Half-yearly Report
23 Septiembre 2011 - 1:00AM
UK Regulatory
TIDMICB
ICB FINANCIAL GROUP HOLDINGS AG
Incorporated in Switzerland
Registration Number CH-130.3.009.158-0
INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTH
PERIOD ENDED 30 JUNE 2011
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Interim Financial Statements
For The 6 Month Period Ended 30 June 2011
Contents Page(s)
Interim Results Summary 1
Financial Highlights 1
Chairman's Statement 2-3
Consolidated Statement of Comprehensive Income 4
Consolidated Statement of Financial Position 5
Consolidated Statement of Cash Flows 6 - 7
Consolidated Statement of Changes in Equity 8 - 9
Notes to the Interim Consolidated Financial 10 - 13
Statements
ICB Financial Group Holdings AG
Interim Results For The 6 Month
Period Ended 30 June 2011
Interim Results Summary
For the 6 months ended 30 June 2011, ICB Financial Group Holdings AG ("ICBFGH"
or the "Group") recorded a consolidated pre-tax profit of USD 1.7 million,
compared to USD 7.1 million in the corresponding period last year. The results
for the current half-year were impacted by lower gains on foreign currencies
and higher operating expenses.
Financial Highlights
* The Group's total loans and advances grew by USD 7.1 million to USD 897
million for the first 6 months of this year. Growth in loans was
particularly strong at ICB Ghana and ICB Laos which was offset by negative
loans growth at PT Bank ICB Bumiputera Indonesia.
* Deposits declined by USD 53.1 million to USD 1,185.5 million for the first
six months of this year. The large decrease was mainly from Bank ICB
Bumiputera and ICB Bangladesh where high cost funds like fixed deposits
were reduced as part of balance sheet management to improve net interest
margins.
* The net interest income of the Group of USD 37.0 million was up by USD 5.7
million compared to the corresponding period last year. The net interest
income growth is mainly attributable to growth in loans and advances and
improvements in net interest margins.
* Operating expenses increased by USD 6.1 million to USD 41.6 million. The
increase is due to higher staff costs arising from salary adjustments, and
the opening of new branches.
* Impairment charges for the half year were USD 3.1 million, a decrease of
USD 0.13 million compared to the corresponding period last year, mainly due
to lower impairment charges incurred at ICB Islamic Bank Bangladesh.
Chairman's Statement 30 June 2011
On behalf of the Board of Directors, I am pleased to present the financial
statements (unaudited) for ICB Financial Group Holdings AG for the half year
period to 30th June, 2011.
The Group recorded a consolidated pre-tax profit of USD 1.7 million for the
half year ended 30th June, 2011. This was well below expectations and
significantly lower than the June 2010 half year result of a pre-tax profit of
USD 7.1 million. Whilst many of the Banks performed well, the African continent
in particular, currency gains of USD 6.3 million for the half year to June 2010
were in the recent period reduced to a loss of USD 0.617 million. A significant
element of this loss is due to the weakening of the US$ against other world
currencies, the Swiss franc in particular. However, this risk is being
mitigated where possible by the Group's policy of holding a diversified mix of
currencies to minimize the impact of currency fluctuations.
Africa made a healthy profit before tax ("PBT") contribution of USD 4.8 million
in the period (USD 1.9 million for the half year to June 2010). Good returns
also came from Laos which strengthened its performance to deliver a PBT of USD
0.665 million (USD 0.187 million for the half year to June 2010). Bangladesh
continues to make progress in its recovery returning a PBT of USD 0.881 million
for the period (USD 1,475 million loss for the half year to June 2010).
Albania, the Group's presence in Eastern Europe, saw profits fall to USD 0.085
million, down from USD 1.071 million for the half year to June 2010, this
reduction reflecting a translation loss on USD capital funds arising from a
weakening of the Lek against the US$.
In Indonesia, PT Bank ICB Bumiputera's performance has been poor, with the Bank
returning a loss of USD 1 million (PBT USD 2.2 million for the half year to
June 2010). Whilst this Bank has experienced very strong market competition its
performance has not been satisfactory. At Group level, discussions are in place
with the Bank's Board of Commissioners and these have already resulted in
changes being made to the Bank's Executive leadership. In addition the Group's
Global Management team is assisting Country Management in the development and
implementation of plans to quickly restore the Bank to sound profitable trading
levels.
Net Interest Income for the Group increased by 18% to USD 37 million (USD 31.4
million for the half year to June 2010). Net Fee & Commission Income also
strengthened contributing some USD 8.4 million (USD 7.9 million for the half
year to June 2010). The greater part of this increase was generated by the
African businesses although strong contributions were provided by both Laos and
Bangladesh.
The increase in Operating Expenses of some USD 6.1 million (USD 41.6 million
for the half year to June 2011/USD 35.5 million for the half year to June 2010)
reflects a general expansion of the distribution network across the Banks.
However, USD 2.6 million of this increase is attributable to PT Bank ICB Bank
Bumiputera in Indonesia whose returns do not support such a position. The
consequence of the overall Indonesian situation has contributed to
deterioration in the Cost/Income ratio for the Group which stood at 88% as at
June 2011 (73% June 2010).
Improving country economies have enabled progress to be made in most countries
in achieving recoveries which in turn has resulted in the achievement of a
modest reduction of loan impairment charges. For the half year to June 2011
these amounted to USD 3.1 million (USD 3.2 million for the half year to June
2010).
In looking to the immediate future the Group Board expects the majority of its
investments to perform well. Whilst Bangladesh is now making a positive
contribution to Group profitability the sale of this Bank has still not
progressed. I advised Shareholders that a delay in the disposal of this
investment had arisen and at this point the final approval of the Central Bank
is still awaited. At PT Bank ICB Bumiputera, Indonesia we expect the trading
position to remain challenging for the remainder of the year.
Michael R Hanlon
Group Chairman
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Comprehensive Income
For The 6 Month Period Ended 30 June 2011
Note 6 months 6 months
ended ended
30-Jun-11 30-Jun-10
USD'000 USD'000
Interest income 72,331 61,222
Interest expense (35,297) (29,856)
Net interest income 37,034 31,366
Fee and commission income 8,456 7,957
Foreign currency (loss)/gain (617) 6,382
Gains less losses from financial investments 1,249 2,299
Loss on disposal of foreclosed properties (503) (682)
Other operating income 1,374 849
Impairment charges for loans and advances to (3,120) (3,253)
customers
Fair value change in foreclosed properties (507) (2,146)
Operating expenses (41,615) (35,471)
Operating profit 1,751 7,301
Share of results of associates 20 (223)
Profit before taxation 1,771 7,078
Tax expense (1,485) (1,410)
Profit for the period 286 5,668
Other comprehensive income for the period:
Exchange differences on translating foreign 13,217 (7,027)
operations
Available-for-sale financial assets 518 (8)
13,735 (7,035)
Total Comprehensive income for the period 14,021 (1,367)
Profit of the period attributable to:
- Owners of the parent 43 5,860
- Non-controlling interests 243 (192)
286 5,668
Total comprehensive income attributable to:
- Owners of the parent 9,197 (2,347)
- Non-controlling interests 4,824 980
14,021 (1,367)
Earnings per share
- Basic and diluted (Expressed in USD per 3 0.00 0.03
share)
The accompanying notes form an integral part of the financial statements.
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