DGAP-News: Bancorp: Preliminary figures for 2012/2013 highlight positive business performance
(firmenpresse) - DGAP-News: Bancorp Wealth Management New Zealand Limited / Key
word(s): Preliminary Results
Bancorp: Preliminary figures for 2012/2013 highlight positive business
performance
11.12.2013 / 11:43
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Bancorp: Preliminary figures for 2012/2013 highlight positive business
performance
- Overall performance climbed 200% to NZD 41.1 million (EUR 24.6m)
(previous year: NZD 13.7 million (EUR 8.2m))
- Net profit of around NZD 4.6 million (EUR 2.8 m) (previous year: NZD
-0.1 million (EUR - 0.06m))
- Growth strategy being systematically implemented
- Positive outlook for current financial year 2013/2014
- Intra-year dividend payments to continue
Auckland, New Zealand, 11 December 2013 - Bancorp Wealth Management New
Zealand Limited (Bancorp), New Zealand's leading banking group in the
private and investment banking sector with an international focus, has
successfully completed the past 2012/2013 financial year and systematically
advanced the Group's ongoing development.
On the basis of preliminary figures, overall performance climbed 200% to
NZD 41.1 million (EUR 24.6m; previous year: NZD 13.7 million (EUR 8.2m)).
Group-wide revenues rose by around 142% in the reporting period (1 July
2012 to 30 June 2013) to NZD 31.4 million (EUR 18.8m; 2011/2012: NZD 13.0
million (EUR 7.8m)). Other income increased significantly to NZD 9.7
million (EUR 5.8m; 2011/2012: NZD: 0.7 million (EUR 0.4m)). At around NZD
4.6 million (EUR 2.8 m), net earnings for the year were up significantly
compared to the same period of the previous year (2011/2012: NZD -0.1
million (EUR -0.06m)). Earnings per share amounted to NZD 0.42 (EUR 0.25)
as at 30 June 2013 (total number of shares: 11,000,001).
This significant rise in sales revenue is due in particular to the
expansion of the strategic equity investment in Boston Marks Holdings
Limited (Boston Marks) from 20% to 40%. As a result, the international
specialist for the brokerage of aircraft insurance was added to the Bancorp
consolidated group. Thus, 96% of sales generated in the 2012/2013 financial
year related to the Aviation division. In the second business area, Private
Banking, rising sales volumes were generated in particular by the growth of
the bond programme that has been in place since 2009.
The ongoing strategic development of the company is also positively
reflected in its accounting ratios. With total assets of around NZD 90.0
million (EUR 53.9m) as at 30 June 2013 (30 June 2012: NZD 40.7 million (EUR
24.4m)) and a significant surge in equity to around NZD 18.6 million (EUR
11.1m; 30 June 2012: NZD 5.5 million EUR 3.3m)), the equity ratio as at the
end of the reporting period was around 20.7%. Cash and cash equivalents
amounted to NZD 5.2 million (EUR 3.1m) as at 30 June 2013 (30 June 2012:
NZD 4.6 million (EUR 2.8m)).
In the current 2013/2014 financial year, the company will continue to focus
on expanding its market position in both business areas. The growth driver
and core element of the chosen expansion strategy in Aviation is the equity
investment in Boston Marks, whose international positioning provides access
to new customer groups and sales markets. In Private Banking, in addition
to continuous service improvement and extending the product range, Bancorp
will also seek to steadily scale up its sales structures. The number of
financial consultants doubled to 23 in the reporting period and is expected
to rise to 50 in the medium term. Alongside a stronger penetration of the
Japanese market, currently the most important sales market in Private
Banking, the division will also focus on tapping new markets in Asia, such
as South Korea.
Against this backdrop, Bancorp's management is anticipating that the
positive trend will continue. According to current internal planning, a
sales increase of at least 15% with growing profitability is forecasted for
the current financial year 2013/2014. The company will also continue to
implement intra-year dividend payments, thereby accommodating the
requirements of its shareholders. The dividend in the past 2012/2013
financial year was NZD 0.045 or EUR 0.027 (year-end dividend of NZD 0.022,
interim dividend of NZD 0.023). A dividend of at least the same amount is
expected for the current financial year.
The Board of Directors
For more information visit: www.bancorp.co.nz
About Bancorp Group
Bancorp Wealth Management New Zealand Limited (ISIN: NZBWME0001S2) and its
subsidiaries are a banking group based in New Zealand that provides
predominantly Asian clients with banking services and investment
opportunities in New Zealand. Under its internationally oriented 'Aviation'
division, the company holds equity investments in the field of aviation
financing, insurance brokers and aviation-related companies. Bancorp Wealth
Management New Zealand Limited acts as a holding company. Its operating
activities are conducted by 13 subsidiaries and equity investments.
It is intended to admit the shares of Bancorp Wealth Management New Zealand
Limited to trading in the Entry Standard of the Frankfurt Stock Exchange in
2013.
End of Corporate News
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