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THE BANK FOR CORPORATES
18
Management discussion
Earnings per share
reduced by higher taxes
and minority interests
Dynamic growth
Development of income and expenses 2000 and 2001
1
3
76
6
Income 2000
Other operating
results
Trading results
Net fee and
commission income
Net interest income
7
11
36
Expenses 2000
Net credit risk
result
Net financial
investments result
General
administrative
expenses
32
Profit for the year
2000 before tax
3
3
97
5
Income 2001
Other operating
results
Trading results
Net fee and
commission income
Net interest income
9
22
44
Expenses 2001
Net credit risk
result
Net financial
investments result
General
administrative
expenses
Development of volume 1997 – 2001
Total assets
Risk-weighted assets
8,703
in EUR m
34
Profit for the year
2001 before tax
PROFIT FOR THE YEAR. In the financial year, other operating results rose to EUR 3.3 m. This development
was mainly due to an increase in value of those derivatives that do not serve any trading purposes.
As compared with 2000, the profit for the year before tax grew by 4% to EUR 33.8 m. Taking into
account taxes of EUR 3.6 m, the profit for the year after tax amounted to EUR 30.2 m. If the stakes of
international partners in subsidiaries are also taken into consideration, the Group recorded a net profit
of EUR 23.1 m. Accordingly, earnings per share dropped from EUR 4.32 in 2000 to EUR 3.65.
TOTAL ASSETS AND CAPITAL DEVELOPMENT.
BALANCE SHEET STRUCTURE. The Investkredit
Group recorded a 29% expansion in total
assets to some EUR 11.2 bn, a similarly dynamic
growth like in the year before.
in EUR m
The largest part of the contributions to
growth resulted from loans and advances
6,920
to customers. Significant growth rates were 4,750
5,298
4,276
5,281
achieved particularly in the field of local government
business in the course of bidding for
2,592
2,812
3,343
loans auctioned by the Republic of Austria. In
addition, securities financing contained in
1997 1998 1999 2000 2001
financial investments also increased distinctly. In the reporting year, the Investkredit Group has continued
its financial investments in highly-rated international bonds.
Balance sheet structure 2001
Loans and advances 54 % (2000: 57 %)
to customers
Financial 34 % (2000: 31 %)
investments
Other 11 % (2000: 12 %)
assets
Debts evidenced 58 % (2000: 59 %)
by certificates
Amounts owed to banks 25 % (2000: 27 %)
Other liabilities 17 % (2000: 14 %)
11,194
Loans and advances to customers – mainly to corporates
and local governments – remain the largest
share on the assets side with 54% after 57% in
the year before. On the liabilities side, securitized
debts continue to represent the largest share with
a slight decline to 58%. In 2001 bond issues for
the refinancing of new business reached a volume
of some EUR 1.6 bn. Amounts owed to banks
amounting to 25% are of minor significance. Compared
with the rise in total assets, risk-weighted
assets recorded a proportionately smaller increa-