RNS Number:8034R
Alpha Bank A.E.
07 November 2003
ALPHA BANK
Interim Financial Statements as at September 30, 2003
(Amounts in thousands of Euro)
Assets
30.9.2003 30.9.2002
Cash and balances with the Central Bank 1,000,638 1,154,081
Treasury bills and other securities eligible for
refinancing with the Central Bank 903,960 3,168,241
Loans and advances to credit institutions:
- Deposits 2,014,435 629,461
- Reverse repos 3,505,480 5,519,915 3,245,532 3,874,993
Loans and advances to customers :
- Loans and advances 17,360,098 14,891,447
- Other receivables 37,773 28,362
17,397,871 14,919,809
Less : Allowances for credit losses 408,777 16,989,094 311,390 14,608,419
Securities 938,059 1,781,148
Investments 1,611,540 1,532,632
Intangible assets 231,901 201,080
Less : Amortization till 30.9 152,153 79,748 124,491 76,589
Tangible assets 616,216 590,557
Less : Depreciation till 30.9 370,989 245,227 323,577 266,980
Other assets 373,654 338,805
Prepayments and accrued income 204,800 295,990
TOTAL ASSETS 27,866,635 27,097,878
OFF BALANCE SHEET ACCOUNTS 44,358,953 45,384,009
Liabilities
30.9.2003 30.9.2002
Due to credit institutions:
- Deposits 969,649 1,299,357
- Commitments arising out of sale and
repurchase agreements 820,414 1,790,063 605,787 1,905,144
Due to customers :
- Deposits 17,055,327 16,306,894
- Commitments arising out of sale and
repurchase agreements 3,378,527 5,892,025
20,433,854 22,198,919
- Cheques and orders payable 168,526 20,602,380 184,942 22,383,861
Debt securities in issue 1,899,168 -
Other liabilities 615,730 379,646
Accruals and deferred income 190,284 174,825
Provisions for liabilities and charges :
- Provision for staff retirement indemnities 10,251 10,162
- Other 3,105 13,356 12,965 23,127
Subordinated Debts 999,910 600,000
Capital and Reserves :
Share capital 768,462 768,462
Reserves 1,139,294 1,345,136
Goodwill to be netted off (305,650) 1,602,106 (611,301) 1,502,297
Net profit for the period 1.1 - 30.9 153,638 128,978
TOTAL LIABILITIES 27,866,635 27,097,878
OFF BALANCE SHEET ACCOUNTS 44,358,953 45,384,009
Profit and Loss Account
(1.1 - 30.9.2003)
30.9.2003 30.9.2002 30.9.2002
(comparable) (published)
Interest income and similar income 920,455 921,038 921,038
Less : Interest expense and similar
charges
355,661 564,794 445,854 475,184 445,854 475,184
Dividend income 14,568 14,363 14,363
Net commissions income 165,581 170,207 170,207
Net trading income 57,580 65,044 65,044
Other operating income 5,894 7,430 7,430
Gross operating results 808,417 732,228 732,228
Less : Staff costs 240,211 239,400 239,400
General expenses and non-
income taxes 151,763 145,155 145,155
Depreciation and
amortization 66,977 458,951 61,063 445,618 86,112 470,667
expenses
General provision for
credit risk 122,670 101,560 101,560
Provision for staff
retirement - 2,534 2,534
Indemnities
Other provisions 340 123,010 106 104,200 106 104,200
Total operating results 226,456 182,410 157,361
Extraordinary income 2,481 1,979 1,979
Extraordinary charges (1,370) (1,241) (1,241)
Extraordinary profit or loss 6,756 2,599 2,599
Net profit (before tax) 234,323 185,747 160,698
Less: Income tax (provision) 80,685 56,769 52,520
Net profit after tax 153,638 128,978 108,178
Notes :
1. The annual ordinary general shareholders' meeting of the Bank approved,
in accordance with Law 3091/2002, that the unamortized balance of goodwill
resulting from the merger with the former Ionian Bank in 2000 of Euro 611.3
million be offset against reserves in two equal instalments in 2003 and 2004.
Therefore to facilitate comparison with the current period the goodwill
amortization charge relating to the nine month period ended September 30, 2002,
which amounted to Euro 25 million, has been reversed.
2. The income tax expense relating to the period ended September 30, 2002
has been estimated by taking into account the effective tax rate as of December
31, 2002.
3. Based on a recent actuarial study, it is estimated that an amount of
about Euro 134.2 million (on an after tax basis), in addition to the amount of
Euro 41.4 million that has been charged to the current period's results, is
required in order for the Bank to meet its liability to the Auxiliary Pension
Fund.
4. The Bank has been audited by the tax authorities for all years up to
and including December 31, 1999.
5. No fixed assets have been pledged.
6. There are no pending legal cases or issues in progress, which may have
a material impact on the financial statements of the Bank.
7. The total employees of the Bank as at September 30, 2003 was 7,495
compared to 7,878 as at September 30, 2002.
8. The Bank is classified under the statistical code 651.9, according to
the 4-digit classification of the economic activity sector.
9. The basic accounting principles followed by Alpha Bank in compiling
their financial statements are consistent with those followed as at December 31,
2002 and they are in accordance with the relevant provisions of Company Law 2190
/1920.
Athens, November 6, 2003
The Chairman of the The Executive Director The Executive General Chief Group
Board of Directors and General Manager Manager And Chief Financial Reporting
and Managing Director Financial Officer
YANNIS S. DEMETRIOS P. MARINOS S. GEORGE N.
COSTOPOULOS MANTZOUNIS YANNOPOULOS KONTOS
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