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Consolidated, unaudited figures, as of 30 September 2011, calculated according to the International Financial Reporting Standards (IFRS).

„The business results confirm the strength and stability of Slovenská sporiteľňa and also that our strategy is working. Profit growth was mainly influenced by increasing business volumes and our responsible costs policy. Owing to growing profitability, we are able to strengthen the bank’s capital base in turbulent times. I am pleased that these excellent results were also appreciated by experts from the rating agency Fitch who improved the individual rating of Slovenská sporiteľňa,“ said Jozef Síkela, Chairman of the Board of Directors and CEO of Slovenská sporiteľňa. 

FINANCIAL HIGHLIGHTS AS OF 30 SEPTEMBER 2011 (Y/Y COMPARISON)

• Net interest income increased by 6.0% y/y from EUR 329.3 million to EUR 349.2 million
• Net fee and commission income grew by 9.5% from EUR 82.4 million to EUR 90.2 million
• Operating profit increased by 11.7% y/y from EUR 238.4 million to EUR 266.3 million
• Profit after tax increased by 54.7% from EUR 95.0 million to EUR 147.0 million
• Volume of loans and advances to retail customers grew by 8.2% y/y to EUR 4.2 billion
• Amounts owed to customers increased by 8.7% y/y from EUR 7.8 billion to EUR 8.4 billion
• Total assets grew by 3.2% y/y to EUR 11.3 billion
• Cost income ratio improved significantly to 39.3%
• Capital adequacy ratio achieved 14.9% and considerably exceeds the 8% limit stipulated by law (according to NBS, Basel II requirements and IRB approach)
• Loans to deposits ratio reached 78.0%

BUSINESS PERFORMANCE OVERVIEW OF SLOVENSKÁ SPORITEĽŇA
AS OF 30 SEPTEMBER 2011
Net interest income increased by 6.0% from EUR 329.3 million to EUR 349.2 million. This positive trend was achieved mainly by the increase in volume of provided loans and also higher volume of client deposits. The increase of net interest income is also positively influenced by responsible credit policy. The bank is placing surplus equity into state securities of the Slovak Republic.

Fee and commission income increased by 9.5% from EUR 82.4 million in the third quarter of 2010 to EUR 90.2 million. This positive development is mainly the result of growing volume of provided loans and higher volume of client transactions on their accounts. Fees related to payment transfers and administration of client accounts represented the largest share on fee and commission income.

The bank was able to maintain general administrative expenses at a low level of EUR 173.9 million which is a slight decrease compared with last year’s EUR 179.0 million. In the first nine months of this year, the bank opened 11 new sales points and 18 sales points were reconstructed. We have also added 28 new ATMs to our network. Growth of operating income, improved processes and costs management made it possible to considerably improve the cost income ratio from 42.6% at the end of the third quarter 2010 to 39.3% at the end of the third quarter 2011.
Operating profit for the third quarter reached EUR 266.3 million; accounting for a y/y increase of 11.7%.

Risk costs decreased by 39.8% from EUR 101.0 million to EUR 60.8 mil. in line with better risk parameters of the bank’s portfolio and lower creation of provisions. Slovenská sporiteľňa covers defaulted loans with provisions (without taking collateral into account) on a comfortable level of 87.6% (in September 2010 it was 84.5%).

Consolidated profit after tax grew y/y by 54.7% from EUR 95.0 million to EUR 147.0 million. “In the third quarter, the bank was also able to maintain the positive trend of operating profit growth which we achieved by increasing operating income and lowering operating costs. The increase of profit after tax was also the result of an effective risk management system and healthy loan portfolio. The positive development in the area of defaulted loans enabled us to lower the volume of created provisions. We also supported the growth of business by new or reconstructed sales points and also ATMs,” said Štefan Máj, Deputy Chairman of the Board of Directors of Slovenská sporiteľňa.

The volume of loans to customers increased by 8.6% and achieved EUR 6.6 billion compared with the third quarter of 2010. Out of this volume, retail loans accounted for EUR 4.2 billion, posting a y/y increase by 8.2%. Housing loans grew by 11.5% y/y. The increasing trend in consumer loans from the previous year continued and compared with the third quarter of 2010, it recorded an increase of 5%. Slovenská sporiteľňa maintains the highest market share in housing loans and consumer loans.

Amounts owed to customers grew by 8.7% from EUR 7.8 billion to EUR 8.4 billion. Retail deposits increased to the level of EUR 6.1 billion in 2011 (2010: EUR 6.0 billion), providing a solid base for financing. Loans to deposits ratio increased further to 78.0% from last year’s 77.5%.

Currently, Slovenská sporiteľňa has no Italian, Spanish, Irish, Portuguese or Greek bonds.

Current ratings of Slovenská sporiteľňa (as of 30 September 2011)

 Financial results of Slovenská sporiteľňa as of 30 September 2011