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Name | Symbol | Market | Type |
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Citi Fun 26 | LSE:AS60 | London | Medium Term Loan |
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3rd Quarter Results Sampo Bank Ready for Historic Integration SAMPO BANK IS A SUBSIDIARY OF DANSKE BANK. THE FINANCIAL RESULTS RELATE TO THE BANKING ACTIVITIES OF SAMPO BANK, WHICH SERVES BOTH RETAIL AND CORPORATE CUSTOMERS. DANSKE BANK GROUP'S BANKING ACTIVITIES IN FINLAND HAS SIX REGIONS WITH 126 BRANCHES * Sound performance in the third quarter of 2007 as expected * Lower pre-tax profit due to integration expenses * 11% growth in retail lending * Integration on the track and Sampo Bank well prepared for historic IT-project BANKING ACTIVITIES FINLAND Q1-Q3 Q1-Q3 Index Full year (€ m) 2007 2006 07/06 2006 Net interest income 293 282 104 396 Net fee income 118 108 109 153 Net trading income 2 5 40 4 Other income 19 20 95 33 Total income 432 415 104 586 Amortisation of intangible assets 59 - - - Integration expenses 28 - - - Other operating expenses 235 227 104 332 Operating expenses 322 227 142 332 Profit before credit loss expenses 110 188 59 254 Credit loss expenses 14 -3 - -10 Profit before tax 96 191 50 264 Loans and advances, end of period 21,429 19,348 111 19,673 Deposits, end of period 12,570 11,625 108 11,966 Risk-weighted items (avg.) 17,779 17,043 104 17,080 Allocated capital (avg.) 978 1,108 88 1,110 Profit before credit loss expenses as 16.9 25.5 - 25.0 % p.a. of allocated capital Pre-tax profit as % p.a. of allocated 14.7 25.9 - 25.9 capital (ROE) Cost/income ratio, % 74.5 54.7 - 56.7 Cost/income ratio, excl. total 54.4 54.7 - 56.7 integration expenses, % 2007 and 2006 figures includes the Sampo Bank group as of February. Persistently strong performance The performance of the banking activities in Finland from February 1 to September 30, 2007, remained strong. Net interest income rose 4% to €293m. The upward trend reflects growth in lending and higher interest rates, which more than compensated for the pressure on lending margins and the accrual of the fair value adjustment of loans, advances and deposits in the opening balance sheet as at February 1, 2007. Excluding the accrual of the adjustment, net interest income rose 10%. "Our performance remained strong despite the huge integration process," says Ilkka Hallavo, CEO of Sampo Bank. "Competition has become increasingly fierce. For many years, the mortgage lending market was the most competitive segment of the Finnish banking market, but during the autumn, competition within deposit products has picked up. We believe that the fierce competition in the Finnish banking markets will continue, assuming favourable economic conditions. In this context, the increased product offering and efficiency post the IT-migration, will position Sampo Bank excellent in the future competitive landscape." Operating expenses rose 42% over the level in the same period a year ago. The increase was the result mainly of the amortisation of intangible assets (€59m) and integration expenses (€28m) deriving from the acquisition of the Sampo Bank group. Excluding total integration expenses, operating expenses rose 4%. The cost/income ratio, excluding integration expenses, improved slightly from 54.7 % to 54.4%. Lending volume rose 11% and deposits 8%. The market share of Banking Activities Finland was 15.5% for lending and 13.3% for deposits. The market share of mortgage loans was 15.6 %. Sampo Bank awarded The Banker magazine awarded Sampo Bank the Highly Commanded title in 2007. Sampo Bank shared this award with WM-Data plc. The Business Networking Service includes comprehensive solutions for consumer and business invoicing. Integration on track Sampo Bank's integration with the Danske Bank Group is on track. Integration started eight months ago, and the process is progressing as planned. The Bank is ready for a historic integration during Easter next year, when Danske Bank and Sampo Bank will migrate Sampo Bank to Danske Banks IT platform. "We're in the middle of one of the biggest IT projects in Northern Europe," says Ilkka Hallavo, CEO of Sampo Bank. "Although more than 2,000 people are involved in this project, we maintain our business and growth momentum." Sampo Bank's integration project is remarkable in four ways: * It is one of the biggest IT projects ever seen in northern Europe. The project is divided into more than 40 development and programming sub-projects, which involve more than 2,000 employees * The integration project is the first IT integration project within the domestic banking industry which will unite a Finnish and an international bank on a shared IT platform * The integration project means that Sampo Bank will offer a wide range of new products and services to both retail and corporate customers soon after the migration * The migration will bring many of Sampo Bank's products, processes and IT solutions onto the shared IT platform to the benefit of other units of the Danske Bank Group After the migration, the Danske Bank Group expects to generate synergies of around €80m. Integration expenses are expected to total some €200m. Outlook 2007 Integration expenses are likely to increase in the fourth quarter of 2007 as the migration process progresses. On the whole, the growth of Banking Activities Finland is expected to continue throughout 2007, assuming favourable economic conditions. "Our goal is to outperform market growth while managing the integration process," says Hallavo. "We have shown that we can do both at the same time." This press release comments on the results of Danske Bank Group's banking activities in Finland. Sampo Bank became part of Danske Bank Group on February 1, 2007. Banking Activities Finland's interim report covers the period from February 1 to September 30, 2007. Danske Bank Group's quarterly report for the first nine months can be viewed at www.danskebank.com/reports . For further information: Hannu Vuola, Head of Communications, Telephone +358 10 513 0727 Mobile +358 50 42 400 40 Sampo Bank will not hold a press conference on the presentation of its interim results. However, the CEO of Sampo Bank, Ilkka Hallavo is, will be available for 1-on-1 interviews at Sampo Bank's head office at Unioninkatu 22. Please call Hannu Vuola or Timo Anttila to arrange an interview. - ---END OF MESSAGE--- http://hugin.info/134977/R/1164142/227135.pdf
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