AS SBM PANK FINANCIAL RESULTS 02.02.2007
FINANCIAL RESULTS OF AS SBM PANK 12 MONTHS 2006
Total assets of AS SBM Pank have grown 1.4 times during the year, reaching
463.2 miljon kroons (29.6 million euros) as of 31.12.2006. Loan portfolio grew
faster than the balance sheet in the 4th quarter, from 263.7 million kroons
(16.9 million euros) to 348.9 million kroons i.e. 22.3 million euros (growth
1.5 times from the beginning of the year, 1.3 times from the end of the 3rd
quarter), comprising 75% of total assets. 93.4 million kroons (6.0 million
euros) i.e. 20% of total assets was in liquid instruments as cash, with
central bank and with credit and financial institutions.
Customer deposits (incl. credit institutions) in the bank totalled 208.3
million kroons (13.3 million euros) at the year end (growth from the beginning
of the year 19%). 38% of deposits belonged to credit and financial
institutions, 21% to companies and 41% to private persons. Bond liabilities
comprised 53.2 million kroons (3.4 million euros) as of 31 December 2006
(11.5% of total balance sheet). Plans for the year 2007 include concluding an
agreement for long term credit line, with an intention to finance the growth
of the loan portfolio.
AS SBM Pank was profitable in the year 2006, earning more profit in the 4th
quarter than during the previous 9 months altogether. Net profit for the year
comprised 3.5 million kroons (0.2 million euros). The profit for the 4th
quarter totalled 1.8 million kroons (0.1 million euros). Net interest income
for 2006 was 30.7 million kroons (2.0 million euros), earned mostly on loans.
Net fee income was 0.7 million kroons (0.05 million euros). 2.4 million kroons
(0.2 million euros) was earned as dealing profits. Total operating profit for
the year 2006 totalled 26.8 million kroons i.e. 1.7 million euros.
Administrative expenses of 2006 comprised 21.3 million kroons (1.4 million
euros).
Special general meeting of shareholders of AS SBM Pank decided on 06 October
2006 to recall mrs. Karita Nilp and mr. Andreas Boumis from the Supervisory
Board of AS SBM Pank and appoint mr. Michalakis Louis, mr. Fotios Karatzenis,
mr. Efthymios Bouloutas and mr. Achillefs Giannisis as new members of the
Supervisory Board. Mr. Nikolaos Sarros, mr. Emmanouil Karavelakis and mr.
Frank Ulrich John continue as other members of the Supervisory Board. There
have been no changes in the Management Board of the Bank. No membership fees
have been paid to the members of the Supervisory Board of SBM Pank in 2006 nor
2005. Also no membership fees have been paid to the members of the Management
Board in 2006 nor 2005. Salaries of the members of the Management Board
totalled 3.0 million kroons (0.2 million euros), of other employees 5.5
million kroons (0.3 million euros) in 2006. Average number of employees was
25.
1 390 thousand kroons (89 thousand euros) was invested to fixed assets during
the reporting year. Bank implemented new products and opened a web page with
new design at the end of the year. Investments are planned to grow. Opening of
branch office in Jõhvi is planned to take place in the 1st quarter and in
Pärnu in the 2nd quarter. Clients will gain access to a new internet bank with
enhanced functionality in the 1st quarter, which will become available not
only in English and Estonian, but also in Russian.
Bank’s equity totalled 196.5 million kroons (12.6 million euros) as of 31
December 2006 and capital adequacy ratio stood at 51.81%.
Income Statement
(unaudited, in thousands)
EEK ths. EEK ths. EEK ths. EEK ths.
01.10.2006- 01.01.2006-01.10.2005- 01.01.2005-
31.12.2006 31.12.2006 31.12.2005 31.12.2005
Interest income 10 374 30 689 7 309 17 492
From loans 9 407 27 843 6 958 16 278
From deposits 747 2 571 351 1 178
From debt securities and other 220 275 0 36
fixed income securities
Interest expense 1 929 7 004 1 665 4 220
From demand deposits 432 1 340 85 337
From time and saving deposits 893 2 966 902 2 420
From debts evidenced by 604 2 698 678 1 463
certificates
Net interest income/expense (+/-) 8 445 23 685 5 644 13 272
Fees and commissions income 799 1 964 -2 034 1 684
Fees and commissions expense 517 1 245 290 1 046
Dealing profits (+/ –) 574 2 397 717 1 960
Profit/income 796 3 242 901 2 540
Loss/expense 222 845 184 580
General administrative expenses 6 278 21 316 5 204 18 697
Salaries and compensations 2 509 8 657 1 972 7 230
Social taxes, unemployment 831 2 870 659 2 406
insurance premium expense
Other administrative expenses 2 938 9 789 2 573 9 061
Value adjustments (+/ –) of -409 -1 486 -322 -1 288
investments in land and property,
fixed and intangible assets
Loss/expense 409 1 486 322 1 288
Value adjustments of loans and -350 1 058 -1 409 -1 409
advances (+/–)
Other operating expense 449 1 571 271 1 232
Income/loss before taxes (+/–) 1 815 3 486 -3 169 -6 756
Income tax expense 0 0 0 0
Profit/loss for the period (+/-) 1 815 3 486 -3 169 -6 756
EUR ths. EUR ths. EUR ths. EUR ths.
01.10.2006- 01.01.2006-01.10.2005- 01.01.2005-
31.12.2006 31.12.2006 31.12.2005 31.12.2005
Interest income 663 1 961 467 1 118
From loans 601 1 779 445 1 040
From deposits 48 164 22 75
From debt securities and other 14 18 0 2
fixed income securities
Interest expense 123 448 106 270
From demand deposits 28 86 5 22
From time and saving deposits 57 190 58 155
From debts evidenced by 39 172 43 94
certificates
Net interest income/expense (+/-) 540 1 514 361 848
Fees and commissions income 51 126 -130 108
Fees and commissions expense 33 80 19 67
Dealing profits (+/–) 37 153 46 125
Profit/income 51 207 58 162
Loss/expense 14 54 12 37
General administrative expenses 401 1 362 333 1 195
Salaries and compensations 160 553 126 462
Social taxes, unemployment 53 183 42 154
insurance premium expense
Other administrative expenses 188 626 164 579
Value adjustments (+/–) of -26 -95 -21 -82
investments in land and property,
fixed and intangible assets
Loss/expense 26 95 21 82
Value adjustments of loans and -22 68 -90 -90
advances (+/–)
Other operating expense 29 100 17 79
Income/loss before taxes (+/–) 116 223 -203 -432
Income tax expense 0 0 0 0
Profit/loss for the period (+/-) 116 223 -203 -432
Balance Sheet
(unaudited, in thousands)
(EEK ths.) (EEK ths.) (EUR ths.) (EUR ths.)
31.12.2006 31.12.2005 31.12.2006 31.12.2005
Cash 259 295 17 19
Balances with central bank 74 265 32 143 4 746 2 054
Demand loans 74 265 32 143 4 746 2 054
Loans to credit institutions 1 790 37 415 114 2 391
Demand loans 1 790 37 415 114 2 391
Time loans 0 0 0 0
Loans to clients 365 986 246 668 23 391 15 765
incl. overdraft 1 990 3 322 127 212
incl. loans with mortgage 217 640 106 396 13 910 6 800
collateral
Claims to financial institutions 36 915 11 526 2 359 737
Demand loans to financial 17 077 11 526 1 091 737
institutions
Loans to other financial 19 838 0 1 268 0
institutions
Loans to other enterprises 295 472 204 103 18 884 13 045
Loans to non-profit organisations 0 0 0 0
Loans to private persons 33 599 31 039 2 147 1 984
Provisions for doubtful receivables -350 0 -22 0
(minus)
Provisions for doubtful loans to -350 0 -22 0
clients
Securities 12 969 591 829 38
Debt securities and other fixed 12 353 0 790 0
income securities
Shares 616 591 39 38
Intangible assets 1 066 832 68 53
Fixed assets 3 822 3 974 244 254
Other assets 148 10 127 9 647
Accrued revenue and prepaid expenses 3 199 5 442 204 348
incl. interest receivable 1 884 1 094 120 70
Total assets 463 154 337 487 29 601 21 569
Amounts owed to credit institutions 78 140 0 4 994 0
Time deposits 78 140 0 4 994 0
Amounts owed to customers 130 190 174 994 8 321 11 184
Amounts owed to government 93 724 6 46
Amounts owed to financial 216 33 569 14 2 145
institutions
Amounts owed to other enterprises 43 853 80 089 2 803 5 119
Amounts owed to non-profit 1 245 145 80 9
organisations
Amounts owed to private persons 84 783 60 467 5 419 3 865
Debt certificate liabilities 53 190 64 325 3 399 4 111
Bonds issued 53 190 64 325 3 399 4 111
Other liabilities 1 967 189 126 12
incl. payments in transmission 1 967 189 126 12
Accrued expenses and deferred income 3 145 2 314 201 148
incl. interest payable 1 667 1 231 107 79
Total liabilities 266 632 241 822 17 041 15 455
Subscribed capital 200 500 100 000 12 814 6 391
Other reserves 271 271 17 17
Retained earnings -7 735 2 150 -494 137
Profit/(-)loss for the year 3 486 -6 756 223 -432
Total equity 196 522 95 665 12 560 6 114
Total liabilities and equity 463 154 337 487 29 601 21 569
Public Interim Report IV Quarter 2006 is available in full on the web home
page of AS SBM Pank http://www.sbmbank.ee/ , under heading Financial Reports.
Sven Raba
CFO
phone (+372) 6802504