Annual Report - VÃB banka

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Balance sheet at 31 December 2007 (In millions of Slovak crowns) Notes 2007 2006 Assets Cash and balances with central banks 4 4,493 4,872 Loans and advances to banks 5 35,090 38,566 Financial assets held for trading 6 10,664 3,489 Derivative fi nancial instruments 7 1,055 2,388 Available-for-sale fi nancial assets 8 2,673 2,667 Non-current assets held for sale 14 348 15 Loans and advances to customers 9 119,931 89,169 Held-to-maturity investments 11 90,721 86,580 Subsidiaries, associates and jointly controlled entities 12 3,430 2,485 Intangible assets 13 970 887 Property and equipment 14 5,468 6,217 Current income tax assets 15 - 536 Other assets 16 297 360 Liabilities 275,140 238,231 Deposits from central and other banks 17 16,145 10,758 Derivative fi nancial instruments 7 1,034 2,054 Deposits from customers 18 205,137 179,084 Debt securities in issue 19 26,727 22,278 Current income tax liabilities 20 700 - Deferred income tax liabilities 20 347 244 Provisions 21 968 990 Other liabilities 22 2,182 1,612 253,240 217,020 67 Equity Share capital 23 12,978 12,978 Share premium 23 403 403 Reserves 2,609 2,618 Retained earnings 5,910 5,212 21,900 21,211 275,140 238,231 Financial commitments and contingencies 24 77,932 44,537 The accompanying notes on pages 71 to 113 form an integral part of these fi nancial statements. These fi nancial statements were authorized for issue by the Board of Directors on 6 March 2008. Ignacio Jaquotot Chairman of the Board of Directors Domenico Cristarella Member of the Board of Directors VUB, a bank of Intesa Sanpaolo group
Income statement for the year ended 31 December 2007 (In millions of Slovak crowns) 2006 Notes 2007 Restated Interest and similar income 13,634 11,292 Interest expense and similar charges (6,157) (4,711) Net interest income 25 7,477 6,581 Fee and commission income 3,334 3,158 Fee and commission expense (1,241) (1,220) Net fee and commission income 26 2,093 1,938 Net trading income 27 1,264 1,141 Other operating income 28 100 156 Dividend income 47 139 Operating income 10,981 9,955 Salaries and employee benefi ts 29 (2,271) (2,366) Other operating expenses 30 (2,610) (2,261) Amortization 13 (331) (304) Depreciation 14 (600) (586) Operating expenses (5,812) (5,517) 68 Operating profit before impairment and provisions 5,169 4,438 Impairment losses and provisions 31 (632) 367 Profit before tax 4,537 4,805 Income tax expense 32 (1,037) (1,047) Net profit for the year 3,500 3,758 Basic and diluted earnings per share in Sk 23 270 290 The accompanying notes on pages 71 to 113 form an integral part of these fi nancial statements. <strong>Annual</strong> <strong>Report</strong> 2007
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Contents Address by the Chairman of
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a socially useful construction, fur
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y 16%, assets under management of o
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Development of the External Environ
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VUB’s 2007 Commercial Performance
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Basic Indicators Basic Indicators i
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Consolidated balance sheet at 31 De
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Consolidated statement of changes i
Page 18 and 19: Notes to the consolidated financial
Page 20 and 21: The assets and liabilities arising
Page 22 and 23: the fair value of the assets given,
Page 24 and 25: The fair value of securities held f
Page 26 and 27: Embedded derivatives The VUB Group
Page 28 and 29: 3.16 Intangible assets Intangible a
Page 30 and 31: 3.22 Legal reserve fund In accordan
Page 32 and 33: 3.30 Future changes in accounting p
Page 34 and 35: 7. Financial assets held for tradin
Page 36 and 37: 10. Loans and advances to customers
Page 38 and 39: Maturities of gross fi nance lease
Page 40 and 41: 13. Investments in associates and j
Page 42 and 43: The goodwill is reviewed for impair
Page 44 and 45: 17. Current income tax assets 2007
Page 46 and 47: 24. Other liabilities 2007 2006 Var
Page 48 and 49: (a) Issued guarantees Commitments f
Page 50 and 51: 31. Salaries and employee benefits
Page 52 and 53: 35. Profit before changes in operat
Page 54 and 55: 37. Financial risk management Intro
Page 56 and 57: The following table describes the G
Page 58 and 59: (b) Market risk Market risk is the
Page 60 and 61: The re-pricing structure of assets
Page 62 and 63: (c) Liquidity risk Liquidity risk i
Page 64 and 65: The Intesa Sanpaolo Group’s inter
Page 66 and 67: 39. Related parties Related parties
Page 70 and 71: Statement of changes in equity for
Page 72 and 73: Notes to the separate financial sta
Page 74 and 75: 2.5 Foreign operations The fi nanci
Page 76 and 77: 2.10 Repurchase and reverse repurch
Page 78 and 79: 2.12 Offsetting financial instrumen
Page 80 and 81: 2.18 Leasing The determination of w
Page 82 and 83: 2.28 Significant accounting judgeme
Page 84 and 85: 3. Cash and cash equivalents For th
Page 86 and 87: 2007 2006 2007 2006 Assets Assets L
Page 88 and 89: During 2007, the Bank wrote off loa
Page 90 and 91: 12. Subsidiaries, associates and jo
Page 92 and 93: 15. Current income tax assets 2007
Page 94 and 95: 22. Other liabilities 2007 2006 Var
Page 96 and 97: (a) Issued guarantees Commitments f
Page 98 and 99: 30. Other operating expenses 2007 2
Page 100 and 101: 34. Estimated fair value of certain
Page 102 and 103: 35. Financial risk management Intro
Page 104 and 105: The following table describes the B
Page 106 and 107: (b) Market risk Market risk is the
Page 108 and 109: The re-pricing structure of assets
Page 110 and 111: (c) Liquidity risk Liquidity risk i
Page 112 and 113: The Intesa Sanpaolo Bank’s intern
Page 114 and 115: 37. Related parties Related parties
Page 116 and 117: Review of the Economic and Financia
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List of VUB Branches Retail Busines
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Postal Code Address Tel. No. Fax Re
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Postal Code Address Tel. No. Fax Re
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Corporate Branches Firemné obchodn
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Structure of VUB Shareholders as at
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VUB, a bank of Intesa Sanpaolo grou
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Vladimíra Josefiová - Member of M
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ticipate in all meetings of the Man
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