Zorba
Bos 4 Mod
Oesterreichische Volksbanken-AG (VBAG) Group reports a consolidated pre-tax profit of EUR 91 million as of 31 December 2010
· Net interest income increased by 30% and reached EUR 776 million
· Risk provisions declined by 57% and stood at EUR 364 million
· As of 31 December 2010, total assets amounted to EUR 46.5 billion
· Capital ratios are solid, the tier 1 ratio in relation to credit risk was 10.3% and the equity ratio in relation to total risk was 12.8%
VBAG Group results in detail
VBAG Group reached a consolidated result before taxes of EUR 91 million as of 31 December 2010, the Group result after taxes and minority interests was EUR 55 million.
Net interest income is one of the drivers of the result and amounted to EUR 776 million. This represents an increase of EUR 180 million or 30% compared to 2009. Net interest income grew in all segments of VBAG Group.
At EUR 40 million, net trading income declined by EUR 23 million compared to the previous year. However, this is a consequence of the excellent performance in 2009, when VBAG Group achieved a record net trading income. Net fee and commission income decreased by EUR 34 million year-on-year and stood at EUR 167 million at the end of the 2010 business year.
As of31 December 2010, administrative expenses were EUR 551 million representing a rise of 2.4% compared to the previous year. Income from financial investments, at EUR 43 million, reflects the incipient recovery of the financial markets.
Due to increasing net interest income, the operating result (interest income, fee and commission income, trading income, administrative expenses) grew by EUR 110 million. As of 31 December 2011, the operating result reached EUR 432 million.
In the business year 2010, risk provisions amounted to EUR 364 million which is still above the level of pre-crisis years; compared to 2009, however, risk provisions declined by EUR 487 million or 56%.
Statement of financial position and capital ratios
As of 31 December 2010, total assets amounted to EUR 46.5 billion, which signifies a reduction of EUR 2.7 billion or 5.5% year-on year.
As at the end of 2010, loans and advances to customers reached EUR 23.6 billion. Compared to the previous year loans and advances to customers dropped by 2.2% which is primarily due to the decline in the Corporates segment.
As a result of scheduled repayments, debts evidenced by certificates decreased by 7% against the end of 2009 and stood at EUR 16.1 billion. Amounts owed to customers fell slightly and stood at EUR 7.3 billion.
Capital ratios showed a positive development. As at 31 December 2010, the tier 1 ratio in relation to credit risk was 10.3% (10% at the end of 2009) and the equity ratio in relation to total risk was 12.8% (12.5% at the end of 2009). Available own funds exceeded the regulatory requirements by EUR 1.3 billion or 59.7%. Capitalisation of VBAG Group is good, as shown by these figures.
VBAG Group´s liquidity position remains very comfortable. Theissuance requirement of EUR 1.2 billion has been covered completely by the end of the third quarter of 2010.
New Group strategy
A comprehensive process was initiated in order to refocus on core business areas and to strengthen the business model. VBAG´s core business includes its function as the central institution of the Austrian Volksbank sector as well as corporate and real estate business. In line with the new strategy, Europolis (commercial real estate investor and asset manager in CEE) was sold by the end of 2010. This process also aims at aligning VBAG Group´s balance sheet size with the Volksbank sector´s balance sheet size in the medium term. VBAG Group will continue this process of refocusing and resizing. The divestiture of further assets, subsidiaries or participations is an option which is currently being evaluated, the sale of VBAG´s CEE retail subsidiaries Volksbank International AG and VB-Leasing International Holding GmbH is possible. The combination of Oesterreichische Volksbanken-AG and Investkredit Bank AG is also part of this process. The combination process has been concluded organizationally and should be completed with respect to legal requirements in the second half year of 2011.
Outlook
From today´s viewpoint it is anticipated that Oesterreichische Volksbanken-AG will achieve a positive result on the single entity, non-consolidated level in 2011. As a result it is expected that distributions on profit-related instruments could be resumed in 2012. VBAG´s majority shareholders will – subject to approval by the general assembly in May - redeem the first tranche of the participation capital held by the Republic of Austria in an amount of EUR 300 million in 2011.
· Net interest income increased by 30% and reached EUR 776 million
· Risk provisions declined by 57% and stood at EUR 364 million
· As of 31 December 2010, total assets amounted to EUR 46.5 billion
· Capital ratios are solid, the tier 1 ratio in relation to credit risk was 10.3% and the equity ratio in relation to total risk was 12.8%
VBAG Group results in detail
VBAG Group reached a consolidated result before taxes of EUR 91 million as of 31 December 2010, the Group result after taxes and minority interests was EUR 55 million.
Net interest income is one of the drivers of the result and amounted to EUR 776 million. This represents an increase of EUR 180 million or 30% compared to 2009. Net interest income grew in all segments of VBAG Group.
At EUR 40 million, net trading income declined by EUR 23 million compared to the previous year. However, this is a consequence of the excellent performance in 2009, when VBAG Group achieved a record net trading income. Net fee and commission income decreased by EUR 34 million year-on-year and stood at EUR 167 million at the end of the 2010 business year.
As of31 December 2010, administrative expenses were EUR 551 million representing a rise of 2.4% compared to the previous year. Income from financial investments, at EUR 43 million, reflects the incipient recovery of the financial markets.
Due to increasing net interest income, the operating result (interest income, fee and commission income, trading income, administrative expenses) grew by EUR 110 million. As of 31 December 2011, the operating result reached EUR 432 million.
In the business year 2010, risk provisions amounted to EUR 364 million which is still above the level of pre-crisis years; compared to 2009, however, risk provisions declined by EUR 487 million or 56%.
Statement of financial position and capital ratios
As of 31 December 2010, total assets amounted to EUR 46.5 billion, which signifies a reduction of EUR 2.7 billion or 5.5% year-on year.
As at the end of 2010, loans and advances to customers reached EUR 23.6 billion. Compared to the previous year loans and advances to customers dropped by 2.2% which is primarily due to the decline in the Corporates segment.
As a result of scheduled repayments, debts evidenced by certificates decreased by 7% against the end of 2009 and stood at EUR 16.1 billion. Amounts owed to customers fell slightly and stood at EUR 7.3 billion.
Capital ratios showed a positive development. As at 31 December 2010, the tier 1 ratio in relation to credit risk was 10.3% (10% at the end of 2009) and the equity ratio in relation to total risk was 12.8% (12.5% at the end of 2009). Available own funds exceeded the regulatory requirements by EUR 1.3 billion or 59.7%. Capitalisation of VBAG Group is good, as shown by these figures.
VBAG Group´s liquidity position remains very comfortable. Theissuance requirement of EUR 1.2 billion has been covered completely by the end of the third quarter of 2010.
New Group strategy
A comprehensive process was initiated in order to refocus on core business areas and to strengthen the business model. VBAG´s core business includes its function as the central institution of the Austrian Volksbank sector as well as corporate and real estate business. In line with the new strategy, Europolis (commercial real estate investor and asset manager in CEE) was sold by the end of 2010. This process also aims at aligning VBAG Group´s balance sheet size with the Volksbank sector´s balance sheet size in the medium term. VBAG Group will continue this process of refocusing and resizing. The divestiture of further assets, subsidiaries or participations is an option which is currently being evaluated, the sale of VBAG´s CEE retail subsidiaries Volksbank International AG and VB-Leasing International Holding GmbH is possible. The combination of Oesterreichische Volksbanken-AG and Investkredit Bank AG is also part of this process. The combination process has been concluded organizationally and should be completed with respect to legal requirements in the second half year of 2011.
Outlook
From today´s viewpoint it is anticipated that Oesterreichische Volksbanken-AG will achieve a positive result on the single entity, non-consolidated level in 2011. As a result it is expected that distributions on profit-related instruments could be resumed in 2012. VBAG´s majority shareholders will – subject to approval by the general assembly in May - redeem the first tranche of the participation capital held by the Republic of Austria in an amount of EUR 300 million in 2011.
Ultima modifica:
(se tornano a quei livelli, IMHO, non rivedi più quella p. a 100. Discorso lungo)
