RNS Number:4748O
Alpha Bank A.E.
08 August 2003
ALPHA BANK
Consolidated Interim Financial Statements of the Group of Companies
of the Financial/Credit Sector as at June 30, 2003
(Amounts in thousands of Euro)
Assets
30.6.2003 30.6.2002
Cash and balances with the Central Bank 1,471,683 1,699,690
Treasury bills and other securities eligible for
refinancing with the Central Bank 528,925 4,556,717
Loans and advances to credit institutions :
- Deposits 785,669 592,779
- Reverse repos 4,516,046 5,301,715 1,140,484 1,733,263
Loans and advances to customers :
- Loans and advances 19,243,767 16,393,374
- Other receivables 81,169 90,483
19,324,936 16,483,857
Less : Allowances for credit losses 428,124 18,896,812 321,346 16,162,511
Securities 1,812,911 2,278,256
Investments 204,734 230,350
Intangible assets: 247,201 205,322
Less : Amortization till 30.6 165,472 81,729 135,240 70,082
Tangible assets 731,227 692,696
Less : Depreciation till 30.6 407,421 323,806 362,296 330,400
Other assets 392,782 368,406
Prepayments and accrued income 165,933 342,380
TOTAL ASSETS 29,181,030 27,772,055
OFF BALANCE SHEET ACCOUNTS 48,955,941 51,081,659
Liabilities
30.6.2003 30.6.2002
Due to credit institutions :
- Deposits 1,334,904 1,341,100
- Commitments arising out of sale and
repurchase agreements 1,345,733 2,680,637 310,470 1,651,570
Due to customers :
- Deposits 18,564,370 17,249,511
- Commitments arising out of sale and
repurchase agreements 3,673,390 5,850,465
22,237,760 23,099,976
- Cheques and orders payable 173,656 22,411,416 238,135 23,338,111
Senior debt 779,807 -
Other liabilities 733,419 480,327
Accruals and deferred income 261,748 289,448
Provisions :
- Provisions for staff retirement 25,818 20,098
indemnities
- Other 7,506 33,324 13,151 33,249
Subordinated Debts 674,741 525,038
Hybrid securities 199,990 -
(circ. Bank of Greece no. 17/2002)
Capital and Reserves :
Share capital 768,462 768,462
Reserves 1,086,082 1,388,802
Goodwill to be netted off (273,021) (578,671)
1,581,523 1,578,593
Less:Consolidation differences 226,293 225,771
Less:Treasury shares 384,938 374,693
970,292 978,129
Minority interests 317,341 1,287,633 403,269 1,381,398
Net profit for the period 1.1 - 30.6 118,315 72,914
TOTAL LIABILITIES 29,181,030 27,772,055
OFF BALANCE SHEET ACCOUNTS 48,955,941 51,081,659
Consolidated profit and loss account
(1.1 - 30.6.2003)
1.1 - 30.6.2003 1.1 - 30.6.2002 1.1 - 30.6.2002
(comparable) (published)
Interest income and similar income 698,246 695,819 679,180
Less : Interest expense and similar 273,265 424,981 331,272 364,547 331,272 347,908
charges
Dividend income 3,968 9,125 9,125
Net commissions income 134,020 139,194 133,990
Net trading income 64,365 29,862 29,862
Other operating income 5,058 8,378 80,206
Surplus value from participation in
companies
not consolidated (2,575) (4,457) (4,457)
Gross operating results 629,817 546,649 596,634
Less : Staff costs 184,840 186,570 186,570
General expenses and non-income taxes 113,556 298,396 112,320 298,890 110,835 297,405
Depreciation and amortization expenses 50,944 43,992 118,644
General provision for credit risk 91,583 74,094 74,094
Provisions for staff retirement 154 976 976
indemnities
Other provisions 3,163 145,844 5,574 124,636 5,574 199,288
Total operating results 185,577 123,123 99,941
Extraordinary income 3,328 2,135 2,135
Extraordinary charges (1,515) (1,276) (1,276)
Extraordinary profit or loss 2,195 2,008 1,472
Net profit for the period (before tax) 189,585 125,990 102,272
Less: Income tax (provision) 61,847 42,168 40,697
Net profit 127,738 83,822 61,575
Less: Minority shareholders' share 9,423 10,908 10,481
Net profit for the period 118,315 72,914 51,094
Notes :
1. The Group companies of the financial services sector that have been consolidated under the full consolidation
method, excluding "ALPHA BANK", are: 1. Alpha Bank London Ltd., 2. Alpha Bank Romania S.A., 3. Alpha Bank Jersey
Ltd., 4. Alpha Bank Limited, 5. Alpha Bank A.D. Skopje, 6. Alpha Leasing A.E., 7. Alpha Investments A.E., 8.
Alpha Finance A.X.E.P.E.Y. , 9. Alpha Private Investment Services A.E.P.E.Y., 10. Alpha Romanian Holdings
Company A.E., 11. Alpha Mutual Fund Management A.E., 12. Alpha Ventures A.E., 13. Alpha Astika Akinita A.E., 14.
Alpha Asset Finance Ltd., 15. Alpha Credit Group Plc., 16. Alpha Finance U.S. Corporation, 17. Alpha Finance Ltd
Cyprus, 18. Alpha Asset Management A.E.P.E.Y., 19. Alpha Finance Romania S.A., 20. Alpha Leasing Romania S.A.,
21. Alpha Trustees Ltd., 22. Alpha Equity Fund A.E., 23. ABC Factors A.E., 24. Ionian Holdings A.E., 25. C.B.
Interleasing Southeastern Ltd., 26. Messana Holdings S.A., 27.Alpha Commercial Real Estate A.E., 28. Alpha Group
Jersey Limited.
2. The activities of Alpha Leasing have on consolidation been accounted for using the finance lease method and
the necessary changes in certain captions of the balance sheet and income statement have been made. As a result
of this change, the results of the first semester of 2003 have decreased by Euro 0.3 million and the results of
the first semester of 2002 have increased by Euro 1.4 million.
3. The annual ordinary general shareholders' meeting of the Bank approved, in accordance with Law 3091/2002,
that the unamortized balance of goodwill resulting from the merger with the former Ionian Bank in 2000, be
offset against reserves in two equal instalments in 2003 and 2004.Therefore to facilitate comparison, with the
current period the goodwill amortization charge relating to the six month period ended 30 June 2002, which
amounted to Euro 16.7 million, has been reversed. In addition, to facilitate comparison with the current period,
the 30 June 2002 net commission income has been increased by Euro 5.2 million because previously the Bank,
expensed commission paid for the promotion of the Bank's financial products, whereas the commission expense is
now expensed over the duration of the contracts. As a result of the above adjustments, the Bank has increased
the income tax expense relating to the period ended 30 June 2002 by Euro 1.5 million taking into account the
effective tax rate as of 31.12.2002.
4. Based on a recent actuarial study, it is estimated that an amount of about Euro 134.6 million (on an after
tax basis), in addition to the amount of Euro 22.9 million that has been charged to the current period's
results, is required, in order for the Bank to meet its liability to the Auxiliary Pension Fund.
5. The majority of the subsidiaries have been audited by the tax authorities for all years up to and including
31 December 1999.
6. No fixed assets have been pledged.
7. There are no pending legal cases or issues in progress which may have a material impact on the financial
statements of the Group.
8. The total employees of the Group as at June 30, 2003 was 9,570 compared to 9,739 as at June 30, 2002.
9. The accounting policies followed by the subsidiaries of the Group, in compiling their financial statements,
are consistent with those followed in the prior year and they are in accordance with the relevant provisions of
Company Law 2190/1920 except for the matter discussed in note 2.
Athens, August 7, 2003
The Chairman of the Board of The Executive Director The Executive General Chief Group Financial
Directors Manager and Reporting
and Managing Director and General Manager Chief Financial Officer
YANNIS S. COSTOPOULOS DIMITRIOS P. MANTZOUNIS MARINOS S. YANNOPOULOS GEORGE N. KONTOS
Auditors' Report
(Translated from the original in Greek)
To the Board of Directors of
ALPHA BANK
We performed the audit which is required in accordance with the provisions of
article 6 of Presidential Decree 360/1985, as amended by article 90 of Law 2533/
1997. Our audit included those procedures that we considered necessary, taking
into account the auditing standards that have been adopted by the Institute of
Certified Auditors Accountants, to ensure that the above condensed financial
statements of the financial sector of ALPHA BANK that relate to the period from
1 January 2003 to 30 June 2003, do not contain any misstatements or omissions
that would materially affect the consolidated net worth, financial position and
the consolidated results of the Bank and of its subsidiaries that are
consolidated.
According to the audit we performed, we confirmed that the above condensed
consolidated financial statements have been compiled in accordance with the
requirements of Codified Law 2190/1920 (Companies' Act), and after taking into
account note 4 to the financial statements, do not contain misstatements or
omissions that would materially affect the consolidated net worth, financial
position of the Companies that are consolidated as of 30 June 2003 and their
consolidated results for the period then ended in accordance with applicable
provisions and generally accepted accounting principles in Greece which have
been consistently applied, except for the matters discussed in notes 2 and 3 to
the financial statements.
Athens, 7 August 2003
KPMG Kyriacou Certified Auditors AE
Yiangos Charalambous Nikolaos Vouniseas
Certified Auditor Accountant Certified Auditor Accountant
AI SIAL 12501 AI SIAL 18701
ALPHA BANK
STANDALONE FIGURES ACCORDING TO LISTING RULE 23.77
amounts in thousands of Euro
June 30, 2003 June 30, 2002 (pro-forma)
TURNOVER 798.422 772.312
PROFIT OR LOSS BEFORE TAXATION 155.828 101.779
PROFIT OR LOSS AFTER TAXATION 105.867 70.675
INTERIM DIVIDEND PAID OR PROPOSED - -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCNKFKDFBKKKFK