ICB Icb Fin

 
TIDMICB 
 
30th March 2012 
 
ICB Financial Group Holdings AG ("ICBFGH" or the "Group") 
Announcement of Unaudited Results - Financial Year Ended 31 December 2011 
 
 
PERFORMANCE IN FINANCIAL YEAR 2011 
 
ICBFGH recorded a consolidated loss for the financial year ended 31 December 
2011 of USD3.1 million compared to a profit of USD7.9 million* in the previous 
financial year. The loss attributable to shareholders for 2011 was USD1.1 
million against a profit of USD6.4 million* in 2010. 
 
The loss for the current financial year was mainly attributed to ICBFGH's 
subsidiary, ICB Bumiputera (ICBB). ICBB recorded a loss before tax of USD14.3 
million in 2011 mainly due to higher charges for loan loss impairment and 
slower net interest income growth arising from a reduced loan base. However, 
excluding the poor performance of ICBB, the Group performed well overall, 
recording a profit before tax of USD11.7 million. In particular, the African 
region performed strongly, contributing USD9.3 million, with the contribution 
from ICB Ghana being the largest at USD5.6 million. 
 
 
Summary of Key Results 
 
                                                           Restated* 
                                       Year Ended         Year Ended 
                                  31 December 2011  31 December 2010   Inc/(Dec) 
                                           USD Mil           USD Mil     USD Mil 
 
Consolidated Net Interest Income              74.2              68.6         5.6 
Consolidated (Loss)/Profit after tax         (3.1)               7.9       (11.0) 
Consolidated (Loss)/Profit After             (1.1)               6.4        (7.5) 
 Tax Attributable To Shareholders 
Equity Attributable to Shareholders          196.4             206.5       (10.1) 
Earnings per share (USD)                    (0.01)              0.03       (0.04) 
Return on Equity (%)                         -0.6%              3.1%        -3.7% 
Total Loans & Advances                       817.6             889.9       (72.3) 
Total Deposits                             1,114.4           1,238.6      (124.2) 
 
*The results for the year ended 31 December 2010 have been restated to reflect: 
a) a prior year adjustment arising from a change in estimates on deposit 
guarantee premium payments in previous years (USD2.8 million increase to other 
liabilities and a corresponding decrease to retained earnings); and 
b) a change in accounting policy regarding the treatment for impairment of 
foreclosed assets (USD1.7 million increase to consolidated profit after tax in 
2010). 
 
 
Highlights of the Group's Performance 
 
  - Over the 2011 financial year total assets declined by 9.1% to USD1,485 
    million, total loans and advances declined by 8.1% to USD817.6 million and 
    customer deposits declined by 10% to stand at USD1,114.4 million. These 
    declines were mainly contributed to by ICBB. 
 
  - Net interest income grew by USD5.6 million to USD74.2 million in 2011, 
    mainly contributed to by loan growth from the African region. 
 
  - Fee and commission income was higher by USD3.1 million in 2011 arising from 
    the higher volume of fee and commission based activities transacted during 
    the year. 
 
  - Operating expenses increased by USD11.3 million to USD88.7 million in 2011 
    mainly due to higher operating expenses incurred by ICBB. 
 
  - Impairment charges for loans and advances were higher by USD10.1 million in 
    2011 than the previous year, mainly due to higher impairment charges 
    incurred at ICBB. 
 
 
Outlook for the Current Year 
 
Going forward, the Board of Directors is of the view that the operating 
environment and ongoing performance of the Group will continue to be 
challenging, particularly in Indonesia, due to the testing operating 
environment and macroeconomic factors. 
 
 
 
For more information, please contact: 
Tai Terk Lin 
Group CEO 
Tel: +603-62016051 
Fax: +603-62016053 
Email: tl.tai@icbglobal.com.my 
 
ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd. 
Contact Stephen Allen Tel: +61 8 9480 2500. 
 
 
 
 
 
END 
 

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