Press releases in 2016

Bratislava, July 28, 2016 – VUB Group, member of international banking group Intesa Sanpaolo, recorded significant growth of loans. This result was strongly supported by new proposition of mortgages.

“In the first half of 2016 VUB Group was able to response very promptly to the changes in the market and came up with new mortgages proposition that successfully attracted existing as well as new clients. It results in more than 18 % growth of mortgages,” said Alexander Resch, CEO of VUB Bank. VUB Group’s loan portfolio increased as well. The loans continued to increase by 12.9 % year to year with total loan portfolio reaching EUR 9.7 bn.

VUB reached operating income amounting to EUR 289.7 mln, up by 5.2 % y/y thanks to the extraordinary income related to the Visa transaction. The extraordinary income and the strong commercial performance are compensating the negative development of net interest income and net fee income due to the low interest environment and legislative changes. Furthermore, overall operative expenses increased by 4.7 % to EUR 137.1 mln, which was mainly caused by the levies connected to the regulatory framework.

As a result, VUB Group reached the operating profit EUR 152.6 mln (+5.7 %) and net profit EUR 88.2 mln (+6.1 %).

Capital adequacy of VUB remained strong. The Group’s capital adequacy in June 2016 was 15.42 %, fulfilling the minimum requirements set by the National Bank of Slovakia.

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

mil. EUR June 2016 June 2015 Change
Operating income 289,7 275,4 5,2 %
Operating expenses (137,1) (131,0) 4,7 %
Operating profit before impairment 152,6 144,4 5,7 %
Profit before tax 114,8 108,3 6,0 %
Net profit for 6 months 88,2 83,1 6,1 %
Basic and diluted earnings per share (EUR) 6,80 6,40 6,3 %
Cost to income ratio (excl. bank levy) 43,68 % 44,02 % -34 bb

Selected indicators from the consolidated statement of financial position:

mil. EUR June 2016 June 2015 Change
Loans to customers 9,701 8,596 12,9 %
Deposits from customers 9,357 8,195 14,2 %
Total assets 13,336 12,021 10,9 %

At June 30, 2016 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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