RNS Number:7829K
Alpha Bank A.E.
07 May 2003
ALPHA BANK
Consolidated Interim Financial Statements of the Group of Companies
of the Financial/Credit Sector as at March 31, 2003
(Amounts in thousands of Euro)
Assets
31.3.2003 31.3.2002
Cash and balances with the Central Bank 1,688,390 1,731,269
Treasury bills and other securities eligible for
Refinancing with the Central Bank 1,721,901 6,634,650
Loans and advances to credit institutions :
- Deposits 614,570 749,808
- Reverse repos 4,091,722 4,706,292 269,316 1,019,124
Loans and advances to customers :
- Loans and advances 18,565,468 15,716,940
- Other receivables 119,034 102,565
18,684,502 15,819,505
Less : Allowances for credit losses 407,703 18,276,799 307,113 15,512,392
Securities 2,373,029 2,388,738
Investments 234,329 258,310
Intangible assets: 223,959 201,750
Less : Amortization till 31.3 148,038 75,921 129,912 71,838
Tangible assets 722,550 691,705
Less : Depreciation till 31.3 396,171 326,379 353,583 338,122
Other assets 378,123 305,582
Prepayments and accrued income 238,247 422,591
TOTAL ASSETS 30,019,410 28,682,616
OFF BALANCE SHEET ACCOUNTS 48,798,535 48,294,912
Liabilities
31.3.2003 31.3.2002
Due to credit institutions
- Deposits 2,143,934 1,228,571
- Commitments arising out of sale and
repurchase agreements 1,852,948 3,996,882 628,397 1,856,968
Due to customers :
- Deposits 17,713,729 17,405,465
- Commitments arising out of sale and
repurchase agreements 4,920,655 6,441,155
22,634,384 23,846,620
- Cheques and orders payable 130,378 22,764,762 127,732 23,974,352
Other liabilities 720,549 624,516
Accruals and deferred income 298,190 335,824
Provisions :
- Provisions for staff retirement 25,494 18,815
indemnities
- Other 13,198 38,692 13,192 32,007
Subordinated Debts 638,335 450,035
Hybrid securities 192,981 -
(circ. Bank of Greece no. 17/2002)
Capital and Reserves :
Share capital 768,462 760,793
Reserves 1,412,211 1,349,258
Goodwill to be netted off (578,671) (578,671)
1,602,002 1,531,380
Less:Consolidation differences 235,069 224,299
Less:Treasury shares 385,226 344,757
981,707 962,324
Minority interests 327,227 1,308,934 414,847 1,377,171
Net profit for the period 1.1 - 31.3 60,085 31,743
TOTAL LIABILITIES 30,019,410 28,682,616
OFF BALANCE SHEET ACCOUNTS 48,798,535 48,294,912
Consolidated profit and loss account
(1.1 - 31.3.2003)
1.1 - 31.3.2003 1.1 - 31.3.2002 1.1 - 31.3.2002
(comparable) (published)
Interest income and similar
income 353,612 345,923 335,854
Less : Interest expense and
similar 143,514 210,098 166,778 179,145 166,778 169,076
charges
Dividend income 622 1,176 1,176
Net commissions income 64,963 67,512 64,078
Net trading income 34,513 3,479 3,479
Other operating income 2,346 4,052 41,313
Surplus value from participation in
Companies not consolidated (1,587) 2,025 2,025
Gross operating results 310,955 257,389 281,147
Less : Staff costs 94,119 93,211 87,667
General expenses and non-
income taxes 52,765 146,884 52,356 145,567 51,723 139,390
Depreciation and
amortization expenses 25,140 21,167 60,073
General provision for credit
risk 45,307 36,749 36,749
Provisions for staff
retirement indemnities 37 194 194
Other provisions 2,431 72,915 2,681 60,791 2,681 99,697
Total operating results 91,156 51,031 42,060
Extraordinary income 1,581 858 858
Extraordinary charges (501) (272) (272)
Extraordinary profit or loss 1,449 817 817
Net profit for the period (before 93,685 52,434 43,463
tax)
Less: Income tax (provision) 31,681 17,002 17,295
Net profit 62,004 35,432 26,168
Less: Minority shareholders' 1,919 3,689 3,030
share
Net profit for the period 60,085 31,743 23,138
Notes :
1. The Group companies of the financial services sector that have been
consolidated under the full consolidation method, excluding "ALPHA BANK",
are: 1. Alpha Bank London Ltd., 2. Alpha Bank Romania S.A., 3. Alpha Bank
Jersey Ltd., 4. Alpha Bank Limited, 5. Alpha Bank A.D. Skopje, 6. Alpha
Leasing A.E., 7. Alpha Investments A.E., 8. Alpha Finance A.X.E.P.E.Y. , 9.
Alpha Private Investment Services A.E.P.E.Y., 10. Alpha Romanian Holdings
Company A.E., 11. Alpha Mutual Fund Management A.E., 12. Alpha Ventures
A.E., 13. Alpha Astika Akinita A.E., 14. Alpha Asset Finance Ltd., 15. Alpha
Credit Group Plc., 16. Alpha Finance U.S. Corporation, 17. Alpha Finance Ltd
Cyprus, 18. Alpha Asset Management A.E.P.E.Y., 19. Alpha Finance Romania
S.A., 20. Alpha Leasing Romania S.A., 21. Alpha Trustees Ltd., 22. Alpha
Equity Fund A.E., 23. ABC Factors A.E., 24. Ionian Holdings A.E., 25. C.B.
Interleasing Southeastern Ltd., 26. Messana Holdings S.A., 27. Alpha
Commercial Real Estate A.E., 28. Alpha Group Jersey Limited.
2. The activities of Alpha Leasing have on consolidation been accounted for
using the finance lease method and the required changes in certain captions
of the balance sheet and income statement have been made. As a result of
this change, the results of the first quarter of 2003 have increased by Euro
70 thousand and the results of the first quarter of 2002 have increased by
Euro 2,072 thousand.
3. Until 31 December 2001 the goodwill of about Euro 668 million that arose from
the acquisition of the former Ionian Bank in 1999, was being amortized at a
rate of 5% per year. In 2002 the unamortized balance of about Euro 578.7
million, in view of the application of Law 3091/2002, was recorded directly
to reserves in order to be netted off in the future. Therefore, to enable
comparison, the amortization charge of Euro 8,350 thousand is not included
in the first quarter of 2002. Also for comparison purposes: a) the net
commission income of 2002 has been increased by Euro 3,434 thousand because
the Bank, instead of charging to its results the commissions paid to
department stores in order to promote its financial products, allocated them
according to the duration of the contracts and b) the Bank's liability to
the Auxiliary Pension Fund has been equally allocated to each quarter of
2002 which resulted in an additional charge to the results of the first
quarter of 2002 of Euro 5,544 thousand. Due to the above changes the income
tax charge has been reduced by Euro 293 thousand and estimated according to
the final tax rate that arose from the Balance Sheet as at 31.12.2002.
Finally, other balances that have been re-instated to facilitate comparison
with the current year do not have any effect in the final result.
4. The majority of the subsidiaries have been audited by the tax authorities for
all years up to and including 31 December 1999.
5. No fixed assets have been pledged.
6. There are no pending legal cases or issues in progress which may have a
material impact on the financial statements of the Group.
7. The total employees of the Group as at 31 March 2003 was 9,686 compared to
9,735 as at 31 March 2002.
8. The accounting policies followed by the subsidiaries of the Group, in
compiling their financial statements, are consistent with those followed in
the prior year and they are in accordance with the relevant provisions of
Company Law 2190/1920 except for the matter discussed in note 2.
Athens, May 6, 2003
The Chairman of the Board The Executive Director The Executive General Manager Chief Group
of Directors and Chief Financial Officer
and General Manager Financial Reporting
and Managing Director
YANNIS S. COSTOPOULOS CONSTANTINE A. MARINOS S. YANNOPOULOS GEORGE N. KONTOS
KYRIACOPOULOS
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The company news service from the London Stock Exchange
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