Operating profit of VUB Group up by 46%

Bratislava, 28. október 2004 - VUB Group (‘the Group’) reported in its unaudited consolidated income statement for nine months ended 30 September 2004 prepared in accordance with International Financial Repoting Standards (‘IFRS’) an operating profit of Sk 2,909 million, achieving solid 46% growth compared to the same period of 2003.

The growth in operating profit reflects 14 percent (Sk 886 million) increase in revenues of the VUB Group and continued focus on efficiency improvements. The overall operating costs of the VUB Group decrease of Sk 34 million.

Net profit for the period reached Sk 2,122 million, represents a 5% increase compared to previuos period. VUB’s individual net profit for the same period under Slovak standards (‘SAS’) amounts to Sk 2,235 million. The difference between the IFRS and SAS profits arises from eliminations of intra-group transactions.

Total consolidated assets, excluding repo transactions, rose by 2% to over Sk 205 billion. During the three quarters of 2004, the VUB Group was focused on growth of customer loan portfolio, achieving growth of over 25 percent, closing the period with Sk 73 billion of outstanding balances. Consumer finance, mortgages and loans to SME clients have provided key source of revenue and balance related growth. In addition, the Group has achieved significant 120 percent expansion of its assets management franchise, increasing volume of assets under management to Sk 14 billion.

In 2004 VUB received the “Euromoney Award For Excellence” for the best bank in Slovakia and the prize of the Banker magazine “Bank of the year 2004 in Slovakia”.

 

Informácie pre médiá:
Silvia Nosálová, vedúca tlačového oddelenia
Odbor Korporátna a marketingová komunikácia, VÚB, a.s.
Tel.: +421-2-5055 2130
E-mail: snosalova@vub.sk