PROTON BANK S.A.
2010 Financial Results-Significant increase in recurring revenues and profits before taxes, provisions and financial instruments
PROTON Group FY 2010 results show a significant qualitative differentiation, as financial instrument revenues of FY 2009, have been replaced by the increase in recurring revenues. More specifically:
Net operating income (excluding financial instruments) reached € 103.06 mil. in 2010, versus € 65.81 mil. in 2009, recording a 56.6% y-o-y increase. Net interest income reached € 70.96 mil. in 2010, versus € 52.04 mil. in 2009, recording a 36.4% y-o-y increase.
Net fee and commission income reached € 29.59 mil., versus € 9.72 mil. in 2009, recording a 204.6% increase.
Net income from financial instruments recorded a loss of € 4.22 mil. in 2010, versus profits of € 50.97 mil. in 2009.
Group operating expenses including provisions and depreciation reached € 107.69 mil. in 2010, versus € 103.29 mil. in 2009, recording a 4,26% increase. New loan loss provisions amounted to € 43.93 mil, versus € 34.30 mil. in 2009, recording a 28.1% increase. Total provisions for impairment losses on financial and non-financial assets reached € 47.50 mil. versus € 50.21 mil. in 2009.
Consolidated profits before taxes, provisions and financial instruments reached € 42.88 mil. in 2010, versus € 14.43 mil. in 2009, recording a 197.2% y-o-y increase, demonstrating the qualitative differentiation of results between the two periods, whereas the net result for 2010 for PROTON Group recorded a loss of € 9.71 mil., versus profits € 13.40 mil. in 2009. Customer deposits amounted to € 1,934 mil. at 31.12.2010, increased by 33.7% y-o-y. Customer loans after provisions at 31.12.2010 stood at € 1,951 mil., increased by 60.4% y-o-y. The net loans to deposits ratio at 31.12.2010 stood at 100.89%.
The capital adequacy ratio (Tier I) reached 9.34%, whereas total capital adequacy ratio including the € 60 mil. Tier II capital issue of 8/2/2011, is estimated at 11.05%.
Group total assets reached € 4,255.29 mil., whereas Group Total Equity (inclusive of the € 80.00 mil. attributable to the preferred shares of the Greek State) stood at € 275.92 mil. at 31.12.2010. Group regulatory capital stood at € 291.43 mil. at 31.12.2010, whereas if we include the Tier II capital issue of 8/2/2011, Group Regulatory Capital is estimated at € 351.27 mil.
Net operating income (excluding financial instruments) reached € 103.06 mil. in 2010, versus € 65.81 mil. in 2009, recording a 56.6% y-o-y increase. Net interest income reached € 70.96 mil. in 2010, versus € 52.04 mil. in 2009, recording a 36.4% y-o-y increase.
Net fee and commission income reached € 29.59 mil., versus € 9.72 mil. in 2009, recording a 204.6% increase.
Net income from financial instruments recorded a loss of € 4.22 mil. in 2010, versus profits of € 50.97 mil. in 2009.
Group operating expenses including provisions and depreciation reached € 107.69 mil. in 2010, versus € 103.29 mil. in 2009, recording a 4,26% increase. New loan loss provisions amounted to € 43.93 mil, versus € 34.30 mil. in 2009, recording a 28.1% increase. Total provisions for impairment losses on financial and non-financial assets reached € 47.50 mil. versus € 50.21 mil. in 2009.
Consolidated profits before taxes, provisions and financial instruments reached € 42.88 mil. in 2010, versus € 14.43 mil. in 2009, recording a 197.2% y-o-y increase, demonstrating the qualitative differentiation of results between the two periods, whereas the net result for 2010 for PROTON Group recorded a loss of € 9.71 mil., versus profits € 13.40 mil. in 2009. Customer deposits amounted to € 1,934 mil. at 31.12.2010, increased by 33.7% y-o-y. Customer loans after provisions at 31.12.2010 stood at € 1,951 mil., increased by 60.4% y-o-y. The net loans to deposits ratio at 31.12.2010 stood at 100.89%.
The capital adequacy ratio (Tier I) reached 9.34%, whereas total capital adequacy ratio including the € 60 mil. Tier II capital issue of 8/2/2011, is estimated at 11.05%.
Group total assets reached € 4,255.29 mil., whereas Group Total Equity (inclusive of the € 80.00 mil. attributable to the preferred shares of the Greek State) stood at € 275.92 mil. at 31.12.2010. Group regulatory capital stood at € 291.43 mil. at 31.12.2010, whereas if we include the Tier II capital issue of 8/2/2011, Group Regulatory Capital is estimated at € 351.27 mil.