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SPVF
Sparisjodur Vestfirdinga - 2Q Results   20.8.2004 11:17:06
News categories: Corporate results   Bonds news      Íslenska  English
 Sparisjóður Vestfirðinga 062004.pdf
 Sparisjodur Vestfirdinga 2Q 2004.pdf
Financial highlights in ISK thousands

Financial highlights in ISK thousands

 

 

 

 

 

 

 

Profit and Loss Account

 

2004

 

 

2003

 

Breyting

 

 

1.1.-30.6.

 

 

1.1.-30.6.

 

 

 

 

 

 

 

 

 

 

Interes Income ......................................................

 

350.006 

 

 

311.124 

 

12,5%

Interest Expense ...................................................

 

206.623 

 

 

173.111 

 

19,4%

Net Interest Income ...............................................

 

143.383 

 

 

138.013 

 

3,9%

Other Operating Income .........................................

 

225.241 

 

 

77.263 

 

191,5%

Net Operating Income ............................................

 

368.623 

 

 

215.276 

 

71,2%

Other Operating Expense ......................................

 

163.119 

 

 

158.038 

 

3,2%

Provision for Losses ..............................................

 

190.044 

 

 

125.460 

 

51,5%

Profit (loss) before Taxes and contribution from

 

 

 

 

 

 

 

   The Savings Bank´s Guarantee Fund ...................

 

15.460 

 

(

68.222 

)

122,7%

Taxes ..................................................................

(

2.456 

)

 

12.280 

 

-

Profit (loss) before contribution from The Savings

 

 

 

 

 

 

 

   Bank´s Guarantee Fund ......................................

 

13.004 

 

(

55.942 

)

123,3%

Contribution from the Savings Bank´s

 

 

 

 

 

 

 

   Guarantee Fund .................................................

 

36.900 

 

 

 

-

 

 

 

 

 

 

 

 

Net Earnings ..................................................

 

49.904 

 

(

55.942 

)

189,2%

 

 

 

 

 

 

 

 

 

 

2004

 

 

2003

 

 

Assets

 

30.6.

 

 

31.12.

 

 

 

 

 

 

 

 

 

 

Cash and amounts due from Credit Institutions ........

 

419.393 

 

 

375.887 

 

11,6%

Loans ..................................................................

 

5.699.675 

 

 

5.631.128 

 

1,2%

Market Securities and Shares in Other Companies ..

 

854.360 

 

 

519.206 

 

64,6%

Other Assets ........................................................

 

309.462 

 

 

335.519 

 

-7,8%

Total Assets

 

7.282.890 

 

 

6.861.740 

 

6,1%

 

 

 

 

 

 

 

 

Liabilities and Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts owed to Credit Institutions ........................

 

144.601 

 

 

153.837 

 

-6,0%

Deposits ..............................................................

 

4.136.716 

 

 

3.941.005 

 

5,0%

Borrowings ...........................................................

 

1.983.261 

 

 

1.905.067 

 

4,1%

Other Liabilities .....................................................

 

42.962 

 

 

67.162 

 

-36,0%

Liabilities ..............................................................

 

25.986 

 

 

24.441 

 

6,3%

Subordinated Loans ..............................................

 

231.349 

 

 

150.973 

 

53,2%

Capital .................................................................

 

718.015 

 

 

619.254 

 

16,0%

Total Liabilities and Capital

 

7.282.890 

 

 

6.861.740 

 

6,1%

 

 

 

 

 

 

 

 

Performance notification 30.06.2004, cont.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2004

 

 

2003

 

 

Ratio

 

30.6.

 

 

31.12.

 

 

 

 

 

 

 

 

 

 

Equity Ratio according to CAD ...............................

 

13,6%

 

 

11,7%

 

 

Return on Equity ...................................................

 

16,8%

 

 

-4,3%

 

 

Interest rate Difference ...........................................

 

4,1%

 

 

4,0%

 

 

Provision as a percentage of Loans .........................

 

3,3%

 

 

4,0%

 

 

Cost as a percentage of Total Capital ......................

 

7,4%

 

 

4,6%

 

 

Increase in Deposits ..............................................

 

5,0%

 

 

5,0%

 

 

Increase in Loans ..................................................

 

1,2%

 

 

3,8%

 

 

 

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.

 


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