Annual Report 2010 - ProCredit Bank

More documents

Recommendations

Info

68 Annual Report 2010 7. Net interest income in EUR Interest income Interest and similar income arising from: Cash and balances with 2010 2009 National Bank of Romania 618,047 1,703,205 Loans and advances to banks Loans and advances to customers, 68,638 367,488 out of which: Impaired loans and advances 33,629,841 39,520,699 to customers 203,749 54,123 Treasury bills, available-for-sale 726,647 697,291 Total interest income 35,043,173 42,288,683 Interest expense Interest expense arising from: Deposits from banks 1,277,515 5,119,977 Deposits from customers Loans from banks and other 7,609,492 12,933,895 financial institutions 3,242,431 4,457,298 Debt securities issued – 105,940 Subordinated liabilities 806,827 838,191 Total interest expense 12,936,265 23,455,301 Net interest income 22,106,908 18,833,382 8. Net fee and commission income in EUR Fee and commission income Fees and commission income arising from: 2010 2009 Transactions Loan administration and 2,194,470 1,993,721 guarantee issuance 830,051 907,436 Other 25,594 36,377 Total fee and commission income 3,050,115 2,937,534 Fee and commission expense Fee and commission expense arising from: Inter-bank transaction fees Loans and guarantees 413,170 364,657 received from banks 4,415 2,768 Other 90,597 51,013 Total fee and commission expense 508,182 418,438 Net fee and commission income 2,541,933 2,519,096 9. Other operating expenses in EUR Advertising and 2010 2009 promotion expenses 260,709 368,242 Consumables expenses Post and telecommunication 194,609 424,800 expenses 803,463 856,384 Travel expenses Repairs and 323,819 402,629 maintenance expenses 615,110 608,815 Other tax expenses 1,308,317 1,286,789 Electricity expenses 404,968 313,977 Insurance expenses 177,249 214,638 Representation expenses 23,755 73,609 Other operating expenses 2,602,465 1,439,868 Total 6,714,464 5,989,751 10. Net trading income In EUR Net gain from transactions 2010 2009 in foreign currency Net loss from translation of foreign currency denominated 1,170,872 1,195,134 assets and liabilities (157,177) (276,844) Net trading income 1,013,695 918,290 11. Net impairment loss on financial asset In EUR Impairment charge on loans 2010 2009 and advances to customers Release of the impairment for loans and advances to customers 24,304,509 26,638,180 from change in estimates Release of the impairment for loans and advances to (20,509,262) (21,323,580) customers through usage (2,282,001) (1,810,598) Loans written-off expense Recoveries from loans 5,204,656 3,252,915 and advances to customers Other impairment loss (1,916,038) (1,282,000) for financial assets – (1,442,317) Net impairment loss on financial assets 4,801,864 4,032,600 12. Personnel expenses In EUR Salaries and social 2010 2009 security contributions 11,498,167 12,071,586 Training and recruiting expenses 154,603 246,175 Total 11,652,770 12,317,761 13. Taxation In EUR 2010 2009 Current tax expense (9,576) (6,765) Deferred tax revenue 379,255 1,449,773 Income tax revenue 369,679 1,443,009
Deferred taxes The deferred tax assets and liabilities are attributable to the items detailed in the table below: In EUR Property and equipment 31 Dec 2010 31 Dec 2009 and intangible assets 18,175 18,404 Loans and advances to customers (691,377) (537,957) Other assets (424) – Other liabilities (2,667) – Banking risk reserve 11,822 (233,338) Fiscal loss 2,248,636 1,990,184 Deferred tax asset 1,584,165 1,237,293 Reconciliation of income before tax with statement of comprehensive income In EUR 2010 2009 Loss before income tax Taxation at statutory rate (3,531,756) (6,635,945) of 16% (2009: 16%) (565,081) (1,061,751) Non-deductible expenses 46,059 291,796 Non-taxable revenues Origination and reversal (149,344) (270,708) of temporary differences Tax effect of other (1,584,165) 1,237,293 non-temporary differences (1,285,478) (1,639,639) Taxation in the income statement (369,679) (1,443,009) 14. Cash and balances with National Bank of Romania In EUR 31 Dec 2010 31 Dec 2009 Minimum compulsory reserve 39,315,443 39,318,295 Cash on hand and cash in ATMs Other balances with 7,350,118 6,697,141 National Bank of Romania 215,732 18,864,883 Total 46,881,293 64,880,319 The cash held with the Central Bank (i.e. Balances with the National Bank of Romania) ensures compliance with the minimum reserve requirements. These funds are not available for the Bank’s daily business. At 31 December 2010 the minimum mandatory reserves rates established by the National Bank of Romania for raised funds with maturity lower than 2 years and for funds raised with residual maturity greater than 2 years, which foresee contractual clauses regarding reimbursements, withdrawals, anticipated transfers, are as follows: 15% for funds raised denominated in RON and 25% for funds raised denominated in foreign currency (31 December 2009: 15% for funds raised denominated in RON and 25% for funds raised denominated in foreign currency). 15. Loans and advances to banks In EUR 31 Dec 2010 31 Dec 2009 Current accounts with banks 849,823 1,151,216 Deposits with banks 142,097 383,811 Total 991,920 1,535,027 Current accounts held at other banks are at immediate disposal of the Bank. The deposits with banks are unencumbered. 16. Investment securities, available-for-sale In EUR 31 Dec 2010 31 Dec 2009 Unlisted equity investments 86,305 87,460 Total 86,305 87,460 17. Loans and advances to customers Financial Statements 69 In EUR Loans and advances 31 Dec 2010 31 Dec 2009 to customers Out of which: 178,667,346 180,913,560 Accrued interest on impaired loans Less provision for impairment losses on loans and advances 68,102 16,683 to customers (8,141,262) (6,489,960) Total 170,526,084 174,423,600 The Bank’s commercial lending is concentrated on micro and small size companies domiciled in Romania. Economic sector risk concentrations within the customer loan portfolio were as follows: In EUR 2010 2009 Services 50,690,575 5,994,623 Trade 59,718,197 60,497,459 Industry 61,055,166 52,980,088 Individuals, mortgage loans 2,323,401 3,239,437 Individuals, consumer loans 1,449,391 2,264,041 Others Total loans and advances to 3,430,616 5,937,912 customers before provisions Less provision for impairment losses on loans and advances 178,667,346 180,913,560 to customers (8,141,262) (6,489,960) Total 170,526,084 174,423,600 The provision for impairment losses on loans and advances to customers can be further analysed as follows: In EUR 2010 2009 Specific allowances Balance at the beginning of the year 428,766 Charge of impairment loss to income statement for individually 4,447 impaired loans and advances Release of impairment loss to income statement for individually 811,873 602,322 impaired loans and advances (313,854) (182,841) Exchange rate differences 241,429 4,839 Balance at the end of the year 1,168,214 428,767 Collective allowances Balance at the beginning of the year Charge of impairment loss to income statement for collectively 6,061,194 5,711,451 impaired loans and advances Release of impairment loss to income statement for collectively 28,697,291 26,035,858 impaired loans and advances (27,682,065) (22,951,337) Exchange rate differences (103,372) (2,734,778) Balance at the end of the year 6,973,048 6,061,194
Page 1 and 2:
Annual Report 2010
Page 3 and 4:
Contents 3 Mission Statement 4 Lett
Page 5 and 6:
Letter from the Board of Administra
Page 7 and 8:
Commerzbank is Germany’s leading
Page 9 and 10:
The Bank and its Shareholders 9
Page 11 and 12:
entrepreneurs to better manage thei
Page 13 and 14:
Political and Economic Environment
Page 15 and 16:
maintain relationships with potenti
Page 17 and 18: Business Loan Portfolio - Breakdown
Page 19 and 20: Domestic Money Transfers Volume (in
Page 21 and 22: Management Business Review 21
Page 23 and 24: position to detect risks and take t
Page 25 and 26: sometimes engages in transactions w
Page 27 and 28: NRA process does management give it
Page 29 and 30: where they could make the greatest
Page 31 and 32: outside Romania at the internationa
Page 33 and 34: These six values represent the back
Page 35 and 36: The ProCredit Group: Responsible Ne
Page 37 and 38: The ProCredit Group: Responsible Ne
Page 39 and 40: Switzerland Germany Italy Czech Rep
Page 41 and 42: Name ProCredit Bank Albania ProCred
Page 43 and 44: Rodica and Ciprian Lazar, Producers
Page 45 and 46: Mr. Valeriu Dacius Masalar, 35, sta
Page 47 and 48: Financial Statements 47
Page 49 and 50: Statement of Financial Position As
Page 51 and 52: Statement of Cash Flows For the yea
Page 53 and 54: assets and liabilities denominated
Page 55 and 56: In assessing collective impairment
Page 57 and 58: Given the nature of the Bank’s op
Page 59 and 60: higher than EUR 30,000. These loans
Page 61 and 62: The following table shows the inter
Page 63 and 64: maintain a balance between continui
Page 65 and 66: Compliance with Bank standards is s
Page 67: 6. Financial assets and liabilities
Page 71 and 72: Operating leases Non-cancellable op
Page 73 and 74: 26. Reserves In EUR 31 Dec 2010 31
Page 75 and 76: Financial Statements 75
Page 77 and 78: Baia Mare Branch 9 Unirii Blvd. Bai
Page 79: Contact Addresses 79
show all

Annual Report 2010 - ProCredit Bank

Create successful ePaper yourself

Delete template?

Save as template?