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Income Statement of our
Consolidated Banking Subsidiaries in CEE
Income statement
€ m Poland Hungary Czech Republic Slovakia
2005 2004 2003 2005 2004 2003 2005 2004 2003 2005 2004 2003
Net interest income 491 403 302 116 93 66 99 80 76 32 31 29
Losses on loans and advances – 63 – 57 – 63 –12 –10 – 7 – 6 2 4 – 2 – 3 – 2
Net fee and commission income 254 209 202 60 58 42 69 61 54 14 10 9
Net trading result 23 13 20 21 35 12 3 6 2 6 8 2
General administrative expenses – 381 – 340 – 351 – 93 – 88 – 61 – 86 – 71 – 71 – 27 – 25 – 22
Balance of other operating income and expenses 4 –16 7 –1 –1 – – 2 – 5 – 4 – – –
Operating profit 327 213 116 91 86 52 77 73 60 22 21 17
Net income from investments –1 13 17 4 – –1 2 –1 – – – 2
Amortisation of goodwill – 3 – 8 – 3 – – – – – – – – –
Balance of other income and expenses –1 –1 –1 – – –1 – – – – – –
Provisions for restructuring costs – – – – – – – – – –1 – –
Net income before taxes 321 217 129 94 86 49 79 72 61 21 20 19
Average risk-weighted assets 7,421 5,814 4,962 2,768 2,467 1,739 3,691 3,060 2,417 890 840 695
Average equity 1,528 1,229 1,103 439 354 276 479 403 358 201 169 149
Cost/income ratio (in %) 49.4 55.7 66.1 47.7 48.0 50.7 50.9 50.3 56.0 52.3 51.4 53.2
Return on equity before taxes (in %) 4) Exchange rate at year-end
21.0 17.6 11.7 21.5 24.3 17.9 16.4 18.0 17.0 10.4 11.9 12.5
(units of local currency per euro) 4.027 4.531 4.702 248.394 251.539 262.500 29.846 31.945 32.410 38.590 40.110 41.170
Appreciation/depreciation against the euro +13 % + 4 % +1% + 4 % + 7 % +1% + 4 % + 3 %
Income statement in local currency
Poland Hungary Czech Republic Slovakia
(PLN m) (HUF m) (CZK m) (SKK m)
2005 2004 2003 2005 2004 2003 2005 2004 2003 2005 2004 2003
Net interest income 1,975 1,827 1,418 28,726 23,476 17,240 2,960 2,571 2,462 1,224 1,236 1,191
Losses on loans and advances – 255 – 259 – 297 – 2,920 – 2,536 –1,783 –193 76 144 – 93 –126 – 87
Net fee and commission income 1,023 947 950 14,806 14,503 11,045 2,061 1,947 1,742 539 414 391
Net trading result 92 61 92 5,225 8,715 3,155 90 190 55 218 301 83
General administrative expenses –1,535 –1,539 –1,648 – 23,196 – 22,241 –15,953 – 2,569 – 2,284 – 2,310 –1,036 –1,003 – 886
Balance of other operating income and expenses 16 – 73 32 –138 – 324 50 – 58 –171 –132 – – –
Operating profit 1,316 965 548 22,503 21,593 13,755 2,290 2,329 1,960 852 822 692
Net income from investments – 6 59 78 970 61 – 382 59 –16 10 15 –17 72
Amortisation of goodwill –11 – 38 –16 – – 4 – – – – – – –
Balance of other income and expenses – 4 – 4 – 4 – – – 392 – – – – – –
Provisions for restructuring costs – – – – – – – – – – 57 – –
Net income before taxes 1,294 982 605 23,473 21,651 12,980 2,349 2,313 1,970 811 805 764
Average risk-weighted assets 29,882 26,346 23,333 687,511 620,617 456,505 110,149 97,748 78,324 34,365 33,684 28,629
Average equity 6,154 5,568 5,187 108,991 89,115 72,425 14,301 12,863 11,603 7,770 6,780 6,116
1) Including Banca Tiriac as from September 2005 / 2) Including Hebros Bank as from April 2005 /
3) HVB Bank Serbia and Montenegro including Eksimbanka consolidated as from 1 October 2005 / 4) Based on actual average equity
182 Income Statement of our Consolidated Banking Subsidiaries in CEE