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Citi Fun 26 | LSE:AS60 | London | Medium Term Loan |
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SAMPO BANK GROUP'S INTERIM REPORT JANUARY-JUNE 2006 - - Sampo Bank Group's profit before taxes for January-June rose to EUR 176 million (119) - - Net interest income increased 8 per cent to EUR 180 million (167) - - Rapid growth continued in fee and commission income - - Loans and advances to customers continued to grow and loan stock surpassed EUR 20 billion - - Credit quality remained firm - - Annualised RoE for Sampo Bank Group rose to 26.4 percent (17.9) - - Sampo Bank Group's total assets increased by 10 per cent from year end 2005 and amounted to EUR 25.6 billion (23.2) at June 30 KEY FIGURES EURm 1 - 6 /2006 1 - 6 /2005 1 - 12 /2005 Total income 396 309 643 Total costs -225 -198 -394 Impairment losses on loans and receivables 5 7 3 Operating profit before taxes 176 119 252 Cost to income ratio, % 56.7 63.9 61.2 Total assets, at end of period 25,615 21,599 23,207 Capital and reserves, at end of period 1,114 931 1,032 Return on eguity, % 26.4 17.9 18.4 Capital adequacy, % 10.9 9.9 10.6 Average staff number during the period 4,340 3,940 4,201 SAMPO BANK GROUP IN JANUARY - JUNE 2006 Investment services companies were transferred to the ownership of Sampo Bank plc on 30 December 2005. Therefore they are not included in the comparison figures for 2005. Operating performance of Sampo Bank Group continued to improve and profit before taxes for the first six months rose to EUR 176 million (119). The improvement was largely derived from higher net interest and fee income. Annualised return on equity amounted to 26.4 per cent (17.9). Net interest income grew to EUR 180 million (167) as good growth in lending volumes continued. Higher interest rates had positive impact on interest income and income from financial transactions. The pressure on housing loan margins has leveled off but lower margins on new loans still reduce the average lending margin. Net fee and commission income increased clearly compared with first half of 2005 and rose to EUR 132 million (75). All fee and commission items developed favorably and good growth continued particularly in asset management and investment banking. Total operating costs were EUR 225 million (198). In Finland costs grew roughly in-line with wage inflation. Cost-to-income ratio improved to 56.7 per cent (63.9). Loans and advances to customers increased by 8 per cent from year-end 2005 and totalled EUR 20,003 million (18,484). Good growth in mortgages continued and mortgage stock grew year-on-year by 25 per cent in total and 21 per cent in Finland. Market growth in Finland during the same time period was 15 per cent. Sampo Bank's market share of Finnish housing loans increased to 15.8 per cent (15.0). Corporate lending grew by 13 per cent and corporate loan stock amounted to EUR 7,797 million. Consumer credits and other consumer loans grew rapidly by 17 and 36 per cent, respectively. Geographically the Baltic countries continued to provide the fastest growth in both lending and deposits. The Baltic loan stock increased by 27 per cent from year-end 2005 to EUR 1,843 million (1,447). Despite the strong growth and investments in distribution, the Baltic operations are starting to show good profitability as RoE for Baltic banking stood at 16.0 per cent (15.7). The cost-to-income ratio of Baltic banking improved to 64.9 per cent (69.1). Sampo has already 33 banking branches in the Baltic countries and the number of customers has exceeded 200,000. Credit quality remained firm while net impairment on loans and receivables was positive and added EUR 5 million (7) to the profit. Sampo Bank's mutual fund assets amounted to EUR 10.0 billion. Increased market volatility during the second quarter impacted the breakdown of mutual fund assets as some investors decreased equity exposure and shifted their allocations towards less risky products. Sampo's market share of assets of mutual funds registered in Finland amounted to 19.1. Mutual fund assets include EUR 970 million of Sampo Group investments, representing 9.7 per cent of total assets. Deposits amounted to EUR 12,286 million increasing 7 per cent from year end 2005 (11,442) and 15 per cent from June 2005 (10,722). Part of the growth in banking operations was funded by issuing debt securities. The amount of debt securities in issue rose to EUR 8,678 million from EUR 7,621 million at year end and EUR 6,592 million at end of June 2005. Equity increased slightly to EUR 1,114 million (1,032) due to retained earnings. CAPITAL ADEQUACY The group's capital adequacy is calculated in accordance with the provisions of the Act on Credit Institutions, 9:72-81 and FSA's interpretation concerning own funds, number 3/125/2005. +-------------------------------------------------------------------+ | EUR m | | |------------------------------+------------------------------------| | OWN FUNDS | 30.6.2006 | 31.12.2005 | 30.6.2005 | |------------------------------+-----------+------------+-----------| | Tier 1 1) | 1,281.6 | 1,255.1 | 1,040.5 | |------------------------------+-----------+------------+-----------| | Preferred capital notes | 346.2 | 343.8 | 223.0 | |------------------------------+-----------+------------+-----------| | Tier 2 | 688.5 | 488.2 | 485.8 | |------------------------------+-----------+------------+-----------| | Unrealised gains included in | 8.2 | 1.0 | 0.8 | | the above | | | | |------------------------------+-----------+------------+-----------| | Deductions from own funds 2) | 0.0 | 0.9 | 1.9 | |------------------------------+-----------+------------+-----------| | Items included in own funds | 0.0 | 0.0 | 0.0 | | to cover market risk | | | | |------------------------------+-----------+------------+-----------| | OWN FUNDS TOTAL | 1,970.1 | 1,742.5 | 1,524.4 | |------------------------------+-----------+------------+-----------| | RISK-WEIGHTED ASSETS | 18,070.5 | 16,466.2 | 15,438.5 | |------------------------------+-----------+------------+-----------| | Capital adequacy, % | 10.9% | 10.6% | 9.9% | | - Own funds | | | | | total/Risk-weighted assets | | | | | (min. 8 %) | | | | |------------------------------+-----------+------------+-----------| | - of which tier | 7.1% | 7.6% | 6.7% | | 1/Risk-weighted assets (min. | | | | | 4 %) | | | | +-------------------------------------------------------------------+ 1) Preferred capital securities amount to 27 per cent of own funds total at 30 June 2006. 2) On 31 March, 2003, the Financial Supervision granted Sampo Bank an exemption, pursuant to the Act on Credit Institutions (75,5§), permitting the non-deduction from its capital investments in companies whose main business area is investment activity. The exemption remains valid until 31 December, 2006. At the end of June, Sampo Bank Group's capital adequacy ratio was 10.9 per cent and the Tier 1 ratio was 7.1 per cent. At the end of 2005 the capital adequacy ratio was 10.6 per cent and the Tier 1 ratio 7.6 per cent. The total capital included in capital adequacy calculations amounted to EUR 1,970 million at the end of June (1,743). The Group's risk-weighted assets at the end of June totalled EUR 18,071 million (16,466). The biggest change in the own funds is the debenture loan of EUR 200 million issued in May 2006 and included in Tier 2 capital. The most important factor in the growth of risk-weighted assets is the growth in lending. The equity in the balance sheet is EUR 1,113.5 million. Own funds in the capital adequacy calculation are EUR 856.6 million bigger. The equity does not include the preferred capital securities and the Tier 2 debenture loans. On the other hand, the valuation of financial derivatives hedging cash flows and belonging to fair value reserve in equity, are not included in the own funds in the capital adequacy calculation. In the capital adequacy calculation intangible assets and the planned dividend for the financial year have also been deducted from the own funds. RATINGS At 30 June 2006 Sampo Bank plc and its subsidiary AS Sampo Pank in Estonia had the following ratings. Rated company Moody's Standard and Poor's Sampo Bank Plc A1/P-1 A/A-1 AS Sampo Pank (Estonia) A2*/P1 not rated At 3 April 2006 Moody's upgraded AS Sampo Pank's (Estonia) Financial Strength Rating (FSR) from D to D+ with stable outlook. CHANGES IN GROUP STRUCTURE On 27 April 2006 Sampo Bank plc signed an agreement to acquire Industry and Finance Bank (Profibank) based in St. Petersburg. The closing of the transaction is subject to receiving necessary authority approvals. STAFF Sampo Bank Group had 4,457 (4,222) employees at 30 June 2006 (full-time-equivalent). Of the total staff 77 per cent was located in Finland and 23 per cent in the Baltics. The number of employees increased in the rapidly growing Baltic subsidiaries. ADMINISTRATION In the review period the Board of Sampo Bank had the following members: Björn Wahlroos (Chairman), Patrick Lapveteläinen, Ilkka Hallavo, Mika Ihamuotila and Maarit Näkyvä. Staff representatives were Raili Ikonen and Juhani Nyyssönen (deputy). Mika Ihamuotila acts as Managing Director of Sampo Bank plc. Ernst & Young Oy, a firm of Authorised Public Accountants, is the auditor of Sampo Bank plc with Tomi Englund, APA as the principally responsible auditor. DEVELOPMENTS AFTER THE REPORTING PERIOD Sampo Bank plc sold in July 2006 its minority holding in Suomen Asiakastieto Oy, a credit information company. The sales gain of approx. EUR 16 million will be reported in the third quarter under segment Banking and investment services. Sampo Bank plc will securitise approximately one billion euros of the exposure of corporate loans in its balance sheet. The reference portfolio consists of the loans of over 600 Finnish companies. By the transaction Sampo Bank can adjust its credit risk profile and release capital for future growth. Securitization will be implemented by a company established especially for this purpose. OUTLOOK FOR THE WHOLE YEAR Sampo Bank Group benefits from rising interest rates and its result is expected to be very good for 2006. With current interest rates the Bank's earnings are foreseen to increase substantially. Further rate increases may, however, temporarily postpone the effect as the Bank's funding is of a shorter duration than its lending. There are no signs of credit quality weakening. Growth in fee income and a solid cost development are expected to continue. Helsinki 10 August 2006 Sampo Bank plc Board of Directors SAMPO BANK GROUP Financial highlights 1-6/2006 1-6/2005 1-12/2005 Total income EURm 396 309 643 Total operating expenses EURm -225 -198 -394 Impairment on loans and receivables EURm 5 7 3 Profit before taxes EURm 176 119 252 Cost to income ratio % 56.7 63.9 61.2 Total assets EURm 25,615 21,599 23,207 Equity EURm 1,114 931 1,032 Return on equity ( at fair value) % 26.4 17.9 18.4 Capital adequacy % 10.9 9.9 10.6 Average number of staff 4,340 3,940 4,201 Return on assets (at fair value) % 1.2 0.8 0.9 Equity/assets ratio (at fair value) % 4.3 4.3 4.4 FORMULAS USED IN CALCULATING THE FINANCIAL HIGHLIGHTS Cost to income ratio,%: staff costs + other operating expenses ................................. x 100 net interest income + net income from financial transactions + net fee and commission income + net income from investments + other operating income Return on equity (at fair value), %; profit before taxes +/- change in fair value reserve - - taxes ................................ x 100 equity + minority interests (average) Return on assets (at fair value),%: profit before taxes +/- change in fair value reserve - - taxes ................................ x 100 average total assets Equity/assets ratio (at fair value),%: equity + minority interests ................................ x 100 total assets CONSOLIDATED INCOME STATEMENT EURm Note 1-06/2006 1-06/2005 Change 1-12/2005 Net interest income 1 180.2 167.3 12.9 343.0 Net income from financial transactions 2 37.4 28.4 9.0 63.3 Net fee and commission income 3 131.5 75.3 56.2 153.9 Impairment losses on loans and receivables 4 4.7 7.0 -2.3 2.9 Net income from investments 5 31.6 23.7 8.0 47.3 Other operating income 15.8 14.6 1.1 35.7 Total operating income 401.1 316.3 84.9 646.1 Staff costs 6 -102.2 -92.6 -9.7 -180.8 Other operating expenses -122.6 -105.2 -17.4 -212.9 Total operating expenses -224.8 -197.7 -27.1 -393.7 Profit before taxes 176.3 118.5 57.8 252.4 Taxes -41.5 -29.0 -12.5 -61.1 Profit for the period 134.9 89.6 45.3 191.3 Attributable to Equity holders of parent company 124.9 84.7 184.1 Minority interests 9.9 4.8 7.2 CONSOLIDATED BALANCE SHEET EURm Note 06/2006 12/2005 06/2005 Assets Cash and balances at central banks 1,658.2 1,289.7 814.5 Financial assets at fair value through p/l 7,8 2,549.3 2,409.4 2,693.5 Loans and receivables 9 20,645.7 18,912.5 17,330.0 Investments 10 81.4 79.5 77.7 Intangible assets 11 69.9 66.5 72.1 Property, plant and equipment 83.0 81.6 177.6 Other assets 510.0 349.9 412.4 Tax assets 17.3 17.7 21.0 Total assets 25,614.8 23,206.8 21,598.8 Liabilities Financial liabilities at fair value through p/l 7,8 510.8 463.7 850.5 Amounts owed to credit institutions and customers 12 13,339.9 12,336.3 11,460.8 Debt securities in issue 13 9,705.6 8,461.3 7,311.9 Other liabilities 915.6 892.0 1,011.5 Tax liabilities 29.4 21.2 33.4 Total liabilities 24,501.2 22,174.6 20,668.1 Equity Share capital 106.0 106.0 106.0 Reserves 279.4 272.9 274.7 Retained earnings 711.6 636.5 537.2 Equity attributable to parent company's equity holders 1,097.1 1,015.5 917.8 Minority interests 16.5 16.7 12.8 Total equity 1,113.5 1,032.2 930.6 Total equity and liabilities 25,614.8 23,206.8 21,598.8 STATEMENT OF CHANGES IN EQUITY Fair Share Legal value Retained Minority EURm capital reserve reserve earnings Total interest Total Equity at 1 Jan. 2005 106.0 271.1 7.0 593.4 977.6 15.1 992.6 Cash flow hedges: - recognised in equity during the period 5.4 5.4 5.4 - recognised in p/l -8.2 -8.2 -8.2 Financial assets available-for-sale - change in fair value -0.8 -0.8 -0.8 - recognised in p/l Exchange rate translation differences Profit for the period 84.7 84.7 4.8 89.6 Total income and expenses recognised for the period -3.5 84.7 81.2 4.8 86.1 Dividends -141.0 -141.0 -7.1 -148.1 Equity at 30 June 2005 106.0 271.1 3.6 537.2 917.8 12.8 930.6 Equity at 1 Jan. 2006 106.0 271.1 1.8 636.5 1,015.5 16.7 1,032.2 Cash flow hedges: - recognised in equity during the period 0.0 0.0 0.0 - recognised in p/l -0.8 -0.8 -0.8 Financial assets available-for-sale - change in fair value 12.1 12.1 12.1 - recognised in p/l -4.9 -4.9 -4.9 Profit for the period 124.9 124.9 9.9 134.9 Total income and expenses recognised for the period 6.5 124.9 131.4 9.9 141.4 Dividends -50.0 -50.0 -10.2 -60.2 Equity at 30 June 2006 106.0 271.1 8.3 711.6 1,097.1 16.5 1,113.5 CASH FLOW STATEMENT 1-6/2006 1-6/2005 1-12/2005 Cash and cash equivalents at the beginning of the period 1,394 995 995 Cash flows from/used in operating activities -837 -461 -1,354 Cash flows from/used in investing activities -26 -116 20 Cash flows from/used in financing activities 1,241 623 1,733 Cash and cash equivalents at the end of the period 1,771 1,041 1,394 The cash flow statement reports cash flows during the period classified by operating, investing and financing activities. Cash flows are reported by using the indirect method. Cash flows from operating activities derive primarily from the principal revenue-producing activities. Cash flows from investments in subsidiaries and associated undertakings and those from investments in intangible assets and property, plant and equipment are presented in investing activities. Financing activities include cash flows resulting from changes in equity and borrowings in order to conduct the business. Cash and cash equivalents consist of cash and balances with central banks and and loans and advances to credit institutions repayable on demand. SAMPO BANK GROUP QUARTERLY INCOME STATEMENT EURm 1-6/2006 7-12/2005 1-6/2005 Net interest income 180.2 175.7 167.3 Net income from financial transactions 37.4 34.9 28.4 Net fee and commission income 131.5 78.5 75.3 Impairment losses on loans and receivables 4.7 -4.1 7.0 Net income from investments 31.6 23.6 23.7 Other operating income 15.8 21.1 14.6 Total operating income 401.1 329.8 316.3 Staff costs -102.2 -88.2 -92.6 Other operating expenses -122.6 -107.7 -105.2 Total operating expenses -224.8 -195.9 -197.7 Profit before taxes 176.3 133.9 118.5 Taxes -41.5 -32.1 -29.0 Profit for the period 134.9 101.8 89.6 Attributable to Equity holders of parent company 124.9 99.4 84.7 Minority interests 9.9 2.4 4.8 NOTES ACCOUNTING POLICIES Sampo Bank Group's consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU. The interim financial statements are presented in accordance with IAS 34 Interim Financial Reporting. In preparing the interim financial statements, the same accounting policies and methods of computation are applied as in the financial statements for 2005. The financial statements for 2005 are available on Sampo's website at the address www.sampo.com/ir. SEGMENT INFORMATION The segment reporting of Sampo Group is based on internal business areas and on the organisation-al structure. The segment results are reported as they are reported to the management. Segment information based on business areas represents the Group activities also geographically, because the Baltic banking is one of the business areas. Inter-segment pricing is based on market prices. In the consolidated financial statements the inter-segment transactions, assets and liabilities have been eliminated. GROUP RESULTS AND ASSETS AND LIABILITIES BY SEGMENT FOR SIX MONTHS ENDED 30 JUNE 2006 Corpo-rate and Asset Private insti-tutional Baltic Manage-ment EURm customers custo-mers banking & Funds Other Elimi-nations Total Net interest income 110.7 81.5 22.7 0.3 -37.4 2.4 180.2 Impairment on loans and receivables 2.3 -7.6 0.6 0.0 -4.7 Other operating income 46.7 76.4 12.4 27.6 76.1 -22.9 216.2 Total operating income 155.1 165.4 34.5 27.9 38.7 -20.4 401.1 Total operating expenses 102.6 62.9 23.8 10.2 28.5 -3.2 224.8 Profit before taxes 52.5 102.6 10.7 17.7 10.2 -17.2 176.3 Total assets 9,797.6 8,920.5 2,401.2 47.3 5,817.0 -1,368.8 25,614.8 Loans and receivables 9,724.1 8,835.3 2,134.9 951.0 -999.6 20,645.7 Shares and participations 5.1 2.3 8.2 15.5 Total liabilities 5,727.0 6,726.1 2,243.5 26.7 10,952.4 -1,174.5 24,501.2 Amounts owed to credit institutions and customers 5,392.8 6,259.0 2,014.7 673.2 -999.7 13,339.9 Share of results of associates 0.0 -0.1 0.5 0.3 Depreciation and amortisation 1.9 6.1 2.0 0.4 11.6 -0.4 21.6 Investments 1.9 0.3 0.9 0.1 14.3 17.5 On 30 December 2005 Sampo Bank plc acquired the investment service companies from Sampo plc; Mandatum Securities Ltd, Mandatum & Co Ltd, 3C Asset Management Ltd, Arvo Value Asset Management Ltd, Mandatum Asset Management Ltd, Sampo Fund Management Ltd. GROUP RESULTS AND ASSETS AND LIABILITIES BY SEGMENT FOR SIX MONTHS ENDED 30 JUNE 2005 Corporate and Private insti-tutional Baltic EURm customers customers banking Other Elimi-nations Total Net interest income 96.8 70.1 16.1 -15.7 167.4 Impairment on loans and receivables 0.2 -8.3 1.1 0.0 -7.0 Other operating income 38.2 64.5 9.8 31.2 -1.8 141.9 Total operating income 134.7 143.0 24.8 15.6 -1.8 316.3 Total operating expenses 96.5 58.7 17.9 24.8 -0.1 197.7 Profit before taxes 38.2 84.3 6.9 -9.2 -1.7 118.5 Total assets 7,968.3 8,046.4 1,476.2 4,769.2 -661.4 21,598.8 Loans and receivables 7,914.1 7,962.7 1,161.2 827.1 -535.6 17,329.6 Shares and participations 5.1 3.7 9.9 18.6 Total liabilities 5,108.7 5,639.3 1,381.6 9,101.3 -562.8 20,668.1 Amounts owed to credit institutions and customers 4,995.3 5,286.5 1,242.7 471.9 -535.6 11,460.8 Share of results of associates 0.6 -0.1 0.7 1.2 Depreciation and amortisation 2.3 4.8 1.8 10.1 0.0 19.0 Investments 1.3 0.8 0.0 8.8 0.0 10.9 GROUP RESULTS AND ASSETS AND LIABILITIES BY SEGMENT FOR YEAR ENDED 2005 Corporate and Private insti-tutional Baltic EURm customers customers banking Other Elimi-nations Total Net interest income 198.4 147.2 36.0 -38.7 0.2 343.0 Impairment on loans and receivables 2.6 -6.9 1.4 -0.1 -2.9 Other operating income 82.0 131.2 18.9 70.5 -2.5 300.1 Total operating income 277.8 285.3 53.4 31.9 -2.3 646.1 Total operating expenses 196.7 121.3 39.2 37.6 -1.0 393.7 Profit before taxes 81.1 164.0 14.2 -5.7 -1.3 252.4 Total assets 8,983.3 8,504.3 1,917.5 4,878.7 -1,076.9 23,206.8 Loans and receivables 8,934.5 8,425.1 1,673.8 688.1 -808.9 18,912.5 Shares and participations 5.1 2.7 11.5 19.2 Total liabilities 5,712.5 6,078.4 1,784.4 9,504.6 -905.3 22,174.6 Amounts owed to credit institutions and customers 5,515.9 5,710.0 1,600.7 318.6 -808.9 12,336.3 Share of results of associates 0.6 1.2 1.4 3.1 Depreciation and amortisation 4.4 10.2 3.5 21.3 0.0 39.3 Investments 1.3 1.7 4.6 8.4 0.0 16.0 1 NET INTEREST INCOME 1-6/2006 1-6/2005 1-12/2005 Interest income Loans and receivables 401.9 315.2 665.0 Other interest income 2.8 0.2 3.7 Total 404.7 315.5 668.7 Interest expenses Amounts owed to credit institutions and customers -94.3 -68.4 -145.0 Debt securities in issue -130.2 -79.7 -180.5 Other interest expenses -0.1 0.0 -0.1 Total -224.5 -148.2 -325.6 Net interest income 180.2 167.3 343.0 Net interest income in income statement, total In net interest income 180.2 167.3 343.0 In net income from financial transactions 30.2 26.8 54.8 In net income from investments 0.8 0.6 0.4 Total 211.1 194.7 398.3 2 NET INCOME FROM FINANCIAL TRANSACTIONS 1-6/2006 1-6/2005 1-12/2005 Trading assets/liabilities Debt securities and interest rate derivatives 27.0 -1.8 29.6 Equity securities and equity derivatives 1.4 0.3 0.7 Other 0.3 0.3 0.6 Total 28.7 -1.2 30.9 Financial assets designated as at fair value through p/l Debt securities 0.8 22.9 18.7 Foreign exchange dealing 7.9 7.2 14.2 Net income from hedge accounting Change in fair value of hedging derivative instruments -43.4 -16.2 -19.5 Change in fair value of hedged items 43.3 15.6 19.0 Total -0.1 -0.6 -0.5 Net income from financial transactions, total 37.4 28.4 63.3 3 FEE AND COMMISSION INCOME AND EXPENSES 1-6/2006 1-6/2005 1-12/2005 Fee and commission income Lending 20.5 20.1 39.2 Borrowing 9.9 9.3 19.5 Payment transactions 28.7 27.4 56.5 Asset management 66.7 3.2 6.4 Investment banking 16.7 - - Guarantees 8.7 6.1 12.8 Other 18.6 20.9 44.6 Total 169.8 87.0 179.1 Fee and commission expenses -38.3 -11.6 -25.3 Net fee and commission income 131.5 75.3 153.9 4 IMPAIRMENT ON LOANS AND RECEIVABLES 1-6/2006 1-6/2005 1-12/2005 Loans and receivables Impairment losses -19.7 -9.2 -36.3 Reversal of impairment losses and recoveries 24.3 16.2 39.2 Impairment on loans and receivables, total 4.7 7.0 2.9 5 NET INCOME FROM INVESTMENTS 1-6/2006 1-6/2005 1-12/2005 Financial assets Investment securities held-to-maturity 0.6 0.5 1.2 Financial asset available-for-sale Debt securities 0.1 0.1 4.2 Equity securities 24.5 20.9 38.9 Total 25.3 21.4 44.3 Other assets 6.3 2.2 3.0 Net income from investments, total 31.6 23.7 47.3 6 STAFF COSTS 1-6/2006 1-6/2005 1-12/2005 Staff costs Wages and salaries -79.1 -72.7 -143.4 Pension costs -13.5 -10.4 -20.3 Other social security costs -9.5 -9.5 -17.1 Staff costs, total -102.2 -92.6 -180.8 7 FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH P/L 6/2006 6/2006 12/2005 12/2005 6/2005 6/2005 Assets Liabilities Assets Liabilities Assets Liabilities Assets/liabilities held for trading 1,434.3 16.8 1,261.8 - 1,440.4 269.5 Derivative financial instruments (note 8) 488.3 494.0 506.2 463.7 557.2 581.0 Financial assets designated as at fair value through p/l 626.6 - 641.4 - 695.9 - Financial assets and liabilities at fair value through p/l, total 2,549.3 510.8 2,409.4 463.7 2,693.5 850.5 8 DERIVATIVE FINANCIAL INSTRUMENTS 6/2006 12/2005 Fair Fair value value Contract/ Contract/ Derivatives held notional notional for trading amount Assets Liabilities amount Assets Liabilities Interest rate derivatives 48,159.0 145.6 152.0 40,130.6 173.7 189.9 Foreign,exchange derivatives 7,425.7 69.2 69.3 8,483.5 97.5 115.0 Equity derivatives 22.7 4.0 4.3 7.6 2.7 2.7 Other derivatives 836.9 74.4 73.2 381.8 20.7 19.9 Total derivatives held for trading 56,444.4 293.2 298.8 49,003.6 294.7 327.5 Derivatives held for hedging Derivatives designated as fair value hedges 4,404.5 195.1 195.1 3,983.6 210.3 136.3 Derivatives designated as cash flow hedges 13.0 0.1 - 170.0 1.1 0.0 Total derivatives held for hedging 4,417.5 195.1 195.1 4,153.6 211.5 136.3 Total derivative financial instruments 60,861.8 488.3 494.0 53,157.2 506.2 463.8 6/2005 Fair value Contract/ Derivatives held notional for trading amount Assets Liabilities Interest rate derivatives 51,097.1 221.9 259.5 Foreign exchange derivatives 8,246.9 124.6 147.1 Equity derivatives 7.1 1.2 1.2 Other derivatives 219.2 14.1 13.6 Total derivatives held for trading 59,570.2 361.9 421.4 Derivatives held for hedging Derivatives designated as fair value hedges 2,452.8 191.5 159.6 Derivatives designated as cash flow hedges 234.1 3.7 - Total derivatives held for hedging 2,686.9 195.3 159.6 Total derivative financial instruments 62,257.1 557.2 581.0 9 LOANS AND RECEIVABLES 6/2006 12/2005 6/2005 Loans and advances to credit institutions By type of loan Deposits 392.3 118.6 243.5 Reverse repos 17.0 - 270.0 Other loans 233.6 309.7 203.2 Total 642.8 428.3 716.7 Loans and advances to customers By type of loan Home loans 8,913.4 8,157.9 7,114.7 Consumer loans 1,188.5 1,102.6 1,014.8 Other retail loans 1,257.9 1,110.9 927.8 Finance lease assets 846.6 766.2 637.1 Money market loans 15.0 15.0 15.0 Other commercial loans 7,797.1 7,349.2 6,918.6 Allowance for impairment -15.6 -17.7 -14.7 Total 20,002.9 18,484.2 16,613.3 Total loans and receivables 20,645.7 18,912.5 17,330.0 10 INVESTMENTS 6/2006 12/2005 6/2005 Financial assets Investments held-to-maturity 43.4 45.9 41.7 Financial assets available-for-sale 21.7 13.6 16.6 Total 65.1 59.5 58.3 Other assets Investment property 0.8 0.8 0.8 Investments in associates 15.5 19.2 18.6 Total 16.3 20.0 19.4 The fair value of the investment property is EURm 1 11 INTANGIBLE ASSETS 6/2006 12/2005 6/2005 Goodwill 5.5 5.5 5.5 Other intangible assets 64.4 61.0 66.6 Total 69.9 66.5 72.1 12 AMOUNTS OWED TO CREDIT INSTITUTIONS AND CUSTOMERS 6/2006 12/2005 6/2005 Amounts owed to credit institutions Deposits from credit insitutions 648.1 664.4 235.3 Other liabilities owed to credit institutions 376.2 202.2 480.0 Total 1,024.3 866.6 715.3 Amounts owed to customers Deposits Demand deposits 2,755.2 2,856.3 2,627.8 Savings accounts 1,278.4 1,074.7 1,030.5 Current accounts 4,763.5 3,715.9 3,363.6 Money market deposits 994.2 1,121.9 1,499.7 Other time deposits 2,494.3 2,673.1 2,200.3 Total deposits 12,285.6 11,441.8 10,721.9 Other liabilities Other liabilities 30.0 27.9 23.6 Total amounts owed to customers 12,315.6 11,469.7 10,745.5 Total amounts owed to credit institutions and customers 13,339.9 12,336.3 11,460.8 13 DEBT SECURITIES IN ISSUE 6/2006 12/2005 6/2005 Debt securities in issue Certificates of deposit 3,271.5 3,383.9 3,498.8 Bonds and notes 5,406.1 4,237.5 3,092.9 Total 8,677.6 7,621.4 6,591.7 Subordinated debt securities Capital securities 346.2 351.7 234.5 Debentures 599.1 399.2 398.9 Perpetuals 82.6 89.0 86.8 Total 1,028.0 839.9 720.2 Total debt securities in issue 9,705.6 8,461.3 7,311.9 14 CONTINGENT LIABILITIES AND COMMITMENTS 6/2006 12/2005 6/2005 Off-balance sheet items Guarantees 2,616.9 2,811.2 2,704.6 Undrawn loans, overdraft facilities and other commitments to lend 4,205.9 4,061.9 4,433.2 - - original maturity less than one year 834.9 641.7 1,069.4 - - original maturity more than one year 3,371.0 3,420.2 3,363.9 Other irrevocable commitments 1.1 4.5 0.8 Total 6,823.8 6,877.6 7,138.6 Assets pledged as collateral for liabilities or contingent liabilities 6/2006 6/2006 12/2005 12/2005 6/2005 6/2005 Liabilities/ Liabilities/ Liabilities/ Assets pledged Assets commit- Assets commit- Assets commit- as collateral pledged ments pledged ments pledged ments Financial assets at fair value through p/l - - Trading securities 1,591.5 1,009.2 1,593.2 1,038.4 1,495.9 999.5 Loans and receivables - - Security deposits 1,178.5 1,734.1 1,180.2 1,750.7 101.8 786.8 Total 2,770.0 2,743.4 2,773.4 2,789.1 1,597.7 1,786.4 Non-cancellable operating leases 6/2006 12/2005 6/2005 Minimum lease payments under non-cancellable operating leases not later than one year 21.0 21.2 20.1 later than one year and not later than five years 49.9 53.5 51.9 later than five years 39.8 43.1 46.8 Total 110.6 117.8 118.8 - ---END OF MESSAGE--- Copyright © Hugin ASA 2006. 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