Izola Bank plc - Interim Results

Monday, July 30th, 2012

On 27 July, Izola Bank plc published its financial statements for the six months ended 30 June 2012. The Bank reported a 12.2% rise in net interest income to €964,200 reflecting the higher return from the Bank’s investments. Meanwhile, Izola reported a 7.2% drop in non-interest income to €895,956 reflecting the decrease in the discount charge in the cost of factoring and invoice discounting in line with the prevailing low interest scenario. Nonetheless, the Bank’s total operating income grew by 1.9% to €1.86 million.

Izola reported an 11.7% drop in non-interest expenses to €576,809 leading to a 300 basis points decrease in the cost to income ratio to 32.2%. However the comparable figure of the previous financial year included a one-off marketing expense.

This resulted in an operating profit before impairment allowances of €1.28 million representing a 9.5% increase over the comparable figure last year. Impairment allowances amounted to €22,968 which represent just a fraction of the Bank’s €17.2 million factored receivables.

The Bank’s profit before tax for the period under review amounted to €1.26 million representing a 6.7% rise over the pre-tax profit registered during the first six months of 2011. After accounting for a tax charge of €450,581 (H1 2011: €407,549), the Bank’s net profit amounted to €809,798 compared to €773,626 in the first half of 2011.

The Balance Sheet reveals that total assets grew by 3.8% to €93.2 million since 31 December 2011 following increases in both investments and factored receivables. Shareholders’ funds increased by 8.2% to €18.58 million following the profits generated during the period under review and further capital contributions from the owners of the Bank.

Download a copy of the Izola Bank plc Interim Financial Statements for the six months ended 30 June 2012

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