Izola Bank plc - Interim Results

Monday, July 28th, 2014

On 25 July, Izola Bank plc published its financial results for the six months ended 30 June 2014. The Bank reported an improved level of income for the period under review, supported by an increase in net fees and commissions of 40.1% to €1.4 million as the bank expanded its factoring portfolio and recorded capital gains from its treasury operations. Overall, the Bank’s operating income increased by 30% to €2.7 million, compared to the €2 million registered during the same period in 2013.

Izola’s administrative expenses increased by 6% during the first half of 2014, although the cost-to-income ratio improved to 27% (2Q2013: 39.4%), as the increase in the Bank’s income surpassed the rise in the Bank’s costs.

The Bank’s profit before tax figure increased by 57% to €1.9 million, and after a tax charge of €0.7 million, Izola’s net profit amounted to €1.3 million – representing an increase of 59% over the comparable period in 2013.

Izola’s total assets increased by 6.8% to €127.6 million, largely attributable to the rise in the Bank’s customer lending and investment portfolios, which increased by 11.8% and 19.4% respectively. Moreover, factoring receivables also rose but to a lesser extent. This increase in the Bank’s activities was supported by repo operations with the Central Bank of Malta and the European Central Bank. Izola Bank reported that the quality of its lending portfolio showed no deterioration, whilst liquidity and capital ratios remained substantially above regulatory requirements.

Download a copy of the Izola Bank plc – Company Announcement.

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