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Corporate customers The two banks’ business profiles are highly complementary, with HVB Bank Biochim enjoying a traditionally strong position among international and large local corporate customers and Hebros Bank focusing on small and medium-sized businesses. One year ahead of Bulgaria’s accession to the European Union, HVB Bank Biochim and Hebros Bank opened a European Competence Centre (ECC). Based on the experience of our ECCs in other CEE countries we offer our Bulgarian customers assistance in their preparations for the challenges and opportunities of EU membership. ECC staff advise com- www.biochim.com panies and municipalities on assistance and www.hebros.bg financing opportunities available under EU and national programmes. HVB Bank Biochim and Hebros Bank were the first banks in the Bulgarian market to launch such an initiative to help municipalities and companies benefit from access to EU funds. Moreover, HVB Bank Biochim’s four Regional Corporate Centres (RCCs) offer advice and services to corporate customers with annual sales between BGN 1.5 m and BGN 15 m. RCC staff specialise in financing transactions including investment loans. Day-to-day business such as transfers and account management is handled by the bank’s branches. In this way the bank ensures time-efficient and low-cost services for corporate customers. Outlook Activities in 2006 will focus on the swift and smooth integration of the newly acquired Hebros Bank. We will continue to focus on providing optimal customer service and on modernising our product range, and we will increase our market share by expanding alternative sales channels. Growth remains our objective, despite falling margins and increasing competitive pressure in the banking sector. In corporate customer business we will widen the focus to include real estate and project finance. 88 CEE Network of Bank Austria Creditanstalt in 2005 Croatia – HVB Splitska banka € m 2005 2004 Total assets 3,193 2,845 Net income before taxes 50.6 35.7 ROE before taxes 21.6 % 17.7 % Cost/income ratio 56 % 59 % Employees (full-time equiv.) 1,225 1,242 Offices 112 111 Despite a restrictive budgetary policy, which reduced the budget deficit to about 4.5 % of GDP, and the cen- Zagreb tral bank’s tighter monetary policy, Croatia’s economy again grew by a robust 4 % in 2005. Strong domestic demand and high oil prices pushed up inflation to a rate of over 3 %. The trade deficit remains Croatia’s key problem. In the reporting year, however, signals of improving competitiveness were discernible, and these should become considerably stronger as the country moves closer to the EU following the start of accession negotiations. In view of a steady increase in credit demand in the course of the year, the Croatian central bank decided to take restrictive measures to curb foreign borrowing. HVB Splitska banka continued to develop very well in 2005. A major contribution to the bank’s good results came from the branch network, which was strongly www.splitskabanka.hr expanded through cooperation with FINA, a state agency. The number of cash dispensers in the Croatian network increased to 130, the number of customers exceeded 460,000 for the first time. Net income before taxes was excellent, exceeding the previous year’s figure by 40 %. Net interest income was 14 % higher than in the previous year, despite an increased minimum reserve requirement. Net fee and commission income rose by almost 20 %, mainly on account of very good results from securities business. Business structure and development Retail customers In the private customer business, the volume of new housing loans more than doubled compared with the previous year. This gratifying result is due to a steady increase in demand and to the government’s POS housing promotion project. Our banking subsidiary, with a financing volume of HRK 650 m, is the main financing partner for this programme.
Following the big success of the previous year’s HIT lending initiative, we offered this product again in the fourth quarter of 2005. By the end of December, the bank granted more than 8,700 new loans totalling over HRK 650 m. We maintained our strong position in the card business. Corporate customers In 2005 we improved our market share in all sectors of corporate customer business. In particular, deposits rose by almost 35 % to HKR 2.4 bn compared with the previous year. Our Croatian banking subsidiary is very strong in business with large international companies, especially in trade and export finance. Cooperation with the Croatian Bank for Reconstruction and Development (HBOR) was intensified, with most of the funds – HVB Splitska banka is market leader in this sector, with a total volume of about € 1 bn – going into export and pre-export financing transactions. Another major strength is our local expertise for structured finance. HVB Splitska banka, in cooperation with the Viennabased specialists, financed a number of important projects, including the acquisition and renovation of a five-star hotel in Split. International Markets We maintained our undisputed position as market leader in the custody business and received international recognition in this area: Global Custodian named HVB Splitska banka “Best agent bank in Croatia”. Outlook The Italian banking group UniCredit has acquired HVB Group and thus also the CEE network of the BA-CA Group. For competitive reasons, our equity interest in HVB Splitska banka must be sold because the Croatian market leader Zagrebačka banka is a member of UniCredit Group. The sale is planned for the second quarter of 2006. Bosnia and Herzegovina – HVB Central Profit Banka € m 2005 2004 Total assets 559 383 Net result before taxes 5.2 0.5 ROE before taxes 12.0 % 2.0 % Cost/income ratio 73 % >100 % Employees (full-time equiv.) 450 434 Offices 37 33 Economic growth remained strong in 2005. The currency-board system had a stabilising effect, keeping imported inflation under control via the constant marka/euro exchange Sarajevo rate. However, a cautious budgetary policy implemented in coordination with the IMF failed to prevent the foreign trade imbalance from becoming more pronounced as import demand was driv- www.hvb-cpb.ba en by continued strong growth www.novablbanka.com of personal loans, supported by declining interest rates. Private customer deposits also rose strongly, with growth rates matching those for loans. The central bank responded to these developments by raising the minimum reserve ratio from 10 % to 15 % towards the end of 2005. We are number 4 in the Bosnian banking market. Operating as a universal bank, we offer a broad range of financial services for private, business and corporate customers. 2005 was a very good year, with above-average growth in all business areas. In Bosnia and Herzegovina, we are market leader in payment transactions, deposits and card business. Net income before taxes rose tenfold compared with the previous year. A particularly strong increase was achieved in net interest income, thanks to improved margins and rapid volume growth: risk-weighted assets grew by 46 %, loans were up by 75 %, and deposits increased by 27 %. Acquisition of Nova banjalucka banka At the end of December 2005, we acquired 83.3 % of Nova banjalucka banka in Republika Srpska. Nova banjalucka banka is the number 3 bank in Republika Srpska, and number 12 in the entire banking market of Bosnia and Herzegovina. It Bosnia and Herzegovina – Nova banjalucka banka serves about 150,000 customers through a network of 72 branches. Together with HVB Central Profit Banka, we now have the largest branch network of any bank in Bosnia and Herzegovina. *) € m 2005 Total assets 152 Employees (full-time equiv.) Offices 543 72 *) not consolidated CEE Network of Bank Austria Creditanstalt in 2005 89
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Annual Report Bank Austria Creditan
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The Bank Austria Creditanstalt Shar
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Annual Report Bank Austria Creditan
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Highlights 2005 Awards 2005 1 Janua
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A word of thanks to our employees T
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8 Letter from the CEO of the new Un
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4 pages reserved for illustrations
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“As a member of UniCredit Group w
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as an organisational principle has
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We attach great importance to human
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International Markets Willi Hemetsb
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Growth in Austria slightly above EU
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� Net income up by 60 %. 21% incr
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The “sustainable” income compon
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Net trading result € m 2005 2004
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higher revenue without significant
Page 35 and 36: In 2005 our multi-year Fit for Sale
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Page 41 and 42: employees’ qualification levels a
Page 43 and 44: Outlook Global economic environment
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Page 47 and 48: Other shareholders 0.2% Austria 0.9
Page 50 and 51: IPO targets met ahead of time Finan
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Page 54 and 55: Linking sales channels � Mix of s
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Page 62 and 63: Cards for young people Security - a
Page 64 and 65: Network bank for international corp
Page 66 and 67: Corporate finance, not just for lar
Page 68 and 69: International Markets (INM) The Int
Page 70 and 71: Record year on the Vienna Stock Exc
Page 72: 4 pages reserved for illustrations
Page 75 and 76: “The upswing experienced by the C
Page 77 and 78: In the retail/private customers seg
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Page 81 and 82: Slovakia - HVB Bank Slovakia € m
Page 83 and 84: Outlook With the planned expansion
Page 85: International Markets Business deve
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Page 91 and 92: “As a bank with growing business
Page 93 and 94: Risk structure by region and busine
Page 95 and 96: “The higher the level of standard
Page 97 and 98: Basel II The roll-out of the module
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Page 101 and 102: manager, the higher his classificat
Page 104 and 105: Consolidated Financial Statements i
Page 106 and 107: Income statement of the Bank Austri
Page 108 and 109: Statement of changes in shareholder
Page 110 and 111: Notes to the Consolidated Financial
Page 112 and 113: IFRSs applied Title Application App
Page 114 and 115: Income statement of the Bank Austri
Page 116 and 117: Loans and receivables are carried i
Page 118 and 119: Accounting for leases as lessee: in
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Page 122 and 123: as the identification of intangible
Page 124 and 125: € m 2005 2004 Staff costs 1,491 1
Page 126 and 127: € m 2005 2004 Bonds and other fix
Page 128 and 129: Leasing business Total gross and ne
Page 130 and 131: Movements in investments in 2005
Page 132 and 133: In 2005, deferred taxes were partly
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€ m 2005 2004 Negative fair value
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Emoluments of members of Bank Austr
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Most of the trading assets and trad
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Segment reporting € m Private SME
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€ m 2005 2005 2004 2004 Assets Li
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In the 2005 financial year, aggrega
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Market risk management encompasses
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VaR of the Bank Austria Creditansta
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Basis point values of the Bank Aust
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High-yield portfolio: composition o
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Market risk limit utilisation in CE
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Liquidity ratios of the Bank Austri
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Operational risk is defined as the
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experience in the past. Moreover, s
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Total volume of outstanding financi
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The following tables show the capit
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Report of the Auditors We have audi
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Report of the Supervisory Board In
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Corporate Governance Bank Austria C
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Supervisory Board and Managing Boar
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Income statement of the Bank Austri
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Income Statement of our Consolidate
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Balance Sheets of our Consolidated
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Glossary Important concepts and ter
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General administrative expenses div
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In 1988, the Basel Capital Accord (
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Office Network of the Bank Austria
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Central and Eastern Europe Bosnia a
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Other Countries 196 Office Network
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Investor Relations Investor Relatio
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