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Financial
highlights in ISK thousands
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Profit
and Loss Account
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2004
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2003
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Breyting
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1.1.-30.6.
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1.1.-30.6.
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Interes
Income ......................................................
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350.006
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311.124
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12,5%
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Interest
Expense ...................................................
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206.623
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173.111
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19,4%
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Net
Interest Income ...............................................
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143.383
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138.013
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3,9%
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Other
Operating Income .........................................
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225.241
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77.263
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191,5%
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Net
Operating Income ............................................
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368.623
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215.276
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71,2%
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Other
Operating Expense ......................................
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163.119
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158.038
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3,2%
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Provision
for Losses ..............................................
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190.044
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125.460
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51,5%
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Profit
(loss) before Taxes and contribution from
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The
Savings Bank´s Guarantee Fund ...................
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15.460
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(
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68.222
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)
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122,7%
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Taxes
..................................................................
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(
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2.456
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)
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12.280
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-
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Profit (loss)
before contribution from The Savings
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Bank´s Guarantee Fund ......................................
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13.004
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(
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55.942
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)
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123,3%
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Contribution
from the Savings Bank´s
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Guarantee Fund .................................................
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36.900
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0
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-
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Net
Earnings ..................................................
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49.904
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(
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55.942
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)
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189,2%
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2004
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2003
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Assets
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30.6.
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31.12.
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Cash and
amounts due from Credit Institutions ........
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419.393
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375.887
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11,6%
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Loans
..................................................................
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5.699.675
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5.631.128
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1,2%
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Market
Securities and Shares in Other Companies ..
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854.360
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519.206
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64,6%
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Other
Assets ........................................................
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309.462
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335.519
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-7,8%
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Total Assets
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7.282.890
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6.861.740
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6,1%
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Liabilities
and Capital
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Amounts
owed to Credit Institutions ........................
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144.601
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153.837
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-6,0%
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Deposits
..............................................................
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4.136.716
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3.941.005
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5,0%
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Borrowings
...........................................................
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1.983.261
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1.905.067
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4,1%
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Other
Liabilities .....................................................
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42.962
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67.162
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-36,0%
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Liabilities
..............................................................
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25.986
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24.441
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6,3%
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Subordinated
Loans ..............................................
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231.349
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150.973
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53,2%
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Capital
.................................................................
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718.015
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619.254
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16,0%
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Total Liabilities and Capital
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7.282.890
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6.861.740
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6,1%
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Performance
notification 30.06.2004, cont.:
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2004
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2003
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Ratio
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30.6.
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31.12.
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Equity
Ratio according to CAD ...............................
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13,6%
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11,7%
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Return
on Equity ...................................................
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16,8%
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-4,3%
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Interest
rate Difference ...........................................
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4,1%
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4,0%
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Provision
as a percentage of Loans .........................
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3,3%
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4,0%
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Cost as
a percentage of Total Capital ......................
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7,4%
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4,6%
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Increase
in Deposits ..............................................
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5,0%
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5,0%
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Increase
in Loans ..................................................
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1,2%
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3,8%
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Profit and
Loss Account
Net earnings of Sparisjodur Vestfirdinga for the first six
months of the year 2004 amounted to ISK 49.9 million, compared to a net loss of
ISK 55.9 million for the same period in 2003.
Interest income amounted to ISK 350.0 million according to
the Interim Annual Accounts and interest expenses amounted to ISK 206.6
million. Hence, net interest income amounted to ISK 143.4 million compared to
ISK 138.0 million for the same period in 2003. Other operating income amounted
to ISK 225.2 million, an increase of ISK 148.0 million from 30 June 2003. Net
operating income amounted to ISK 368.6 million, compared to ISK 215.3 million
for the same period in 2003. The change can mainly be explained by gains on the
trading of securities.
The Savings Bank’s operating expenses amounted to ISK
163.1 million during the period, compared to ISK 158.0 for the same period in
2003.
Provision for losses on the loan portfolio amounted to ISK
190.0 million, compared to ISK 125.5 million for the same period in the
previous year, an increase of ISK 64.5 million.
Balance Sheet
Loans amounted to ISK 5,699.7 million, an increase of ISK
68.5 from 31 December 2003 or 1.2%. Market securities and shares in other
companies amounted to ISK 854.4 million, an increase of ISK 335.2 million. The
Savings Bank’s listed bonds are valued at market price.
Capital
The Savings Bank’s capital amounted to ISK 718.0 million
at 30 June 2004 and subordinated loans amounted to ISK 231.3 million or a total
of 949.3 million. The capital ratio according to CAD-rules is 13.6% compared to
11.7% at31 December 2003.
Other Issues
Provision for losses on the loan portfolio during the
first six months of the year was substantially greater than estimated. However,
despite the increased provision, a considerable increase in market securities
resulted in net earnings for the Savings Bank for the period. It is expected
that net operating income be consistent for the first and the second half of
the year. Provision for losses on the loan portfolio is expected to be
considerably less for the second half of the year than it was during the first
half of the year. Correspondingly, trading gains on the Savings Bank’s
securities are estimated to be considerably less during the second half of the
year than it was during the first half of the year.
The Savings Bank’s total capital increased during the
period and at June-end 2004 capital and subordinated loans amounted to ISK
949.3 million. The Savings Bank’s primary capital was increased during the
period by ISK 53.7 million and subordinated loans were increased by ISK 73.5
million.
Sparisjodur Vestfirdinga.
For further information please contact
Angantyr V. Jonasson, Managing Director
telephone + 354 450 8100.
Sparisjóður Vestfirðinga 062004.pdf