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 2010
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Interim Financial Statements
For The 6 Month Period Ended 30 June 2010
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 Statements 10 - 13
ICB Financial Group Holdings AG
Interim Results For The 6 Month
Period Ended 30 June 2010
Interim Results Summary
For the 6 months ended 30 June 2010, ICB Financial Group Holdings AG ("ICBFGH"
or the "Group") recorded a consolidated pre-tax profit of USD 7.1 million,
compared to a loss of USD 3.1 million in the corresponding period last year.
The results for the current half-year reflect the improvements across the Group
arising from the transformation initiatives implemented in the 2nd half of last
year. The improved results were further supported by favorable macro-economic
conditions in the countries where the Group operates.
Financial Highlights
* The Group's total loans and advances grew by USD 105.0 million to USD 818.8
million for the first 6 months of this year. Growth in loans was
particularly strong in Bank ICB Bumiputera and ICB Laos. The growth in Bank
ICB Bumiputera was from consumer banking and at ICB Laos was from business
banking.
* Deposits grew by USD 61.2 million to USD 1,013.0 million for the first six
months of this year. The large increase was mainly from Bank ICB Bumiputera
and ICB Bangladesh. The various promotional campaigns to grow deposits were
successful in increasing the Group's deposit base.
* The net interest income of the Group of USD 31.4 million was up by USD 8.4
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.
* Foreign currency gains were USD 6.4 million, higher than the corresponding
period of last year by USD 4.9 million. This was mainly due to a higher
volume of foreign exchange transactions for the half year period.
* Operating expenses increased by USD 8.3 million to USD 35.5 million. The
increase is due to higher staff costs arising from salary adjustments, and
the opening of new branches and micro-finance outlets.
* Impairment charges for the half year were USD 3.3 million, a decrease of
USD 3.9 million on last year's figures, mainly due to lower impairment
charges incurred at ICB Islamic Bank Bangladesh
ICB FINANCIAL GROUP HOLDINGS AG
Chairman's Statement 30 June 2010
After a difficult 2009, I am pleased to report to Shareholders that the ICB
Group has returned to profitable trading for the 6 months ended 30th June 2010.
In this period the Group recorded a profit before tax of USD 7.1 million,
compared to a loss of USD 3.1 million in the same period last year. This result
reflects improvements seen in the world economy but is also reflective of
initial benefits starting to flow from the Group business re-structure
programme to which I made reference in my December 2009 report to Shareholders.
On a regional basis, the Group's activities in Africa, Asia and Europe were all
profitable, although the performance by the Asian Region continues to be
adversely affected by ICB Islamic Bank, Bangladesh (ICBIB). However, the
re-structuring of ICBIB is now reflecting real benefits, with the Bank
recording a much improved performance in the half year returning a loss of only
USD 1.5 million (loss of USD 5.0 million in June 2009).
Much of the growth achieved in both Group loans and deposits during the half
year emerged from the Asian Region, ICB Indonesia in particular. The Indonesian
economy has grown strongly in the period. ICB Indonesia did particularly well
with a pre-tax contribution of USD 2.2 million (USD 0.3 million in June 2009).
Much of the improvement there came from the consumer segment and trading gains
on securities.
Europe, through ICB Albania, delivered a sound contribution of USD 1.1 million
(USD 0.6 million in June 2009).
In comparison, business activity in Africa trailed both the Asian and European
Regions. The economies in the African countries are recovering from the world
recession but at a slower pace. High loan loss provisions continue to impact on
performance, although it is encouraging to see that these were below forecast
and the improving trend is expected to continue. For the half year Africa made
a modest contribution of USD 1.9 million. With improving macro-economic
conditions in Africa forecast to continue, lending rates trending lower and
stronger business growth, the Board anticipates a much stronger level of
performance from this Region in the second half of the year.
Increasing business activity across the Group during the period resulted in
loan volumes increasing by a healthy 27% to USD 914 million (USD 722 million at
June 2009), and deposits up 26% to USD 1,013 million (USD 803 million at June
2009). As a consequence, Group Net Interest Income strengthened to a very
satisfying USD 31.4 million (USD 22.9 million in June 2009). Higher transaction
volumes and an increase in fee based activities resulted in Fee and Commission
Income increasing by USD 3.3 million to USD 7.9 million (USD 4.6 million in
June 2009). Equally, an increase in foreign currency business transactions
achieved gains of USD 6.4 million (USD 1.4 million in June 2009).
Group Operating Expenses increased by USD 8.3 million to USD 35.5 million (USD
27.2 million in June 2009). This increase of 30% is primarily reflective of
additional costs arising from the Group's expansion of its delivery channel
capabilities. In the half year, 2 new branches were opened in Asia and Africa;
the ATM network has been further expanded and the support IT infrastructure
covering all Regions has been strengthened. Notwithstanding the increase in
operating expenses, the Group's Cost/Income ratio has improved to 74% (85% in
June 2009). It remains one of the key strategic priorities for the Group to
reduce this measure to below 60% in the medium term.
It is pleasing to report a marked reduction in impairment charges for the half
year. These amounted to USD 3.3 million (USD 7.1 million in June 2009). This
decrease is principally reflective of good progress made in achieving
recoveries of impaired assets at ICBIB, Bangladesh.
During the half year, the Group announced the establishment of a presence in
Zambia with the bank there commencing operations in June. This brings the
Group's presence in Africa to a total of 10 countries. It was also announced
that an opportunity had arisen to sell the Group's interest in ICBIB. Whilst
the longer term prospects for this particular bank still remain good, the Board
took the view that it was to the Group's advantage to make a disposal at this
point and channel the investment into opportunities which are capable of
delivering faster returns. The sale transaction is in the process of completion
and awaits the final approval of the Bank of Bangladesh which is expected by
December 2010.
On 19th May 2010 Mr. Zakaria Bin Abd Hamid was appointed to the Group Board as
an Independent Non-Executive Director. Mr. Zakaria comes with a wealth of
experience in Banking, Corporate Finance and Advisory services. He has held
senior management positions in various large organizations and Banks in
Malaysia. He currently sits on the Board of Alliance Bank Malaysia and its
group of companies. Mr. Zakaria has also been appointed as a member of the
Group's Audit and Risk Management Committee, this appointment being effective
from the same date. On behalf of the Group Board, I take this opportunity to
welcome Mr. Zakaria and look forward to working with him.
The first half of 2010 reflects a positive progress across the Group. However,
with continuing improvements in the world economy, and particularly those
regions where the Group has a presence, coupled with the on-going realization
of benefits from the Group's business re-structure programme, the Board
anticipates further positive progress in the second half 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 2010
6 months 6 months
ended ended
Note 30-Jun-10 30-Jun-09
USD'000 USD'000
Interest income 61,222 50,182
Interest expense (29,856) (27,257)
Net interest income 31,366 22,925
Fee and commission income 7,957 4,638
Foreign currency gain 6,382 1,418
Gains less losses from financial investments 2,299 1,583
(Loss) on disposal of foreclosed properties (682) -
Other operating income 849 1,299
Impairment charges for loans and advances to (3,253) (7,107)
customers
Fair value change in foreclosed properties (2,146) (711)
Operating expenses (35,471) (27,177)
Operating (loss)/profit 7,301 (3,132)
Share of results of associates (223) 62
Profit/(Loss) before taxation 7,078 (3,070)
Tax expense (1,410) (807)
Profit/(Loss) for the period 5,668 (3,877)
Other comprehensive income for the period:
Exchange differences on translating foreign (7,027) 6,339
operations
Available-for-sale financial assets (8) 1,862
(7,035) 8,201
Total Comprehensive income for the period (1,367) 4,324
Profit/(Loss) of the period attributable to:
- Owners of the parent 5,860 (1,482)
- Non-controlling interests (192) (2,395)
5,668 (3,877)
Total comprehensive income attributable to:
- Owners of the parent (2,347) 5,128
- Non-controlling interests 980 (804)
(1,367) 4,324
Earnings per share
- Basic and diluted (Expressed in USD per 3 0.03 (0.01)
share)
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Financial Position
As At 30 June 2010
30-Jun-10 31-Dec-09
Note USD'000 USD'000
ASSETS
Cash and bank balances 229,248 267,247
Loans and advances to customers 4 818,841 713,824
Financial investments 160,841 190,966
Foreclosed properties 10,909 15,490
Investment in associates 1,394 1,791
Goodwill and other intangible assets 60,899 62,308
Prepaid lease payments 61 79
Property and equipment 26,112 24,584
Other assets 58,170 44,016
Deferred tax assets 3,411 3,377
Total Assets 1,369,886 1,323,682
LIABILITIES
Deposits from other banks 155,355 172,338
Deposits from customers 5 1,013,040 951,796
Other liabilities 41,507 39,592
Tax liabilities 2,478 998
Deferred tax liabilities 229 232
Total Liabilities 1,212,609 1,164,956
EQUITY
Paid up share capital 6 145,960 145,960
Share premium 782 782
Retained earnings 43,668 37,808
Other reserves 7,605 15,812
Equity attributable to owners of the Company 198,015 200,362
Non-controlling interests (40,738) (41,636)
Total Equity 157,277 158,726
Total Equity and Liability 1,369,886 1,323,682
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Cash Flows
For The 6 Month Period Ended 30 June 2010
6 months 6 months
ended ended
30-Jun-10 30-Jun-09
USD'000 USD'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before taxation 7,078 (3,070)
Adjustment for :
Impairment charges for loans and advances to 3,253 7,107
customers
Amortisation of prepaid lease rental 20 16
Amortisation of intangible assets 994 666
Depreciation of property and equipment 2,051 1,833
Fair value change in foreclosed properties 2,146 711
Loss on disposal of foreclosed assets 682 -
Share of results of associates 223 (62)
Gain on foreign exchange translation (6,382) (1,418)
Cash flow from operations before working capital 10,065 5,783
changes
(Increase)/decrease in operating assets (106,881) 17,142
(Decrease)/increase in operating liabilities 41,375 (3,281)
Cash (used in)/generated from operations (55,441) 19,644
Tax paid (2,167) (1,574)
Net cash (used in)/from operating activities (57,608) 18,070
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of foreclosed assets 4,091 -
Purchase of property and equipment (4,854) (4,179)
Purchase of intangible assets (245) (7,282)
Net decrease/(increase) in financial investments 25,157 (54,220)
Net cash from/(used in) investing activities 24,149 (65,681)
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Cash Flows (Cont'd.)
For The 6 Month Period Ended 30 June 2010
6 months 6 months
ended ended
30-Jun-10 30-Jun-09
USD'000 USD'000
Net decrease in cash and cash equivalents (33,459) (47,611)
Cash and cash equivalents at the beginning of the 214,262 228,644
year
Effect of exchange rate changes on cash and cash (7,586) 14,976
equivalents
Cash and cash equivalents at the end of the year 173,217 196,009
Cash and Cash Equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
of cash and bank balances, items in the course of collection less mandatory
reserve deposits with central banks.
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Changes in Equity
For The 6 Month Period Ended 30 June 2010
Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Interests Equity
To Owners of
the Parent
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2010 145,960 782 15,812 37,808 200,362 (41,636) 158,726
Profit for the - - 5,860 5,860 (192) 5,668
period
Other
comprehensive
income:
Currency
translation
differences
arising from
translation to - - (8,202) - (8,202) 1,175 (7,027)
presentation
currency
Loss in fair value - - (5) - (5) (3) (8)
on
available-for-sale
securities
Total - - (8,207) 5,860 (2,347) 980 (1,367)
comprehensive
income for the
period
Dividend payable - - - - - (82) (82)
to non-controlling
interests
At 30 June 2010 145,960 782 7,605 43,668 198,015 (40,738) 157,277
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Changes in Equity (Cont'd.)
For The 6 Month Period Ended 30 June 2010
Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Interests Equity
To Owners
of the Parent
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2009 145,960 782 (2,655) 45,012 189,099 (39,897) 149,202
Loss for the - - - (1,482) (1,482) (2,395) (3,877)
period
Currency
translation
differences
arising from
translation to - - 5,361 - 5,361 978 6,339
presentation
currency
Gains in fair - - 1,249 - 1,249 613 1,862
value on
available-for-sale
securities
Capitalization of - - 3,085 (3,085) - - -
retained earning
of subsidiary
Total 9,695 (4,567) 5,128 (804) 4,313
comprehensive
income for the
year
At 30 June 2009 145,960 782 7,040 40,445 194,227 (40,701) 153,526
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Notes To The Interim Consolidated Financial Statements
1. Basis of Preparation
The interim financial statements of the Group are unaudited and have been
prepared in accordance with International Financial Reporting Standards
("IFRS").
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, revenues and expenses. Due to the inherent
uncertainty in making those estimates, actual results reported in future
periods could differ from such estimates.
The interim financial statements should be read in conjunction with the audited
financial statements for the year ended 31 December 2009.
The interim financial statements were approved by the board on 16 September
2010.
2. Basis of Accounting
The interim financial statements of the Group have been prepared under the
historical cost convention as modified by the revaluation of available-for-sale
financial assets, financial assets and financial liabilities held at fair value
through profit or loss. The accounting policies and methods of computation
adopted are consistent with those followed in the preparation of the Group's
audited financial statements for the year ended 31 December 2009.
3. Earnings per share
Basic earnings per share is calculated by dividing the net profit attributable
to shareholders by the weighted average number of shares in issue, in the 6
month period ended 30 June 2010 of 180,000,000 (2009: 180,000,000).
There are no options or other instruments in issue that would dilute the
earnings per share.
4. Loans and Advances to Customers
As at As at
30-Jun-10 31-Dec-09
USD'000 USD'000
Gross loans and advances 914,167 835,102
Less: Allowance for losses on loans and advances (95,326) (121,278)
818,841 713,824
5. Deposits
As at As at
30-Jun-10 31-Dec-09
USD'000 USD'000
Current accounts 152,967 126,937
Saving accounts 176,167 152,428
Time deposits 671,045 659,224
Others 12,861 13,207
1,013,040 951,796
6. Paid-Up Share Capital
No of Shares
As at As at As at As at
30-Jun-10 31-Dec-09 30-Jun-10 31-Dec-09
000 000 USD'000 USD'000
As at 1 January/30 June 180,000 180,000 145,960 145,960
7. Subsidiaries & Associates
Details of subsidiaries & Associates are as follows:
% effective interest held
Country of As at As at Principal
Incorporation 30-Jun-10 31-Dec-09 Activities
Name of subsidiaries
International Commercial Commercial
Bank (The Gambia) Ltd. Gambia 99.10 99.10 Bank
International Commercial Commercial
Bank S. A. Guinea 97.00 97.00 Bank
International Commercial Commercial
Bank (Sierra Leone) Ltd. Sierra Leone 99.98 99.98 Bank
International Commercial Commercial
Bank SH. A Albania 100.00 100.00 Bank
International Commercial Commercial
Bank (Mozambique) S.A Mozambique 99.99 99.99 Bank
International Commercial Commercial
Bank Limited Ghana 100.00 100.00 Bank
PT Bank ICB Commercial
Bumiputera TbK Indonesia 67.07 67.07 Bank
International Commercial Commercial
Bank (Djibouti) S.A. Djibouti 99.90 99.90 Bank
ICB Global Management Providing
Sdn. Bhd. Malaysia 100.00 100.00 Technical &
Management
Services
ICB Islamic Bank Ltd Bangladesh 50.10 50.10 Commercial
Bank
International Commercial Laos 100.00 100.00 Commercial
Bank Lao Ltd Bank
International Commercial Malawi 100.00 100.00 Commercial
Bank Ltd - Malawi Bank
International Commercial Commercial
Bank Zambia Limited Zambia 100.00 100.00 Bank
7. Subsidiaries & Associates (Cont'd.)
% effective interest held
Country of As at As at Principal
Incorporation 30-Jun-10 31-Dec-09 Activities
Name of associates
International
Commercial
Bank (Tanzania) Tanzania 20.00 20.00 Commercial
Limited Bank
International
Commercial Commercial
Bank Senegal S.A. Senegal 20.00 20.00 Bank
8. Significant Events
On 3 June 2010, the Company announced that it has entered into a sale and
purchase agreement ("SPA") to dispose of its entire equity interest in Islamic
Bank Ltd ("ICBIB"), for a total cash consideration of USD 55 million. The
expected gain on disposal upon completion of this sale is approximately USD 60
million. The disposal completion is subject to the approval of Bank of
Bangladesh and is expected to be completed by December 2010.
ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.
END
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