Branko Jelínek: Portrét vlajky II. / Porträt der Flagge II. / Portrait of the ...

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Profit & Loss Account for the year ended 31 December 1999 Income (in SKK ’000) Notes 58-60 1999 1998 1997 Interest and related income from banks 679,299 961,385 784,385 Interest and fees received from customers 1,277,716 1,284,465 848,773 Foreign exchange revenues 4,595,920 6,736,959 1,677,657 Income from other banking activities 384,209 300,551 93,618 Other income 273,951 172,462 129,138 Total 7,211,095 9,455,822 3,533,571 Expenses (in SKK ’000) Interest paid to banks 213,273 484,637 513,557 Fees and commissions paid to banks 16,598 16,261 13,204 Interest and fees paid to customers 1,318,688 1,264,476 725,756 Foreign exchange expenses 4,275,966 6,448,561 1,416,665 Personnel expenses 3 173,363 138,477 105,482 General operating expenses 317,942 232,270 198,558 Depreciation and provisions 473,889 445,583 208,033 Other expenses 207,836 164,531 170,695 Income tax 0 0 20,012 Net profit for the year 213,540 261,026 161,609 Total 7,211,095 9,455,822 3,533,571 Regrouped profit and loss account for 1999, 1998 and 1997 (in SKK ’000) Interest and related income from banks 679,299 961,385 784,385 Interest and fees received from customers 1,277,716 1,284,465 848,773 Interest and fees payable to banks -229,871 -500,898 -526,761 Interest and fees payable to customers -1,318,688 -1,264,476 -725,756 Net interest income 408,456 480,476 380,641 Foreign exchange income (net) 319,954 288,398 260,992 Income from securities (net) 383,898 298,576 90,782 Other operating income (net) -168,144 -140,527 -79,794 Operating result 944,164 926,923 652,621 General and administrative expenses -597,946 -459,357 -378,313 Increase in general loan loss provision -125,540 -46,312 -21,426 Increase in specific provisions for loans 6,400 -155,963 -54,473 Decrease/Increase to other reserves -449 54 -56 Income tax 10 0 0 -20,012 Extraordinary income 4,658 4,769 55,245 Extraordinary expenses -17,747 -9,088 -71,977 Net Profit 213,540 261,026 161,609 These figures have been obtained from the statutory Profit and Loss Account for the year ended 31 December 1999, prepared in accordance with Slovak accounting regulations. 21 February 2000 57 Annual Report 1999
58 1. General Information ªUDOVÁ BANKA, a. s. was incorporated and commenced trading in 1991. By 31 December 1999, the Bank had opened branches in Bratislava, Galanta, ·aºa, Nitra, Poprad, Ko‰ice, Trenãín, Îilina, Luãenec, RuÏomberok and Banská Bystrica. The Bank has the following principal activities: • Maintenance of Slovak crown and foreign currency accounts • Domestic and foreign payments • Granting of loans • Money market activities in Slovak crowns and foreign curencies 2. Accounting Policies The financial statements for the year ended 31 December 1999 were prepared in accordance with the relevant Slovak accounting regulations. a) Accounting Records The Bank maintains accounting records and prepares regular financial reports in accordance with regulations applicable to Slovak banks. b) Tangible and intangible fixed assets Tangible and intangible fixed assets are stated at acquisition cost less depreciation. Depreciation is provided using the straight line method at rates set out in the current provisions of § 31 of Act 286/1992 on Income Tax, with the exception of motor vehicles for which depreciation is provided using the reducing balance method at the current rate set out in the Act. c) Foreign currencies Foreign currency transactions are translated to Slovak Crowns in accordance with § 24 of Act 563/91 on Accounting using exchange rates prevailing on the date of the transaction quoted by the National Bank of Slovakia („NBS”). On 31 December 1999 assets and liabilities denominated in foreign currencies were translated to Slovak Crowns using closing exchange rates quoted by the NBS. Notes to the Financial Statements d) Loans and advances Loans and advances to customers and banks are stated net of specific provisions. Such provisions are determined based on the classification of such loans and advances in accordance with the guidelines issued by the NBS. In addition, a general reserve is made to cover losses which are present in the loan portfolio but which have not yet been specifically identified. This reserve is calculated in accordance with existing tax legislation. e) Securities Securities are stated at cost less provisions. Treasury bills are stated at nominal value. The differences between purchase cost and redemption value are amortized on a straight line basis to the profit and loss account over the period to maturity. Specific provision is made for any diminution in value.
Page 1 and 2: Branko Jelínek: Portrét vlajky II
Page 3 and 4: 46 Dear clients and friends of ªUD
Page 5 and 6: 48 President Klaus Thalhammer Deput
Page 7 and 8: 50 ªudová Banka began trading in
Page 9 and 10: 52 Services Offered to Clients ªUD
Page 11 and 12: 54 Credits Loans to customers were
Page 13: 56 Assets (in SKK ’000) Notes 58-
Page 17 and 18: 60 7. Due to Banks and Customers In
Page 19 and 20: 62 Report of the Auditors

Branko Jelínek: Portrét vlajky II. / Porträt der Flagge II. / Portrait of the ...

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