Alpha Bank doubles its profit in Albania
Uncategorized Thursday, May 11th, 2006Tirana, May 11 (AENews) – The Albanian branch of Alpha Bank had reportedly doubled its profits from interest profits, operative income, as well as decrease of provision funds, the weekly economic magazine, Monitor, reported recently.
According to the banks financial statement, profit after taxes for 2005 reached LEK804 million (USD8 million, EUR6.5 million)*, from LEK374.6 million in 2004 (USD3.6 million, EUR2.94 million).
At the end of 2005 total assets did not mark an increase as a result of the managing policies of the bank to lower interst expenses. Nevertheless, customer liabilities grew by 19 percent. Shareholder’s equity was doubled, reaching LEK3.4 billion.
During 2005, Alpha Bank of Albania’s ROAA of 2.83 percent and a ROEA of about 31.3 percent.
* Balance sheet figures are in LEK. Average exchange rata according to BoA for 2005 USD 1 = Lek 99.88 and EUR 1 = Lek 124.19. For 2004, average exchangerate was USD 1 = Lek 102.78 and EUR 1 = Lek 127.51
| Alpha Bank Financial Statement | ||
| (thousand LEK) | ||
| 2005 | 2004 | |
| ASSETS | ||
| Cash on hand and at banks | 3,253,055 | 2,606,566 |
| Due to banks | 4,920,544 | 8,120,951 |
| Due to customers | 13,210,263 | 9,860,082 |
| Letra me vlerë intestimi | 6,697,949 | 7,147,125 |
| Fixed assets and other | 483,937 | 470,302 |
| TOTAL ASSETS | 28,565,748 | 28,205,026 |
| LIABILITIES | ||
| Due to banks | 2,792,930 | 6,895,438 |
| Due to customers | 21,790,579 | 18,307,358 |
| Other liabilities | 407,280 | 1,210,262 |
| Reserves | 132,058 | 98,514 |
| Total Liabilities | 25,122,847 | 26,511,572 |
| Total Shareholder’s Equity | 3,442,904 | 1,693,454 |
| TOTAL Liabilities & Shareholder’s Equity | 28,565,751 | 28,205,026 |
| REVENUE | ||
| (thousand LEK) | ||
| 2005 | 2004 | |
| Interest Income | 1,653,379 | 1,311,009 |
| Interest Expenses | -512,475 | -519,617 |
| Net Interest Income | 1,140,904 | 791,392 |
| Fee & Commision Income | 158,235 | 139,828 |
| Net profit from foreign exchange transactions | 64,583 | 78,174 |
| Other operative income | 638 | 48 |
| Total Income | 1,364,360 | 1,009,442 |
| Personnel costs | -92,435 | -83,657 |
| Rent costs | -53,479 | -39,759 |
| Furniture & services | -137,187 | -92,303 |
| Shpenzime të tjera operative | -83,709 | -29,825 |
| Provision for loan loses | 50,985 | -253,038 |
| Total Expenses | -315,825 | -498,582 |
| Profit before Tax | 1,048,535 | 510,950 |
| Income Tax | -244,755 | -136,389 |
| ANNUAL NET INCOME | 803,780 | 374,561 |
Short URL: http://www.albanianeconomy.com/news/?p=153
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on May 11 2006. Filed under Uncategorized.
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