30th March 2012
ICB Financial Group Holdings AG ("ICBFGH" or the "Group")
Announcement of Unaudited Results - Financial Year Ended 31 December 2011
PERFORMANCE IN FINANCIAL YEAR 2011
ICBFGH recorded a consolidated loss for the financial year ended 31 December
2011 of USD3.1 million compared to a profit of USD7.9 million* in the previous
financial year. The loss attributable to shareholders for 2011 was USD1.1
million against a profit of USD6.4 million* in 2010.
The loss for the current financial year was mainly attributed to ICBFGH's
subsidiary, ICB Bumiputera (ICBB). ICBB recorded a loss before tax of USD14.3
million in 2011 mainly due to higher charges for loan loss impairment and
slower net interest income growth arising from a reduced loan base. However,
excluding the poor performance of ICBB, the Group performed well overall,
recording a profit before tax of USD11.7 million. In particular, the African
region performed strongly, contributing USD9.3 million, with the contribution
from ICB Ghana being the largest at USD5.6 million.
Summary of Key Results
Year Ended Year Ended
31 December 2011 31 December 2010 Inc/(Dec)
USD Mil USD Mil USD Mil
Consolidated Net Interest Income 74.2 68.6 5.6
Consolidated (Loss)/Profit after tax (3.1) 7.9 (11.0)
Consolidated (Loss)/Profit After (1.1) 6.4 (7.5)
Tax Attributable To Shareholders
Equity Attributable to Shareholders 196.4 206.5 (10.1)
Earnings per share (USD) (0.01) 0.03 (0.04)
Return on Equity (%) -0.6% 3.1% -3.7%
Total Loans & Advances 817.6 889.9 (72.3)
Total Deposits 1,114.4 1,238.6 (124.2)
*The results for the year ended 31 December 2010 have been restated to reflect:
a) a prior year adjustment arising from a change in estimates on deposit
guarantee premium payments in previous years (USD2.8 million increase to other
liabilities and a corresponding decrease to retained earnings); and
b) a change in accounting policy regarding the treatment for impairment of
foreclosed assets (USD1.7 million increase to consolidated profit after tax in
Highlights of the Group's Performance
- Over the 2011 financial year total assets declined by 9.1% to USD1,485
million, total loans and advances declined by 8.1% to USD817.6 million and
customer deposits declined by 10% to stand at USD1,114.4 million. These
declines were mainly contributed to by ICBB.
- Net interest income grew by USD5.6 million to USD74.2 million in 2011,
mainly contributed to by loan growth from the African region.
- Fee and commission income was higher by USD3.1 million in 2011 arising from
the higher volume of fee and commission based activities transacted during
- Operating expenses increased by USD11.3 million to USD88.7 million in 2011
mainly due to higher operating expenses incurred by ICBB.
- Impairment charges for loans and advances were higher by USD10.1 million in
2011 than the previous year, mainly due to higher impairment charges
incurred at ICBB.
Outlook for the Current Year
Going forward, the Board of Directors is of the view that the operating
environment and ongoing performance of the Group will continue to be
challenging, particularly in Indonesia, due to the testing operating
environment and macroeconomic factors.
For more information, please contact:
Tai Terk Lin
ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.