Tallinn, August 21, 2003 (PRIMEZONE) -- Hanasbank(Other OTC:HNSBF)
- Net profit 29.0 million in Q2 2003
- 16.2% qoq and +8.2% yoy
- Net profit affected by 9.9 million tax on dividends (3.3 million in Q2 2002)
- Operating profit before provisions +18.2% qoq and +65.6% yoy
- Total income +11.0% qoq and +17.5% yoy
- Total income positively affected by income from the sale of property, totalling 2.4 million
- Total operating expenses +4.1% qoq and -10.5% yoy
- Gradual decrease in interest margins -- net interest margin 3.75% in Q2 2003
- 11bp qoq and -35bp yoy
- Return on equity (ROE) 19.5%, return on assets (ROA) 2.1%, earnings per share (EPS) 1.47
- Annual loan growth stable at 30%, 6% qoq
- Annual deposit growth has recovered to 11%, 2% qoq
- Hansabank paid dividends of 0.383 euros (EEK 6) per share
AS Hansapank and its subsidiaries (hereinafter Hansabank Group or the Group) earned 29.0 million net profit in the second quarter of 2003. The Group's operating profit before provisions increased by 65.6% yoy (2002 second quarter). However, several one-off items affected the annual growth rate. The Q2 2002 results include a 3.3 million goodwill amortisation from the Estonian Savings Bank merger (completed in July 2002) as well as 0.9 million redundancy charge from the restructuring of LTB. This year's results include several one-off gains from the sale of property. Without these cost and revenue items, annual growth of the operating profit would come to 39% and operating profit after provisions to 9%.
Geographic division of the Hansapank Group 29.0 million net profit is the following: 17.3 million from Estonia (24.2 million in Q1 2003), 4.4 million from Latvia (4.3 million), 4.8 million from Lithuania (4.7 million) and 2.4 million (1.4 million) from other markets.
For a full press release and interim report, please visit our Internet home page www.hansagroup.com, or go directly to the link: