2007 Financial Results
Consolidated net profit after tax euro 20,75 mil
Dividend per share euro 0.20
PROTON's financial figures confirm the Bank's expansion and rapid development. The key characteristics of the Bank's performance in 2007 were:
a) significant organic growth, with an increase in core revenues, core profitability and assets,
b) significant expansion of branch network, which grew by 50%,
c) the restructuring of the Bank's loan portfolio with a significant decrease in the NPL ratio and an increase in provisions,
d) reorganization of the Group with the triple merger of its subsidiaries PROTON MUTUAL FUND MANAGEMENT COMPANY, PROTON ASSET MANAGEMENT and OMEGA MUTUAL FUND MANAGEMENT COMPANY that was completed during the 4th quarter 2007 and the sale of its subsidiary PROTON INSURANCE S.A. to the insurance company COMMERCIAL VALUE S.A., which is expected to be completed during the 1st half of 2008.
FIGURES AT A GLANCE (all amounts are expressed in thousands, except "dividend per share")
- Consolidated revenues (turnover) reached 2007 Financial Results euro 94,234 (2006: euro 65,183), whereas at a Bank level the respective figure amounted to euro 92,224 (2006: euro 61,839).
- Consolidated net interest income amounted to euro 43,262 (2006: euro 14,163), whereas at a Bank level the respective figure amounted to euro 42,820 (2006: euro 14,062).
- Consolidated net fee and commission income amounted to euro 35,606 (2006: euro 19,785), while the respective non-consolidated figure amounted to euro 34,296 (2006: euro 17,446).
- Loans to customers reached euro 1,368,023, increasing by 45.35% y-o-y. Deposits from customers reached euro 1,450,287, growing by 39.16% y-o-y. Total assets reached euro 2,365,431 growing by 49.10% y-o-y.
- Consolidated profit before tax amounted to euro 30,333 (2006: euro 38,329), while consolidated profit after tax reached euro 20,753 (2006: euro 32,973).
- Profit before tax for the Bank amounted to euro 29,940 (2006: euro 36,486), while profit after tax reached euro 20,281 (2006: euro 31,607).
It should be noted that FY2007 figures are not comparable with those of FY2006, due to the fact that PROTON BANK absorbed OMEGA BANK S.A. and PROTON SECURITIES S.A., effective at 30.09.2006. In any event, the results are satisfactory, showing significant expansion of the bank's core activities and core profitability and consequently an increase in recurring revenues.
2007 DIVIDEND
In its 20 March 2008 meeting, the Board of Directors decided to propose to the Annual General Meeting of the Shareholders a dividend per share of euro 0.20.