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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Icb Fin | LSE:ICB | London | Ordinary Share | CH0030730391 | ORD CHF1 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMICB ICB FINANCIAL GROUP HOLDINGS AG Incorporated in Switzerland Registration Number CH-130.3.009.158-0 INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2011 ICB Financial Group Holdings AG (Incorporated in Switzerland) Interim Financial Statements For The 6 Month Period Ended 30 June 2011 Contents Page(s) Interim Results Summary 1 Financial Highlights 1 Chairman's Statement 2-3 Consolidated Statement of Comprehensive Income 4 Consolidated Statement of Financial Position 5 Consolidated Statement of Cash Flows 6 - 7 Consolidated Statement of Changes in Equity 8 - 9 Notes to the Interim Consolidated Financial 10 - 13 Statements ICB Financial Group Holdings AG Interim Results For The 6 Month Period Ended 30 June 2011 Interim Results Summary For the 6 months ended 30 June 2011, ICB Financial Group Holdings AG ("ICBFGH" or the "Group") recorded a consolidated pre-tax profit of USD 1.7 million, compared to USD 7.1 million in the corresponding period last year. The results for the current half-year were impacted by lower gains on foreign currencies and higher operating expenses. Financial Highlights * The Group's total loans and advances grew by USD 7.1 million to USD 897 million for the first 6 months of this year. Growth in loans was particularly strong at ICB Ghana and ICB Laos which was offset by negative loans growth at PT Bank ICB Bumiputera Indonesia. * Deposits declined by USD 53.1 million to USD 1,185.5 million for the first six months of this year. The large decrease was mainly from Bank ICB Bumiputera and ICB Bangladesh where high cost funds like fixed deposits were reduced as part of balance sheet management to improve net interest margins. * The net interest income of the Group of USD 37.0 million was up by USD 5.7 million compared to the corresponding period last year. The net interest income growth is mainly attributable to growth in loans and advances and improvements in net interest margins. * Operating expenses increased by USD 6.1 million to USD 41.6 million. The increase is due to higher staff costs arising from salary adjustments, and the opening of new branches. * Impairment charges for the half year were USD 3.1 million, a decrease of USD 0.13 million compared to the corresponding period last year, mainly due to lower impairment charges incurred at ICB Islamic Bank Bangladesh. Chairman's Statement 30 June 2011 On behalf of the Board of Directors, I am pleased to present the financial statements (unaudited) for ICB Financial Group Holdings AG for the half year period to 30th June, 2011. The Group recorded a consolidated pre-tax profit of USD 1.7 million for the half year ended 30th June, 2011. This was well below expectations and significantly lower than the June 2010 half year result of a pre-tax profit of USD 7.1 million. Whilst many of the Banks performed well, the African continent in particular, currency gains of USD 6.3 million for the half year to June 2010 were in the recent period reduced to a loss of USD 0.617 million. A significant element of this loss is due to the weakening of the US$ against other world currencies, the Swiss franc in particular. However, this risk is being mitigated where possible by the Group's policy of holding a diversified mix of currencies to minimize the impact of currency fluctuations. Africa made a healthy profit before tax ("PBT") contribution of USD 4.8 million in the period (USD 1.9 million for the half year to June 2010). Good returns also came from Laos which strengthened its performance to deliver a PBT of USD 0.665 million (USD 0.187 million for the half year to June 2010). Bangladesh continues to make progress in its recovery returning a PBT of USD 0.881 million for the period (USD 1,475 million loss for the half year to June 2010). Albania, the Group's presence in Eastern Europe, saw profits fall to USD 0.085 million, down from USD 1.071 million for the half year to June 2010, this reduction reflecting a translation loss on USD capital funds arising from a weakening of the Lek against the US$. In Indonesia, PT Bank ICB Bumiputera's performance has been poor, with the Bank returning a loss of USD 1 million (PBT USD 2.2 million for the half year to June 2010). Whilst this Bank has experienced very strong market competition its performance has not been satisfactory. At Group level, discussions are in place with the Bank's Board of Commissioners and these have already resulted in changes being made to the Bank's Executive leadership. In addition the Group's Global Management team is assisting Country Management in the development and implementation of plans to quickly restore the Bank to sound profitable trading levels. Net Interest Income for the Group increased by 18% to USD 37 million (USD 31.4 million for the half year to June 2010). Net Fee & Commission Income also strengthened contributing some USD 8.4 million (USD 7.9 million for the half year to June 2010). The greater part of this increase was generated by the African businesses although strong contributions were provided by both Laos and Bangladesh. The increase in Operating Expenses of some USD 6.1 million (USD 41.6 million for the half year to June 2011/USD 35.5 million for the half year to June 2010) reflects a general expansion of the distribution network across the Banks. However, USD 2.6 million of this increase is attributable to PT Bank ICB Bank Bumiputera in Indonesia whose returns do not support such a position. The consequence of the overall Indonesian situation has contributed to deterioration in the Cost/Income ratio for the Group which stood at 88% as at June 2011 (73% June 2010). Improving country economies have enabled progress to be made in most countries in achieving recoveries which in turn has resulted in the achievement of a modest reduction of loan impairment charges. For the half year to June 2011 these amounted to USD 3.1 million (USD 3.2 million for the half year to June 2010). In looking to the immediate future the Group Board expects the majority of its investments to perform well. Whilst Bangladesh is now making a positive contribution to Group profitability the sale of this Bank has still not progressed. I advised Shareholders that a delay in the disposal of this investment had arisen and at this point the final approval of the Central Bank is still awaited. At PT Bank ICB Bumiputera, Indonesia we expect the trading position to remain challenging for the remainder of the year. Michael R Hanlon Group Chairman ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Statement of Comprehensive Income For The 6 Month Period Ended 30 June 2011 Note 6 months 6 months ended ended 30-Jun-11 30-Jun-10 USD'000 USD'000 Interest income 72,331 61,222 Interest expense (35,297) (29,856) Net interest income 37,034 31,366 Fee and commission income 8,456 7,957 Foreign currency (loss)/gain (617) 6,382 Gains less losses from financial investments 1,249 2,299 Loss on disposal of foreclosed properties (503) (682) Other operating income 1,374 849 Impairment charges for loans and advances to (3,120) (3,253) customers Fair value change in foreclosed properties (507) (2,146) Operating expenses (41,615) (35,471) Operating profit 1,751 7,301 Share of results of associates 20 (223) Profit before taxation 1,771 7,078 Tax expense (1,485) (1,410) Profit for the period 286 5,668 Other comprehensive income for the period: Exchange differences on translating foreign 13,217 (7,027) operations Available-for-sale financial assets 518 (8) 13,735 (7,035) Total Comprehensive income for the period 14,021 (1,367) Profit of the period attributable to: - Owners of the parent 43 5,860 - Non-controlling interests 243 (192) 286 5,668 Total comprehensive income attributable to: - Owners of the parent 9,197 (2,347) - Non-controlling interests 4,824 980 14,021 (1,367) Earnings per share - Basic and diluted (Expressed in USD per 3 0.00 0.03 share) The accompanying notes form an integral part of the financial statements.
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