 23.6% y-o-y growth.

VUB Group revenues in first quarter of 2009 reached the level of EUR 120.7 mil. Compared with 1Q08, revenue performance was favourably impacted by strong rise in volume of loans across all segments, as well as in customers’ deposits, achieved since March 2008.

The consolidated operating profit reached the level of EUR 73.4 mil., 21.4% higher y-o-y. This result was based on further cost efficiencies realized as well as release of reserve for litigations from previous years, in the amount of EUR 11.7 mil. “Without considering the extraordinary impact of litigation reserves, we were able to further decrease our Operating Cost/Income Ratio to 48.9% from 49.8% the year before, being one of the most cost efficient banks in Slovakia. We believe that in these difficult times strict cost control is the key to maintaining an acceptable level of operating profit” said Ignacio Jaquotot, CEO of VUB bank.

Profit before tax dropped 8.6% y-o-y due to the increasing cost of risk arising from the deteriorated economic environment “Besides the already mentioned control of operating expenses, enhanced attention to credit quality and customer satisfaction will be high on our agenda for 2009” remarked Mr. Jaquotot.

The volume of VUB Group loan portfolio reached EUR 5.8 bil. representing 23.6% y-o-y growth. The Group continued to grow also in customer deposits, where volumes grew by 8.1%, to reach the level of EUR 7.1 bil. Deposit/Loan Ratio reached a still comfortable level of 123%.

Selected financial indicators from the consolidated income statement:

EUR mil.	March 2009	March 2008	Change
Operating income	120.7	120.3	0.4%
Operating expenses	(47.3)	(59.9)	-20.9%
Operating profit before impairment and provisions	73.4	60.5	21.4%
Profit before tax	48.0	52.6	-8.6%
Net profit for the year	39.5	40.2	-1.8%
Basic and diluted earnings per share (EUR)	3.04	3.10	-1.8%
Cost Income Ratio (without extraordinary effects)	48.9%	49.8%	-96 bps

Selected indicators from the consolidated balance sheet:

EUR mil.	March 2009	March 2008	Change
Loans to customers	5 775	4 671	23.6%
Deposits from customers	7 075	6 543	8.1%
Total assets	9 961	9 120	9.2%

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).

VUB is a member of the international banking group Intesa Sanpaolo, that operates in more than 40 countries worldwide. The Bank runs 216 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