VUB Group continued growing in the third quarter

Bratislava, October 30, 2015 – VUB Group, member of international banking group Intesa Sanpaolo, increased its loan volume by almost 10% y/y showing again excellent commercial performance.

"Over the three quarters of 2015, VUB Group posted favourable commercial results with excellent portfolio quality and stable profitability. The loans of VUB Group continued to increase by 9.6% year to year with growth reaching EUR 8.8 bn, while maintaining the ratio of performing loans at 94%. Increase of the Group´s loan portfolio was based on equal contributions from both Retail and Corporate segments. VUB Group also kept stable base of customer´s deposits (0.9% y/y growth) reaching the total volume of EUR 8.0 bn" said Alexander Resch, CEO of VUB Bank.

VUB Group posted good results also in terms of efficiency, holding cost to income ratio adjusted for bank levy at an excellent level below 44%. The gross operating income of VUB Group increased by 1.5% over a year ago to EUR 414.8 mln. This growth was attributed to fee and other operating income. Excluding the bank levy, our overall costs grew slightly to EUR 181.6 mln (3.3% y/y). Operating profit of VUB Group increased by 7.3% to EUR 218.3 mln and net profit improved by 8.5% y/y to EUR 124.3 mln.

Capital adequacy of VUB remained strong. The Group’s capital adequacy reached 16.83% well above the 8 percentage minimum requirements set by the National Bank of Slovakia.

Selected financial indicators from the consolidated statement of profit or loss and other comprehensive income:

EUR mln

Sep 2015

Sep 2014

Change

Operating income

414.8

408.6

1.5%

Operating expenses without bank levy

(181.6)

(175.8)

3.3%

Operating profit before impairment

218.3

203.4

7.3%

Profit before tax

162.2

146.4

10.8%

Net profit for 9 months

124.3

114.6

8.5%

Basic and diluted earnings per share (EUR)

9.58

8.83

8.5%

Cost to income ratio without bank levy

43.76%

43.03%

73 bps

Selected indicators from the consolidated statement of financial position:

EUR mln

Sep 2015

Sep 2014

Change

Loans to customers

8,819

8,044

9.6%

Deposits from customers

8,047

7,979

0.9%

Total assets

11,944

11,644

2.6%

At September 30, 2015 the VUB Group comprised VUB Bank and its 100% owned subsidiaries: Consumer Finance Holding, VUB Factoring and VUB Leasing. The consolidation perimeter also includes VUB Generali DSS (50% share) and VUB Asset Management (40.55% share).

 




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