Third quarter report 2009

Transcription

1 Third quarter report 2009 Group

2 Development in results and financial position Main elements of the performance Once again the Group had a surplus after provision for bad debts in the third quarter. The good result was thanks to high net interest margins, low costs, and normal provision for bad debts. The market is still very interested in ya Bank s products. So far this year, the Bank has received ,000 applications for various banking products, of which 40,000 0 applications are for consumer loans. These applications Deposit Loan Credit card represent requests for loans totalling MNOK 4,000. Out of these, only slightly more than 1,500 loans have been approved, and 500 loans have been paid out, MNOK 41 altogether. The average life for consumer loans is less than five years, which means that it is normal that large numbers of customers fall off from the loan portfolio. Consequently, the Bank has so far in 2009 had a slight decline in the volume of its consumer loans. ya Bank no longer provides housing mortgages, which means that the housing mortgages portfolio will be reduced over time, albeit at a slower pace than the consumer loans portfolio. In October 2009 ya Bank noticed an improvement in the quality of the applications for loans, which hopefully means that the volume of lending will start increasing again. Within the Credit Cards sector ya Bank experienced growth both in the number of cards issued and in the volume of loans granted. The deposits ratio continued to be very high in the third quarter, and the Bank enjoys extremely good liquidity. As at 30 September 2009 total assets amounted to MNOK 1,445, and book shareholders equity amounted to MNOK 215. The Bank s capital adequacy as at 30 September 2009 was 15.7 per cent (10 per cent is the minimum requirement). Capital adequacy at Group level is 16.6 per cent. ya Bank has 27 permanent employees Accumulated numbe r of new customers in year

3 Development in results and financial position Financial performance For the third quarter 2009 the operating profit after provision for bad debts was MNOK 3.5 as against a deficit of MNOK 24.5 in the third quarter There was an accumulated deficit of MNOK 3 in the third quarter 2009 as against an accumulated deficit of MNOK 38.9 in the same period of 2008, of which MNOK 15.6 was due to depreciation of the Bank s bonds portfolio. As at 30 September 2009 the bonds portfolio had appreciated by MNOK 0.5. Key figures group per quarter in MNOK (excl. Metatech) The figure on the right shows that Group revenues developed well both in the second and third quarters 2009, while at the same time costs were further reduced. Losses in the third quarter were somewhat higher than in the second quarter The challenge for ya Bank in the period ahead will be to increase the volume of lending without having to compromise with the Bank s requirement for limited credit risk. ya Bank s response to this challenge is not to increase the risk, but to increase the effort to sell various credit card products through third parties, so-called white label agreements. Sales through third parties will not involve the same risk-based anti-selection as a newly started internet bank is normally subjected to. During the autumn of 2009 four new white label agreements were signed, under which the Bank s partners want to offer credit cards with their own branding. The credit cards under two of these agreements will be launched before 1 January 2010, whereas the credit cards under the two latter agreements will not be marketed until sometime during the second quarter ya Holding ASA ya Holding ASA is the holding company of ya Bank AS and MetaTech AS, and is the only company in the Group that is OTC-listed. Since its establishment three years ago there have been no major changes to the list of shareholders, other than that First Securities ASA became a new major shareholder of ya Holding ASA in the spring of 2009, with a 10 per cent holding. ya Holding ASA has no activities other than managing its ownership interests in the Bank and in Meta Tech AS, the data supplier. This company is a supplier of ya Bank s credit card system and loans system. As at 30 September 2009, ya Holding ASA had bank deposits amounting to MNOK 6. Contact: Mr Svein Lindbak, Managing Director/CEO, sl@ya.no, tel Q Q Q Q Q Q Q Net income Losses on lending and write-downs on securities Operating expenses Profit before tax 3

4 Income statement and balance sheet Income statement 3. Quarter 3. Quarter January-September Full year Amounts in NOK '000 Note Interest income and similar income Interest expenses and similar expenses Net interest and credit commission income Commission income Commission expenses Other operating income Other operating income net Net income Salaries and general administration costs Depr.of tangible fixed asset and int.assets Other operating expenses Operating expenses Operating profit before losses Losses on lending 1, Write-downs on securities Profit before tax Tax on ordinary profit Profit on ordinary operations after tax Balance sheet Amounts in NOK '000 Note Cash and receivables from central banks Lendings to and receivables from credit institutions Lendings to and receivables from customers Write-down of lendings Bonds and certificates Capital gain bonds Goodwill Deferred tax benefit Other intangible assets Tangible fixed assets Other assets Pre-paid not yet accrued expenses Total assets Deposits from and debts to customers Other liabilities Accrued expenses and received not yet acc. income Paid-up equity Accumulated equity Minority interests Total equity and liabilities Off-balance sheet items 3 4

5 Notes Amounts in NOK ' Loss provision Write-offs taken to expense New individual write-downs Total new individual write-downs Write-back of individual write-downs Total individual write-downs Write-back of previous write-offs Changes in group write-downs of lendings Write-dows in income statement Non-performing and doubtful commitments Non-performing commitment * Loss provisions in balance sheet Non-performing commitments, net * Loans ya Bank has foreclosed on because they are more than 45 days in arrears 3. Off-balance sheet items Guarantees Unused credit lines Total Capital adequacy ya Bank's capital adequacy requirement is that the subordinated capital must make up 10% of a calculation base to be further defined, and 8% for ya Holding and MetaTech. Paid-up equity Accumulated equity Minority interests Total equity deferred tax benefit other intangible assets Subordinated capital (core capital) Calculation base Capital adequacy ratio 16,6 % 16,8 % 16,7 % 5. Other The accounting figures as of 31 St. Of December 2008 have been audited and approved by the auditor. Other figures have not been audited. The accounts have been done in accordance with the laws and regulations in force for Norwegian banks. 5