RNS Number:7828K
Alpha Bank A.E.
07 May 2003
ALPHA BANK
Interim Financial Statements as at March 31, 2003
(Amounts in thousands of Euro)
Assets
31.3.2003 31.3.2002
Cash and balances with the Central Bank 1,451,416 1,497,648
Treasury bills and other securities eligible for
refinancing with the Central Bank 1,721,901 6,634,650
Loans and advances to credit institutions:
- Deposits 814,612 924,813
- Reverse repos 4,091,722 4,906,334 269,316 1,194,129
Loans and advances to customers :
- Loans and advances 16,472,086 13,681,497
- Other receivables 30,624 30,943
16,502,710 13,712,440
Less : Allowances for credit losses 348,360 16,154,350 260,910 13,451,530
Securities 1,829,297 1,712,777
Investments 1,620,560 1,453,451
Intangible assets 203,889 175,620
Less : Amortization till 31.3 134,364 69,525 108,771 66,849
Tangible assets 607,632 578,928
Less : Depreciation till 31.3 351,455 256,177 312,149 266,779
Other assets 349,739 288,525
Prepayments and accrued income 216,829 394,509
TOTAL ASSETS 28,576,128 26,960,847
OFF BALANCE SHEET ACCOUNTS 47,034,469 46,639,944
Liabilities
31.3.2003 31.3.2002
Due to credit institutions:
- Deposits 2,448,471 1,465,560
- Commitments arising out of sale and
repurchase agreements 1,852,948 4,301,419 692,559 2,158,119
Due to customers :
- Deposits 15,692,688 15,389,125
- Commitments arising out of sale and
repurchase aggreements 5,075,787 6,569,735
20,768,475 21,958,860
- Cheques and orders payable 130,171 20,898,646 127,299 22,086,159
Other liabilities 628,825 521,544
Accruals and deferred income 165,156 194,593
Provisions for liabilities and charges :
- Provision for staff retirement indemnities 12,346 8,341
- Other 12,978 25,324 13,020 21,361
Subordinated Debts 900,000 450,000
Capital and Reserves :
Share capital 768,462 760,793
Reserves 1,444,627 1,352,794
Goodwill to be netted off (611,301) 1,601,788 (611,301) 1,502,286
Net profit for the period 1.1 - 31.3 54,970 26,785
TOTAL LIABILITIES 28,576,128 26,960,847
OFF BALANCE SHEET ACCOUNTS 47,034,469 46,639,944
Profit and Loss Account
(1.1 - 31.3.2003)
1.1-31.3.2003 1.1-31.3.2002 1.1- 31.3.2002
(comparable) (published)
Interest income and similar income 309,611 300,855 300,855
Less : Interest expense and similar 128,092 181,519 151,270 149,585 151,270 149,585
charges
Dividend income 4,669 4,740 4,740
Net commissions income 51,362 55,618 52,184
Net trading income 29,306 1,033 1,033
Other operating income 1,804 1,998 1,998
Gross operating results 268,660 212,974 209,540
Less : Staff costs 79,336 79,789 74,245
General expenses and non-income taxes 48,113 127,449 45,678 125,467 45,678 119,923
Depreciation and amortization expenses 22,534 18,440 26,790
General provision for credit risk 39,405 32,050 32,050
Provision for staff retirement - 121 121
indemnities
Other provisions 15 61,954 106 50,717 106 59,067
Total operating results 79,257 36,790 30,550
Extraordinary income 770 741 741
Extraordinary charges (252) (209) (209)
Extraordinary profit or loss 1,887 1,251 1,251
Net profit (before tax) 81,662 38,573 32,333
Less: Income tax (provision) 26,692 11,788 12,468
Net profit after tax according to P.D. 54,970 26,785 19,865
360/85
Notes :
1.Until 31 December 2001 the goodwill of about Euro 668 million that arose from
the merger of the former Ionian Bank in 2000, was being amortized at a rate of
5% per year in accordance with International Accounting Standards. In 2002 the
unamortized balance of about Euro 611 million, in view of the application of Law
3091/2002, was recorded directly to reserves in order to be netted off in the
future. Therefore to enable comparison the amortization charge of Euro 8,350
thousands is not included in the first quarter of 2002. Also, for comparison
purposes: a) the net commissions income of 2002 has been increased by Euro 3,434
thousands because the Bank, instead of charging to its results the commissions
paid to department stores in order to promote its financial products, allocated
them according to the duration of the contracts and b) the Bank's liability to
the Auxiliary Pension Fund has been equally allocated to each quarter of 2002
which resulted in an additional charge to the results of the first quarter of
2002 of Euro 5,544 thousands. Due to the above changes the income tax charge has
been reduced by Euro 680 thousands and estimated according to the final tax rate
that arose from the Balance Sheet as at 31.12.2002. Finally, other balances that
have been re-instated to facilitate comparison with the current year do not have
any effect in the final result.
2. The Bank has been audited by the tax authorities for all years up to and
including 31 December 1999.
3. No fixed assets have been pledged.
4. There are no pending legal cases or issues in progress, which may have a
material impact on the financial statements of the Bank.
5. The total employees of the Bank as at 31 March 2003 was 7,795 compared to
7,938 as at 31 March 2002.
6. Certain prior year balances have been re-instated to facilitate comparison
with the current year.
7. The Bank is classified under the statistical code 651.9, according to the
4-digit classification of the economic activity sector.
8. The basic accounting principles followed by Alpha Bank for the preparation of
the interim financial statements are similar to the ones followed for the
preparation of Balance Sheet as at December 31, 2002 and are in accordance with
the relevant provisions of Company Law 2190/1920.
Athens, May 6, 2003.
The Chairman of the Board of Directors
and Managing Director
YANNIS S. COSTOPOULOS
The Executive Director
and General Manager
CONSTANTINE A. KYRIACOPOULOS
The Executive General Manager and Chief Financial Officer
MARINOS S. YANNOPOULOS
Chief Group Financial Reporting
GEORGE N. KONTOS
This information is provided by RNS
The company news service from the London Stock Exchange
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