Interim condensed consolidated financial statements
for the six months ended 30 June 2022
Prepared in accordance with International Accounting Standard
IAS 34 Interim Financial Reporting
Contents | ||
Consolidated statement of cash flows for the six months ended 30 June 2022 ............................................................ | 6 | |
1. | Basis of preparation ............................................................................................................................................. | 8 |
2. | Changes in accounting policies.......................................................................................................................... | 12 |
3. | Significant accounting policies ........................................................................................................................... | 15 |
4. | Financial and operational risk management....................................................................................................... | 33 |
5. | Estimated fair value of financial assets and financial liabilities......................................................................... | 102 |
6. | Segment reporting ........................................................................................................................................... | 106 |
7. | Cash and cash equivalents .............................................................................................................................. | 109 |
8. | Financial assets and financial liabilities at fair value through profit or loss ....................................................... | 109 |
9. | Derivatives - Hedge accounting ...................................................................................................................... | 111 |
10. | Financial assets at fair value through other comprehensive income ................................................................ | 116 |
11. | Financial assets and financial liabilities at amortised cost................................................................................ | 117 |
12. | Fair value changes of the hedged items in portfolio hedge of interest rate risk................................................ | 120 |
13. | Investments in joint ventures and associates................................................................................................... | 120 |
14. | Property and equipment and Non-current assets classified as held for sale.................................................... | 121 |
15. | Intangible assets .............................................................................................................................................. | 122 |
16. | Goodwill ........................................................................................................................................................... | 122 |
17. | Current and deferred income tax assets and liabilities..................................................................................... | 123 |
18. | Other assets..................................................................................................................................................... | 123 |
19. | Provisions ........................................................................................................................................................ | 124 |
20. | Other liabilities ................................................................................................................................................. | 124 |
21. | Movements in impairment losses and provisions for financial guarantees and commitments.......................... | 125 |
22. | Equity ............................................................................................................................................................... | 126 |
23. | Financial commitments and contingencies....................................................................................................... | 130 |
24. | Net interest income .......................................................................................................................................... | 131 |
25. | Net fee and commission income ...................................................................................................................... | 132 |
26. | Net trading result.............................................................................................................................................. | 134 |
27. | Other operating income.................................................................................................................................... | 134 |
28. | Other operating expenses................................................................................................................................ | 134 |
29. | Salaries and employee benefits ....................................................................................................................... | 135 |
30. | Other administrative expenses......................................................................................................................... | 135 |
31. | Provisions ........................................................................................................................................................ | 136 |
32. | Impairment losses and Net loss arising from the derecognition of financial assets at amortised cost ............. | 136 |
33. | Income tax expense ......................................................................................................................................... | 136 |
34. | Other comprehensive income .......................................................................................................................... | 137 |
35. | Income tax effects relating to other comprehensive income ............................................................................ | 138 |
36. | Related parties ................................................................................................................................................. | 139 |
37. | Events after the end of the reporting period ..................................................................................................... | 145 |
1
Consolidated statement of financial position as at 30 June 2022 (In thousands of euro)
June | December | ||||
Note | 2022 | 2021 | |||
Assets | |||||
Cash and cash equivalents | 7 | 3 115 522 | 2 612 787 | ||
Financial assets at fair value through profit or loss: | 8 | ||||
Financial assets held for trading | 47 119 | 30 064 | |||
Non-trading financial assets at fair value | |||||
through profit or loss | 6 762 | 7 316 | |||
Derivatives - Hedge accounting | 9 | 195 269 | 55 574 | ||
Financial assets at fair value through other comprehensive income | 10 | 1 493 029 | 1 671 403 | ||
of which pledged as collateral | 1 374 291 | 1 549 666 | |||
Financial assets at amortised cost: | 11 | ||||
Due from other banks | 1 846 229 | 1 819 392 | |||
of which pledged as collateral | 1 653 303 | 1 649 805 | |||
Due from customers | 16 991 386 | 16 659 876 | |||
of which pledged as collateral | 102 049 | - | |||
Fair value changes of the hedged items | |||||
in portfolio hedge of interest rate risk | 12 | (47 456) | 3 301 | ||
Investments in joint ventures and associates | 13 | 10 436 | 18 090 | ||
Property and equipment | 14 | 113 059 | 122 597 | ||
Intangible assets | 15 | 127 689 | 131 776 | ||
Goodwill | 16 | 29 305 | 29 305 | ||
Current income tax assets | 17 | 52 | 1 594 | ||
Deferred income tax assets | 17 | 57 156 | 55 471 | ||
Other assets | 18 | 25 142 | 23 794 | ||
Non-current assets classified as held for sale | 14 | 5 946 | 515 | ||
24 016 645 | 23 242 855 | ||||
Liabilities | |||||
Financial liabilities at fair value through profit or loss: | 8 | ||||
Financial liabilities held for trading | 46 305 | 30 863 | |||
Derivatives - Hedge accounting | 9 | 195 133 | 31 510 | ||
Financial liabilities at amortised cost: | 11 | ||||
Due to banks | 3 372 651 | 3 314 948 | |||
Due to customers | 14 147 642 | 13 952 765 | |||
Lease liabilities | 19 559 | 19 133 | |||
Subordinated debt | 200 152 | 200 150 | |||
Debt securities in issue | 4 151 235 | 3 829 056 | |||
Fair value changes of the hedged items | |||||
in portfolio hedge of interest rate risk | 12 | (11 420) | 2 816 | ||
Current income tax liabilities | 17 | 19 888 | 12 018 | ||
Provisions | 19 | 20 669 | 25 061 | ||
Other liabilities | 20 | 86 676 | 89 611 | ||
22 248 490 | 21 507 931 | ||||
Equity | 22 | ||||
Share capital | 430 819 | 430 819 | |||
Share premium | 13 719 | 13 719 | |||
Legal reserve fund | 87 493 | 89 778 | |||
Retained earnings | 1 231 462 | 1 175 583 | |||
Equity reserves | 4 662 | 25 025 | |||
1 768 155 | 1 734 924 | ||||
24 016 645 | 23 242 855 | ||||
The accompanying notes on pages 8 to 145 form an integral part of these financial statements.
2
Consolidated statement of profit or loss and other comprehensive income
for the six months ended 30 June 2022 (In thousands of euro)
June | ||||
Note | 2022 | |||
Interest income calculated using the effective interest method | 180 386 | |||
Other interest income | 2 315 | |||
Interest and similar expense | (34 942) | |||
Net interest income | 24 | 147 759 | ||
Fee and commission income | 98 771 | |||
Fee and commission expense | (16 149) | |||
Net fee and commission income | 25 | 82 622 | ||
Net trading result | 26 | 6 705 | ||
Other operating income | 27 | 3 706 | ||
Other operating expenses | 28 | (21 767) | ||
Salaries and employee benefits | 29 | (59 767) | ||
Other administrative expenses | 30 | (37 055) | ||
Amortisation | 15 | (9 019) | ||
Depreciation | 14 | (7 180) | ||
Profit before provisions, impairment and tax | 106 004 | |||
Net modification gains or losses | (17) | |||
Provisions | 19, 31 | (63) | ||
Impairment losses | 21, 32 | (30 920) | ||
Net loss arising from the derecognition | ||||
of financial assets at amortised cost | 32 | 8 387 | ||
83 391 | ||||
Share of the profit or loss of investments in joint ventures | ||||
and associates accounted for using the equity method | 1 306 | |||
Profit before tax | 84 697 | |||
Income tax expense | 33 | (20 932) | ||
NET PROFIT FOR THE SIX MONTHS | 63 765 | |||
Other comprehensive income for the six months, after tax: | 34, 35 | |||
Items that shall not be reclassified to profit or loss in the future: | ||||
Change in value of financial assets at fair value | ||||
through other comprehensive income (equity instruments) | (541) | |||
(541) | ||||
Items that may be reclassified to profit or loss in the future: | ||||
Change in value of financial assets at fair value | ||||
through other comprehensive income (debt instruments) | (19 730) | |||
Exchange difference on translation of foreign operations | (92) | |||
(19 822) | ||||
Other comprehensive income for the six months, net of tax | (20 363) | |||
TOTAL COMPREHENSIVE INCOME FOR THE SIX MONTHS | 43 402 | |||
The accompanying notes on pages 8 to 145 form an integral part of these financial statements.
June 2021
- 673
- 775
(15 401)
140 047
82 451
(13 070)
69 381
- 064
- 517
(18 160)
(60 574)
(35 339) (8 072) (7 975)
95 889
(46)
(82)
(20 574)
(1 631)
73 556
- 804
- 360
(17 420)
60 940
460
460
(5 313) (22)
(5 335)
(4 875)
56 065
3
Consolidated statement of changes in equity for the six months ended 30 June 2022
(In thousands of euro)
Revaluation | ||||||||||||||||||
Legal | surplus of | Financial | Translation | |||||||||||||||
Share | Share | reserve | Retained | buildings | assets at | Cash flow | of foreign | |||||||||||
capital | premium | fund | earnings | and land | FVOCI | hedges | operation | Total | ||||||||||
At 31 December 2021 | ||||||||||||||||||
430 819 | 13 719 | 89 778 | 1 175 583 | 17 215 | 7 710 | - | 100 | 1 734 924 | ||||||||||
VUB Leasing Merger | - | - | (2 285) | 2 608 | - | - | - | - | 323 | |||||||||
At 1 January 2022 | 430 819 | 13 719 | 87 493 | 1 178 191 | 17 215 | 7 710 | - | 100 | 1 735 247 | |||||||||
Total comprehensive income | ||||||||||||||||||
for the six months, net of tax | - | - | - | 63 765 | - | (20 271) | - | (92) | 43 402 | |||||||||
Losses on the sale | ||||||||||||||||||
of shares at FVOCI | - | - | - | - | - | - | - | - | - | |||||||||
Gain on disposal of | ||||||||||||||||||
property and equipment | - | - | - | - | - | - | - | - | - | |||||||||
Exchange difference | - | - | - | (104) | - | - | - | - | (104) | |||||||||
Transactions with owners, | ||||||||||||||||||
recorded directly in equity | ||||||||||||||||||
Dividends to shareholders | - | - | - | (10 534) | - | - | - | - | (10 534) | |||||||||
Reversal of dividends distributed | ||||||||||||||||||
but not collected | - | - | - | 144 | - | - | - | - | 144 | |||||||||
At 30 June 2022 | 430 819 | 13 719 | 87 493 | 1 231 462 | 17 215 | (12 561) | - | 8 | 1 768 155 | |||||||||
(Table continues on the next page)
The accompanying notes on pages 8 to 145 form an integral part of these financial statements.
4
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VÚB a.s. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 08:42:07 UTC.