Annual Results
April 14 2011 - 7:14AM
UK Regulatory
TIDMICB
14th April, 2011
ICB Financial Group Holdings AG (ICBFGH)
Announcement of Results - Financial Year Ended 31 December 2010
PERFORMANCE IN FINANCIAL YEAR 2010
ICBFGH recorded a consolidated profit for the financial year ended 31 December,
2010 of USD6.2 million compared to a loss of USD9.5 million in the previous
financial year. Profit attributable to shareholders for 2010 was USD5.2 million
against a loss of USD4.1 million in 2009.
The improved results for the year was mainly contributed to by ICB Ghana which
recorded a profit of USD5.1 million and turnaround of ICB Bangladesh from a
loss of USD11.2 million in 2009 to profit of USD1 million in 2010.
Summary of Key Results
Year Ended Year Ended Inc/(Dec)
31 December 31 December
2010 2009
USD Mil USD Mil USD Mil
Consolidated Net Interest Income 68.6 49.4 19.2
Consolidated Profit/ (Loss) after tax 6.2 ( 9.5 ) 15.7
Consolidated Profit/(Loss) After Tax 5.2 ( 4.1) 9.3
Attributable To Shareholders
Equity Attributable to Shareholders 207.8 200.3 7.5
Earnings per share (USD) 0.03 (0.02) 0.05
Return on Equity ( %) 2.60% -2.05% 4.65%
Total Loans & Advances 889.9 713.8 176.1
Total Deposits 1,238.6 951.7 286.9
Highlights of the Group's Performance
* Total assets grew by 23% to USD1,633 million, total loan and advances grew
by 25% to USD889.9 million and customer deposits grew by 30% to stand at
USD 1,238.6 million. These growths were mainly contributed to by ICB
Bumiputera, ICB Ghana, ICB Islamic Bangladesh and ICB Laos.
* Net interest income grew by USD19.2 million to USD68.6 million. This was
contributed to by the higher loans growth recorded in 2010.
* Fee and commission income was higher by USD3.1 million in 2010 arising from
the higher volume of fee and commission based activities transacted during
the year.
* Operating expenses increased by USD18.9 million to USD77.4 million. The
increase was mainly due to the opening of new branches, investments in IT
systems and additional staff recruitment to support business expansion.
* Impairment charges for loans and advances was lower by USD8.4 million in
2010 in comparison with the previous year mainly due to lower impairment
charges incurred at ICB Islamic Bank Bangladesh Ltd.
Outlook for the Current Year
Whilst there have been improvements in the overall operating efficiency of the
Group in 2010 as a result of the transformation initiatives under taken over
the past 2 years, these improvements and transformations are on-going and
expected to gain further traction in the current year. With these initiatives,
the Group is expected to further improve its operating efficiency and
productivity in the current year.
Further, the Group is of the view that the overall economic environment will
remain competitive and challenging especially in the light of political
uncertainty in North Africa and the high commodities and crude oil prices which
are expected to put pressure on inflation. Despite these challenges, the Group
remains cautiously optimistic and barring the unforeseen, the Group expects the
current year's financial performance to be satisfactory and profitable.
For more information, please contact:
Tai Terk Lin
Group CEO
Tel: +603-62016051
Fax: +603-62016053
Email: tl.tai@icbglobal.com.my
ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.
END
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