RNS Number:8035R
Alpha Bank A.E.
07 November 2003
ALPHA BANK
Consolidated Interim Financial Statements of the Group of Companies
of the Financial/Credit Sector as at September 30, 2003
(Amounts in thousands of Euro)
Assets
30.9.2003 30.9.2002
Cash and balances with the Central Bank 1,227,643 1,428,993
Treasury bills and other securities
eligible for
refinancing with the Central Bank 903,960 3,168,241
Loans and advances to credit institutions:
- Deposits 1,877,221 526,854
- Reverse repos 3,512,360 5,389,581 3,245,532 3,772,386
Loans and advances to customers :
- Loans and advances 19,595,689 16,996,336
- Other receivables 88,201 77,354
19,683,890 17,073,690
Less : Allowances for credit losses 473,411 19,210,479 361,627 16,712,063
Securities 1,259,277 2,503,002
Investments 186,804 249,884
Intangible assets: 262,226 226,241
Less : Amortization till 30.9 176,629 85,597 145,546 80,695
Tangible assets 735,958 700,896
Less : Depreciation till 30.9 418,806 317,152 364,124 336,772
Other assets 397,715 358,935
Prepayments and accrued income 227,663 327,206
TOTAL ASSETS 29,205,871 28,938,177
OFF BALANCE SHEET ACCOUNTS 46,310,335 49,975,772
Liabilities
30.9.2003 30.9.2002
Due to credit institutions :
- Deposits 812,457 1,091,618
- Commitments arising out of sale and
repurchase agreements 820,414 1,632,871 605,786 1,697,404
Due to customers :
- Deposits 18,617,141 18,381,511
- Commitments arising out of sale and
repurchase agreements 3,147,056 5,767,184
21,764,197 24,148,695
- Cheques and orders payable 168,963 21,933,160 185,480 24,334,175
Senior debt 1,792,211 -
Other liabilities 693,068 467,172
Accruals and deferred income 327,440 330,122
Provisions :
- Provisions for staff retirement indemnities 25,502 21,607
- Other 5,270 30,772 13,151 34,758
Subordinated Debts 781,315 592,069
Hybrid securities 200,000 -
Capital and Reserves :
Share capital 768,462 768,462
Reserves 1,070,752 1,368,160
Goodwill to be netted off (273,021) (578,671)
1,566,193 1,557,951
Less:Consolidation differences 223,523 240,143
Less:Treasury shares 42,963 378,640
1,299,707 939,168
Minority interests 324,579 1,624,286 402,131 1,341,299
Net profit for the period 1.1 - 30.9 190,748 141,178
TOTAL LIABILITIES 29,205,871 28,938,177
OFF BALANCE SHEET ACCOUNTS 46,310,335 49,975,772
Consolidated profit and loss account
(1.1 - 30.9.2003)
1.1 - 30.9.2003 1.1 - 30.9.2002 1.1 - 30.9.2002
(comparable) (published)
Interest income and similar income 1,043,210 1,058,498 1,032,502
Less : Interest expense and similar 388,309 654,901 494,499 563,999 494,499 538,003
charges
Dividend income 7,091 10,409 10,409
Net commissions income 213,638 212,995 212,995
Net trading income 110,205 69,408 69,408
Other operating income 6,265 12,125 117,800
Surplus value from participation in
companies
not consolidated (13,247) (5,279) (5,279)
Gross operating results 978,853 863,657 943,336
Less : Staff costs 282,323 281,438 281,438
General expenses and non-income 169,045 166,711 164,240
taxes
Depreciation and amortization 75,427 526,795 69,929 518,078 180,026 625,704
expenses
General provision for credit 140,083 113,847 113,847
risk
Provisions for staff retirement 187 2,650 2,650
indemnities
Other provisions 3,733 144,003 8,675 125,172 8,675 125,172
Total operating results 308,055 220,407 192,460
Extraordinary income 3,868 2,810 2,810
Extraordinary charges (1,860) (2,043) (2,043)
Extraordinary profit or loss 6,520 3,529 2,731
Net profit for the period (before tax) 316,583 224,703 195,958
Less: Income tax (provision) 100,220 72,314 71,021
Net profit 216,363 152,389 124,937
Less: Minority income 25,615 11,211 10,646
Net profit for the period 190,748 141,178 114,291
Notes :
1. The Group companies of the financial services sector that have been
consolidated under the full consolidation method, excluding "ALPHA BANK",
are: 1. Alpha Bank London Ltd., 2. Alpha Bank Romania S.A., 3. Alpha Bank
Jersey Ltd., 4. Alpha Bank Limited, 5. Alpha Bank A.D. Skopje, 6. Alpha
Leasing A.E., 7. Alpha Investments A.E., 8. Alpha Finance A.X.E.P.E.Y. , 9.
Alpha Private Investment Services A.E.P.E.Y., 10. Alpha Romanian Holdings
Company A.E., 11. Alpha Mutual Fund Management A.E., 12. Alpha Ventures
A.E., 13. Alpha Astika Akinita A.E., 14. Alpha Asset Finance Ltd., 15. Alpha
Credit Group Plc., 16. Alpha Finance U.S. Corporation, 17. Alpha Finance Ltd
Cyprus, 18. Alpha Asset Management A.E.P.E.Y., 19. Alpha Finance Romania
S.A., 20. Alpha Leasing Romania S.A., 21. Alpha Trustees Ltd., 22. Alpha
Equity Fund A.E., 23. ABC Factors A.E., 24. Ionian Holdings A.E., 25. C.B.
Interleasing Southeastern Ltd., 26. Messana Holdings S.A., 27.Alpha
Commercial Real Estate A.E., 28. Alpha Group Jersey Limited.
2. The activities of Alpha Leasing have on consolidation been accounted for
using the finance lease method and the necessary changes in certain captions
of the balance sheet and income statement have been made. As a result of
this change, the results of the nine month period of 2003 have decreased by
Euro 1.6 million and the results of the nine month period of 2002 have
increased by Euro 3.1 million.
3. 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, 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.
4. 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.
5. The majority of the subsidiaries have been audited by the tax authorities for
all years up to and including December 31, 1999.
6. No fixed assets have been pledged.
7. There are no pending legal cases or issues in progress which may have a
material impact on the financial statements of the Group.
8. The total employees of the Group as at September 30, 2003 was 9,350 compared
to 9,763 as at September 30, 2002.
9. The accounting policies followed by the subsidiaries of the Group, 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 except for the matter discussed in note 2.
Athens, November 6, 2003
The Chairman of the Board The Executive Director The Executive General Chief Group Financial
of Directors Manager
and Managing Director and General Manager and Chief Financial Reporting
Officer
YANNIS S. COSTOPOULOS DIMITRIOS P. MANTZOUNIS MARINOS S. YANNOPOULOS GEORGE N. KONTOS
This information is provided by RNS
The company news service from the London Stock Exchange
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