Aktualizováno Home Credit B.V., World Trade Center , Tower B, Level 9, Strawinskylaan 933 , 1077 XX Amsterdam, The Netherlands
Press Release - Home Credit B.V. reaches record profit levels for second year running
Home Credit B.V. announces IFRS consolidated results for the year ended 31 December 2010:
Amsterdam, 6 April 2011: Home Credit B.V. (‘HCBV’), the Netherlands-based holding company for consumer finance providers operating under the Home Credit brand, and one of the market leaders in CEE and CIS countries (Czech Republic, Slovakia, Russia, Belarus, and Kazakhstan*), announces its consolidated financial results for the year ended 31 December 2010 in accordance with International Financial Reporting Standards (IFRS).
“We are delighted to announce the second consecutive record annual result for HCBV achieving our highest net profit on record during 2010 despite the negative impact of the global downturn on the consumer finance market. Thanks to timely actions taken by management to reduce costs and mitigate risk, HCBV is in a strong position to benefit from recovery in our target emerging markets. Our Group loan portfolio is now returning to pre-crisis levels, growing 29.4% year-on-year, while our risk costs have decreased. The transformation of Home Credit into a fully-fledged retail banking business continues apace in our chosen markets, with retail deposits now comprising over a quarter of total liabilities. Our focus for 2011 will continue its organic growth plans in growing the retail banking franchise, particularly in Russia and Belarus.”(Alexander Labak, HCBV Chief Executive Officer)
HIGHLIGHTS
- Record net profit achieved of EUR 234.2 million as of 31 December 2010 which produced an excellent 330.8% increase on the previous year (2009: EUR 54.4 million).
- Loan portfolio optimised as the net loan book increased by 29.4% to EUR 2,176.9 million from EUR 1,682.1 million for YE 2009.
- Net interest income from continuing operations increased for 2010 by 4.0% to EUR 590.1 million ( 2009: EUR 567.5 million).
- Deposit growth continued as customer deposits increased by 56.3% to EUR 590.0 million increasing the share of current accounts and term deposits as a proportion of total liabilities to 27.5% at the end of 2010 up from 19.3% at the end of 2009.
- Quality of the HCBV loan portfolio improved in the course of 2010 due to timely credit risk mitigation measures and resulted in drop of NPLs to 5.8% of the gross loan book. At the same time the NPLs were sufficiently covered by provisions at a level of 67.7%.
- HCBV remains strongly capitalized and continues to maintain a strong funding base and liquidity position thanks to the commitment from its parent PPF Group as part of its on-going support of HCBV. The consolidated ratio of total equity to total assets grew to 30.3% as of 31 December 2010 (28.6% as of 31 December 2009).
The complete press release is available here.
(commercial information)