DGAP-News: UniCredit Bank Austria AG: Bank Austria's results for the 2010 financial year
(firmenpresse) - DGAP-News: UniCredit Bank Austria AG / Key word(s): Final Results
UniCredit Bank Austria AG: Bank Austria's results for the 2010
financial year
23.03.2011 / 11:07
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Results for the 2010 financial year:
Bank Austria: net consolidated profit of EUR 747 million despite negative
impact of non-operating items totalling EUR 456 million
- Operating performance after provisioning charge improved by 18 per cent
to EUR 1.6 billion
- 'Sustainable' income from commercial banking business with customers
significantly higher than in the previous year: net interest and net
fees and commissions up by a combined 6 per cent
- Net writedowns of loans and provisions for guarantees and commitments
in Austria and CEE reduced by 19 per cent to a total of EUR 1.8 billion
- Both Austria-based business segments and CEE Division operate
profitably
- Non-operating items have a negative impact of EUR 456 million on
performance
- Goodwill impairment charge of EUR 359 million relating to ATF Bank in
Kazakhstan is the largest single item
- Profit before tax down by 14 per cent as a result of these effects;
adjusted for the goodwill impairment, profit before tax would have
been up by 13 per cent
- Net consolidated profit (without non-controlling interests) down by 32
per cent to EUR 747 million as non-operating items to be deducted and
the tax charge were higher than in the previous year
- Capital base further improved: total capital ratio rises to just over
12 per cent, Core Tier 1 capital ratio increases to 10 per cent
- Bank Austria launches new growth initiatives in Austria and CEE on the
basis of its sound equity capital and primary funds
Bank Austria's CEO Willibald Cernko: '2010 saw two developments which
offset each other: on the one hand, commercial banking business with
customers recovered and the provisioning charge in Austria and Central and
Eastern Europe continued to decline, so that the bank's operating
performance improved by 18 per cent compared with the previous year. On the
other hand, higher non-operating items including the goodwill impairment
charge relating to ATF Bank in Kazakhstan had a significant impact on
bottom-line profits. If these one-off effects are not taken into account in
the analysis, one can see a favourable development: the 'sustainable'
income components rose strongly, customer business showed a clear upward
trend, and improvements were achieved in the structure of assets and
liabilities and in our capital base. Customer loans are covered by customer
deposits and debt securities in issue to the extent of almost 100 per cent.
With our excellent equity capital base - in terms of the core elements of
equity capital, without inclusion of hybrid or participation capital, we
have the strongest capital base among all major banks in Austria - we
continue to support the Austrian economy through our lending operations. In
2010, lending volume in the Group grew to a total of EUR 130 billion and in
Austria Bank Austria continues to be the largest lender at
single-institution level. After years of consolidation and crisis, we are
now pursuing growth in Austria and Central and Eastern Europe.'
Items in the income statement
The following factors should be noted when analysing financial trends in
thepast financial year: commercial banking business experienced an upswing
with a significant increase in the 'sustainable' components of income and a
considerably reduced provisioning charge; on the other hand, one-off
effects including the sale of UniCredit CAIB and the impairment loss on
goodwill relating to Kazakhstan weighed on profits and prevented the
improvement in operating performance from becoming clearly visible. The
following comments explain these effects and their impacts on individual
items in the income statement.
In 2010, net interest income was EUR 4,701 million, down by 3.6 per cent
(2009: EUR 4,877 million). Net interest income generated by the CEE
business segment, which accounts for two-thirds of the figure for the bank
as a whole, rose by a strong 9 per cent, while the figure for Austrian
customer business was down by 23 per cent. The decrease was not due to
operating business but to the decline in trading-induced interest income,
which was exceptionally high in the first quarter of 2009; as markets
returned to normal, it was not possible to repeat this interest income
performance in 2010. Another factor contributing to the decrease was the
sale of UniCredit CAIB. The trading activities of the then UniCredit CAIB
resulted in a shortfall of EUR 364 million compared with the previous year.
Adjusted for this special effect, net interest income from commercial
banking business was up by 4 per cent from the previous year.
Net fees and commissions increased by 9 per cent to EUR 1,990 million in
2010 (2009: EUR 1,831 million), mainly due to growth in fee-based
securities business, which had not yet returned to pre-crisis levels.
Net trading, hedging and fair value income amounted to EUR 326 million,
exactly matching the figure for the previous year. This reflects
developments which moved in opposite directions: while the net trading
performance in CEE was lower than the exceptionally high level recorded in
2009, the Corporate&Investment Banking (CIB) Division recorded a positive
swing in its net trading result to EUR 35 million, from a net loss in the
previous year to a significant amount of net trading income in 2010,
despite organisational changes in trading and investment banking
activities. This shows that the strategic reorientation in favour of
customer-driven trading activities was the right strategy.
Operating income was EUR 7,208 million, more or less matching the previous
year's level (2009: EUR 7,245 million). A detailed analysis shows that the
'sustainable' components of income generated by commercial banking business
with customers rose by 5.6 per cent to EUR 6,226 million while other income
declined by 27 per cent to EUR 982 million - especially as a result of the
above-mentioned significant decline in trading-induced interest income.
Operating expenses totalled EUR 3,766 million in 2010, a slight increase of
4 per cent over the previous year (2009: EUR 3,615 million). Staff costs
increased by no more than 2 per cent, while non-staff expenses rose by 9.9
per cent compared with the previous year, mainly due to the further
targeted expansion of the sales network and costs in CEE relating to IT
modernisation. The cost/income ratio for the bank as a whole rose to 52.3
per cent as operating income was slightly lower.
Operating profit declined by 5 per cent to EUR 3,442 million; adjusted for
the special effects described above, operating profit grew by 3 per cent
(2009: EUR 3,630 million).
Net writedowns of loans and provisions for guarantees and commitments were
EUR 1,839 million, down by a substantial EUR 428 million or 19 per cent
from the previous year (2009: EUR 2,267 million) but still significantly
higher than the pre-crisis level. The reduction of risk-related costs was
achieved both in Austrian customer business and in Central and Eastern
Europe. In Austria, the provisioning charge declined by 30 per cent to EUR
384 million (2009: EUR 549 million), in CEE by 15 per cent to EUR 1,454
million (2009: EUR 1,718 million). Overall, the cost of risk (provisioning
charge measured as aproportion of average loans to customers) declined
from 178 basis points (bp) to 144 bp.
If net writedowns of loans and provisions for guarantees and commitments
are deducted from operating profit, the result - the key measure of
operating performance - shows a significant improvement of 18 per cent to
EUR 1,602 million for 2010 (2009: EUR 1,363 million); it should be noted
that this calculation is based on published figures, reflecting the
significant decline in trading-induced interest income compared with the
previous year.
Net income from investments was EUR 62 million, lower than in the previous
year (2009: EUR 113 million). The decrease was mainly due to a decline in
income from equity investments as Bank Austria's contractual participation
in the current profits of the Polish banking subsidiary (Footnote 1)
expired at the end of 2009; income from the latter item in 2009 was EUR 106
million. The other non-operating items between operating profit and profit
before tax in 2010 included a large amount of valuation adjustments. The
charge for goodwill impairment in 2010 was EUR 378 million (2009: EUR 19
million), of which EUR 359 million related to ATF Bank, our banking
subsidiary in Kazakhstan, where the goodwill impairment test led to a need
for adjustment.
The significant improvement in results from commercial banking business,
after the provisioning charge, was absorbed by impairment losses on
goodwill and other non-operating expenses. As a result, profit before tax
was EUR 1,146 million, down by 14 per cent from the previous year (2009:
EUR 1,335 million). A detailed analysis shows that improvements achieved in
commercial banking business were offset by special non-operating effects
which totalled EUR 456 million. Adjusted for these non-operating items,
profit before tax would have increased by 12.8 per cent instead of falling
by 14 per cent.
Income tax to be deducted from profit before tax in 2010 was EUR 348
million, an increase of 91 per cent.
Net profit amounted to EUR 798 million, the amount attributable to
non-controlling interests (previously: minority interests) remained
unchanged at EUR 51 million. Net consolidated profit (net profit
attributable to the owners of Bank Austria) for 2010 was EUR 747 million,
down by 32 per cent from the previous year (2009: EUR 1,102 million).
The following key financial data have been calculated on the basis of the
above-mentioned results:
- Return on equity before tax was 6.7 per cent.
- Return on equity after tax was 4.5 per cent.
- The cost/income ratio rose slightly, to 52.3 per cent.
- The risk/earnings ratio (provisioning charge as a percentage of net
interest income) was 39.1 per cent.
- The total capital ratio (based on all risks) increased to 12.13 per
cent (2009: 10.92 per cent).
- The Tier 1 capital ratio (based on all risks) improved to 10.35 per
cent (2009: 8.68 per cent).
- The Core Tier 1 capital ratio (based on all risks) improved to 10.04
per cent (2009: 8.33 per cent).
- Earnings per share were EUR 3.30 (2009: EUR 5.45), based on the average
number of 226.3 million shares outstanding in 2010.
Results of the Divisions
Bank Austria reports its results in four Divisions: Family&SME Banking
(F&SME), Private Banking (PB), Corporate&Investment Banking (CIB) and CEE
Banking (Central Eastern Europe). The bank also shows results for its
Corporate Center.
In 2010, the former Retail Division was expanded to include the customer
group comprising small and medium-sized enterprises (SMEs) up to EUR 50
million in turnover (Footnote 2). Operating under the new name Family&SME
Banking since 1 July 2010, the Division has enhanced its regional service
approach for commercial customers, with services to SMEs now being provided
through 60 instead of previously 22 specialised branches. The Family&SME
Banking business segment is a major pillar of Bank Austria, with loans
totalling EUR 20 billion and deposits amounting to EUR 22 billion (as at
the end of 2010) and with operating income of over 1 billion euros.
The F&SME Division is characterised by large business volume and a sharp
focus on customer business. Therefore it did not experience any major
setbacks in the years of the financial market crisis and recession.
Nevertheless, in 2010, operations serving private customers and small
businesses felt the repercussions of economic developments in the difficult
years preceding 2010. The moderate trend in operating performance reflected
the fact that customers were seeking to reduce debt, primarily by repaying
short-term loans and financing purchases of durable goods to a larger
extent out of current cash flow, all the more so as the low interest rate
environment did not permit any significant returns on savings. Overall, the
Family&SME Banking business segment emerged significantly better from the
transitional year 2010 than was to be expected in view of cyclical
developments.
Net fees and commissions, a major income component accounting for 38 per
cent of total revenues, rose by 4 per cent to EUR 404 million, mainly
driven by a favourable development in the first half of 2010. As interest
margins narrowed, net interest income declined by 6 per cent to EUR 647
million although average lending volume was 5 per cent higher than in the
previous year. Despite a moderate cost trend, operating profit for 2010
declined by 16 per cent to EUR 253 million (2009: EUR 300 million). Profit
before tax was EUR 47 million, 27 per cent lower than in the previous year
(2009: EUR 65 million). The cost/income ratio was 75.9 per cent (2009: 72.2
per cent).
The Private Banking Division - represented by the two brands Bank Austria
Private Banking and Schoellerbank - maintains a presence in 25 locations
throughout Austria, with 569 employees serving almost 34,000 high net worth
individuals with a minimum investment potential of EUR 500,000. With a
market share of 19 per cent and about EUR 17 billion in client assets under
management, the Private Banking Division is market leader in Austria. The
investment strategy gives priority to preserving wealth over achieving
short-term performance, and risks are managed through wide diversification.
Following completion of the reorganisation in 2009, the Private Banking
Division - in its new structure in 2010 - became the third pillar of Bank
Austria's customer business in Austria. In its first year, the Private
Banking Division achieved volume growth and exceeded the planned results;
customer portfolios showed a very good performance. From 2011,
Schoellerbank will become the Private Banking competence centre for
customers from Central and Eastern Europe, which also offers significant
growth potential for Austria.
2010 saw various innovations, including the introduction of Private
Portfolio Premium, which offers investors more possibilities of individual
fine-tuning. Private Banking launched the 'PREMIUM Aktion 3 Prozent Plus',
a campaign under which investors receive a bonus of up to 3 per cent in the
form of interest credited to their account if the agreed performance target
is not met. Portfolio quality analysts, a new function established in 2010,
review portfolio quality on an ongoing basis and adjust portfolios to the
environment and strategy.
Net fees and commissions - which are the main revenue component in Private
Banking, accounting for 68 per cent of operating income - were up by 9 per
cent to EUR 95 million, while net interest income, at EUR 43 million, was
significantly lower than in the previous year (2009: EUR 55 million) as
interest margins narrowed. Operating income nevertheless rose by 3 per cent
to EUR 140 million compared with the previous year (2009: EUR 136 million).
In 2010, operating expenses increased by 3 per cent to EUR 101 million; the
increase reflects the first-time consolidation of Schoellerbank Invest, a
capital investment company, in June 2010. Profit before tax amounted to EUR
39 million, an increase of 1 per cent over the previous year (2009: EUR 38
million). Private Banking business is based on staff-intensive client
relationships, reflected in a cost/income ratio of 72.3 per cent compared
with 71.7 per cent in 2009.
Total financial assets (assets managed for clients) of the Private Banking
Division rose by 4.4 per cent to EUR 16.9 billion, of which EUR 7.1 billion
is under Schoellerbank's management. Deposits accounted for 32.3 per cent
of total investment volume in the Division; assets under management (asset
management and managed products) were 29,6 per cent and assets under
custody were 38 per cent of total investment volume.
Corporate&Investment Banking (CIB): The restructuring of corporate
banking which started in 2009 was completed in 2010, and the CIB Division
now focuses on customer business. The sale of UniCredit CAIB AG to
HypoVereinsbank was finalised as at 1 June 2010 as planned. Customer-driven
investment banking business, Bank Austria's funding activities and local
capital market activities were previously reintegrated from UniCredit CAIB
AG into Bank Austria.
A major initiative launched in 2010 was 'GemeindeMilliarde', under which
Bank Austria, the market leader in business with public sector entities,
granted loans to municipalities at favourable terms and conditions for
investment in infrastructure and social measures. Loans made available by
Bank Austria under its 'AufschwungKredit' initiative - nominated as the
most innovative financial service of the year in Austria at the Alpbach
Financial Symposium in 2010 - supported the competitiveness of small and
medium-sized businesses in Austria in a persistently difficult economic
environment.
The CIB Division's operating income from commercial banking business
remained more or less stable, at EUR 1,334 million. The decline of EUR 228
million from the total figure for the previous year (2009: EUR 1,562
million) was due to the special effect - already explained in the general
comments on the income statement - of exceptionally large trading-induced
interest income generated in the early part of 2009. This special effect
also explains why operating profit was down by 21 per cent to EUR 899
million (2009: EUR 1,144 million). Although the provisioning charge was
reduced by almost one half (by EUR 137 million or 45 per cent) to EUR 169
million compared with the previous year, profit before tax, at EUR 706
million, was 7.5 per cent lower than in the previous year (2009: EUR 764
million). Without the above-mentioned special effect, profit before tax
would have increased by 38 per cent. The cost/income ratio, though slightly
higher, was still a low 32.6 per cent (2009: 26.7 per cent).
Profit before tax generated by the CEE Banking Division in 2010 rose by 16
per cent to EUR 1,064 million (2009: EUR 916 million). The region of
Central and Eastern Europe thus once more underlined its role as the
mainstay of Bank Austria's growth and a major contributor to profits.
In 2010, particularly strong growth was recorded in the 'sustainable'
components of income: net interest income and net fees and commissions rose
by 8 per cent and 12 per cent, respectively, to EUR 3,256 million and EUR
1,185 million. As net trading income declined, total operating income rose
only slightly, by 1 per cent to EUR 4,649 million. Operating expenses
amounted to EUR 2,128 million (2009: EUR 1,951 million), operating profit
for 2010 reached EUR 2,521 million (2009: EUR 2,669 million). The
cost/income ratio increased slightly, from 42.2 to 45.8 per cent.
Overall, volume and operating income in the CEE business segment picked up
in 2010. The analysis of the past five years shows that operating income
came very close to the peak level achieved in 2008. Costs continued to be
lower than in 2008, despite an increase of 9 per cent in 2010 compared with
the previous year.
In 2010, net writedowns of loans and provisions for guarantees and
commitments were EUR 1,454 million, down by 15 per cent compared with the
previous year as the economic environment in CEE improved. In line with
regional economic trends, Turkey and Russia benefited from the strongest
improvements in this context. In the Baltic countries and in Kazakhstan and
Ukraine, the provisioning charge declined by a combined 18 per cent; the
two latter countries still accounted for 40 per cent of the total figure
for net writedowns of loans and provisions for guarantees and commitments
in CEE.
Bank Austria is the sub-holding company for UniCredit's operations in
Central and Eastern Europe. In this function it manages a leading banking
network in the CEE region with about 52,000 employees and some 3,000
branches in 18 countries.
'In the aftermath of the global crisis, the economic recovery in Central
and Eastern Europe is consolidating. Although the regional growth prospects
will vary significantly in 2011, every country in CEE, as covered by our
banking network, is expected to show gains for the first time in four
years. Moreover we should also see some further recovery of the banking
sector in general. Hence our Group remains focused on risk control and
efficiency, we seize these days the right time to pick up on organic growth
and to invest again. Until 2015 we intend to open about 900 new branches in
selected countries such as Turkey, Romania, Hungary, Russia, Bulgaria and
Serbia', said Gianni Franco Papa, Deputy CEO of Bank Austria and Head of
CEE Division.
Statement of financial position
Bank Austria's total assets as at 31 December 2010 were EUR 193 billion,
slightly lower than in the previous year (31 December 2009: EUR 194.5
billion). The most important structural change in the reporting year - the
deconsolidation of UniCredit CAIB AG - was offset by an expansion of other
items in the statement of financial position. At year-end 2009, UniCredit
CAIB AG was contained in the items 'Non-current assets and disposal groups
classified as held for sale' and 'Liabilities included in disposal groups
classified as held for sale', at EUR 13.2 billion and EUR 10.5 billion,
respectively. Adjusted for this effect, total assets would have risen by
6.5 per cent in 2010.
The structure of the bank's financial position improved in several ways in
2010: the proportion of business with customers increased, interbank
business was reduced in line with the general trend in the banking sector,
and equity rose especially as UniCredit strengthened Bank Austria's equity
capital with a EUR 2 billion capital increase in March 2010. Leverage
(total assets minus intangible assets / equity minus intangible assets)
thus continued to decline, from 18.2 to 13.8.
On the assets side, loans and receivables with customers increased by 5.3
per cent or EUR 6.5 billion to EUR 130.1 billion (31 December 2009: EUR
123.6 billion). Loans and receivables with banks continued to decline, as
in previous years, contracting by EUR 3.3 billion or 14.4 per cent to EUR
19.7 billion (2009: EUR 23.1 billion). Financial assets held for trading
increased by 4 per cent, to EUR 4.3 billion (2009: EUR 4.1 billion). Among
the other items on the assets side, goodwill declined by EUR 190 million or
5.5 per cent to EUR 3.2 billion.
On the liabilities side, deposits from customers were up by 3.3 per cent or
EUR 3.2 bilion to EUR 100 billion (2009: EUR 97 billion). Debt securities
in issue declined slightly, by EUR 1.3 billion or 4.4 per cent to EUR 27.6
billion (2009: EUR 28.8 billion). Interbank business remained almost
unchanged, at EUR 33.1 billion (2009: EUR 33.4 billion).
Primary funds - i.e. deposits from customers and debt securities in issue -
increased by 1.6 per cent to EUR 127.8 billion (2009: EUR 125.9 billion),
representing two-thirds (66.2 per cent) of total liabilities and equity.
This means that loans and receivables with customers were covered by
primary funds to the extent of 98 per cent.
As at year-end 2010, equity was EUR 17.5 billion, an increase of EUR 3.1
billion or 21.5 per cent over the end of the previous year (2009: EUR 14.4
billion). At the end of 2010, the Tier 1 capital ratio based on credit risk
was 11.68 per cent (2009: 9.76 per cent). The Tier 1 capital ratio based on
all risks improved to 10.35 per cent (2009: 8.68 per cent). The Core Tier 1
capital ratio - Tier 1 capital ratio without hybrid capital - roseto 10.04
per cent (2009: 8.33 per cent).
Staff numbers in the Bank Austria Group including the employees of
UniCredit subsidiaries (Footnote 3) in Austria totalled 62,524 (full-time
equivalents)
as at 31 December 2010 (31 December 2009: 63,218 FTEs). Of this total,
10,908 FTEs were employed in Austria and 51,616 FTEs in CEE countries.
Footnote 1: When Bank BPH, Bank Austria's Polish banking subsidiary, was
sold to UniCredit in November 2006, it was agreed that Bank Austria would
receive a share of current profits of the combined Bank BPH and Pekao Bank
for the three subsequent years.
Footnote 2: This restructuring is not yet reflected in segment reporting
for 2010.
Footnote 3: Administration Services (now UniCredit Business Partner), BTS
(Banking Transaction Services), Pioneer Investments Austria, WAVE (now
UGIS), UniCredit Leasing and UniCredit CAIB were transferred on an
intra-group basis.
in Euro mn 2010 2009 change in Euro change in
mn %
Net interest 4,543 4,733 -190 -4.0%
Dividend income 31 54 -23 -43.0%
Other income from equity
investments 126 89 37 41.2%
Net interest income 4,701 4,877 -176 -3.6%
Net fees and commissions 1,990 1,831 159 8.7%
Net trading, hedging and fair
value
income/loss 326 326 0 0.1%
Net other expenses/income 191 211 -20 -9.7%
Net non-interest income 2,507 2,369 139 5.9%
OPERATING INCOME 7,208 7,245 -38 -0.5%
Payroll costs -1,931 -1,894 -37 1.9%
Other administrative expenses -1,527 -1,389 -137 9.9%
Recovery of expenses 2 2 0 -9.2%
Amortisation, depreciation and
impairment losses on tangible
and intangible assets -310 -333 23 -6.9%
OPERATING EXPENSES -3,766 -3,615 -151 4.2%
OPERATING PROFIT 3,442 3,630 -189 -5.2%
Goodwill impairment -378 -19 -360>100%
Provisions for risks and
charges -136 -114 -22 19.5%
Restructuring costs -4 -9 5 -54.5%
Net writedowns of loans and
provisions for guarantees
and commitments -1,839 -2,267 428 -18.9%
Net income from investments 62 113 -51 -44.9%
PROFIT BEFORE TAX 1,146 1,335 -189 -14.2%
Income tax -348 -182 -166 91.0%
NET PROFIT 798 1,152 -355 -30.8%
Net profit attributable to the
owners
of the parent company 747 1,102 -355 -32.2%
Non-controlling interests 51 51 0 -0.2%
in Euro bn 31.12.2010 31.12.2009
Total assets 193.0 194.5
Equity 17.5 14.4
Enquiries:
Günther Stromenger
Corporate Relations - Bank Austria
phone: +43 (0) 50505 - 57232
e-mail: guenther.stromenger(at)unicreditgroup.at
Issuer:
UniCredit Bank Austria AG
Schottengasse 6-8, 1010 Vienna, Austria
e-mail: investor.relations(at)unicreditgroup.at
Internet: http://ir.bankaustria.at
Largest bonds by volume issued:
ISIN: Stock exchanges:
XS0592044597 Luxemburg
XS0343689377 Luxemburg
XS0372532514 Luxemburg
AT000B048988 Vienna
Further stock exchanges where bonds are admitted to listing:
Frankfurt, Stuttgart, Paris, Zurich, Munich
Contact:
Günther Stromenger
Corporate Relations - Bank Austria
phone: +43 (0) 50505 - 57232
e-mail: guenther.stromenger(at)unicreditgroup.at
End of Corporate News
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23.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: UniCredit Bank Austria AG
Schottengasse 6 - 8
1010 WienÖsterreich
Phone: 0043 (0) 50505 - 57232
Fax: 0043 (0) 50505 - 8957232
E-mail: investor.relations(at)unicreditgroup.at
Internet: www.bankaustria.at
ISIN: AT0000995006
WKN: 99500
Listed: Foreign Exchange(s) Luxembourg, Wien (Amtlicher Handel /
Official Market)
End of News DGAP News-Service
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116451 23.03.2011
Datum: 23.03.2011 - 11:07 Uhr
Sprache: Deutsch
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