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Management Report |
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| Management Report
Net margin
Cost/income ratio
31.12.2009
31.12.2008
31.12.2007
31.12.2009
31.12.2008
31.12.2007
0.57 %
0.67 %
0.70 %
63.80 %
59.58 %
65.21 %
Return on equity
Total profitability
31.12.2009
31.12.2008
31.12.2007
31.12.2009
31.12.2008
31.12.2007
4.78 %
4.65 %
5.58 %
0.23 %
0.23 %
0.35 %
The net margin is 0.57 per cent, the cost/income ratio is 63.80 per cent, the return on equity is 4.78 per cent and total profitability
is 0.23 per cent.
Source of funds/capital structure
31.12.2009
31.12.2008
Change
EUR m
Per cent
EUR m
Per cent
EUR m
Per cent
Liabilities
to banks
4,397.38
60.3 % 3,765.42
56.6 %
631.96
16.8 %
Giro deposits
747.75
10.2 %
662.72
10.0 %
85.03
12.8 %
Savings deposits
587.30
8.0 %
590.35
8.9 %
-3.05
-0.5 %
Certificated liabilities
1,075.89
14.7 % 1,099.38
16.5 %
-23.49
-2.1 %
Equity capital
343.54
4.7 %
317.72
4.8 %
25.82
8.1 %
Other liabilities
144.03
2.0 %
218.04
3.3 %
-74.01
-33.9 %
Liabilities
7,295.89
100 % 6,653.62
100.0 %
642.27
9.7 %
On the liabilities side, the increase in total assets is primarily attributable to a significant rise in liabilities to banks. These rose by 16.8
per cent (EUR 631.96 m) to EUR 4,397.38 m. A significant rise was also recorded by giro deposits, by 12.8 per cent (EUR 85.03 m) to
EUR 747.75 m, and equity capital by 8.1 per cent (EUR 25.82 m) to EUR 343.54 m. The following decreased: other liabilities by 33.9 per
cent (EUR 74.01 m) to EUR 144.03 m, certificated liabilities by 2.1 per cent (EUR 23.49 m) to EUR 1,075.89 m and savings deposits by
0.5 per cent (EUR 3.05 m) to EUR 587.30 m.
Income statement
2009
2008
Change
EUR m
EUR m
EUR m
Per cent
Net interest income
61.65
50.78
10.87
21.4 %
Income from securities and investments
13.53
16.13
-2.60
-16.1 %
Income from commission
24.76
27.48
-2.72
-9.9 %
Income / expenses from financial transactions
1.80
4.57
-2.77
-60.6 %
Other operating income
12.42
11.68
0.74
6.3 %
Operating income
114.16
110.64
3.52
3.2 %
Personnel expenses
-41.53
-40.34
1.19
2.9 %
Other administrative expenses (cost of materials)
-21.24
-20.43
0.81
4.0 %
Depreciation of assets
-3.61
-3.94
-0.33
-8.4 %
Other operating expenses
-6.45
-1.21
5.24
433.1 %
Operating expenses
-72.83
-65.92
6.91
10.5 %
Operating result
41.33
44.72
-3.39
-7.6 %
Balance of reversals from / allocations to the provisions
for receivables
-24.11
-15.26
8.85
58.0 %
Balance of reversals from / allocations to the provisions
for securities, investments
-0.51
-14.39
13.88
-96.5 %
Earnings from ordinary business activities
16.71
15.07
1.64
10.9 %
Income situation
Operating income performed positively in 2009. It increased by
3.2 per cent (EUR 3.52 m) to EUR 114.16 m. This was particularly
due to the net interest income which increased by 21.4 per cent
(EUR 10.87 m) to EUR 61.65 m and a slight rise in other operating
income by 6.3 per cent (EUR 0.74 m) to EUR 12.42 m. Income/ex-
penses from financial transactions fell by EUR 2.77 m to EUR 1.80
m. Income from securities and investments also decreased by 16.1
per cent (EUR 2.60 m) to EUR 13.53 m and income from commis-
sion dropped by 9.9 per cent (EUR 2.72 m) to EUR 24.76 m.
Operating expenses increased this year by 10.5 per cent (EUR
6.91 m) to EUR 72.83 m, due principally to a rise in other operat-
ing expenses by EUR 5.24 m to EUR 6.45 m. However, this
increase is due exclusively to the one-off effect of the above-
mentioned malversation. A slight rise was posted by personnel
expenses, by 2.9 per cent (EUR 1.19 m) to EUR 41.53 m, and other
administrative expenses by 4 per cent (EUR 0.81 m) to EUR 21.24
m. On the other hand, depreciation of assets decreased by 8.4
per cent (EUR 0.33 m) to EUR 3.61 m.
The balance from provisions for receivables and allocation to
provisions for contingent liabilities, as well as income from the
reversal of provisions for receivables and from provisions for
contingent liabilities increased appreciably by EUR 8.85 m to EUR
24.11 m as a consequence of the financial market crisis shifting to
the real economy. This shifting is also apparent in the substantial
reduction in the balance resulting from provisions for securities
that are valued like financial investments, and for investments, as
well as income from provisions for securities that are valued like
financial investments, and for investments, by EUR 13.88 m to
EUR 0.51 m.
Despite the difficult economic climate, we managed to increase
the earnings from ordinary business activities by 10.9 per cent
(EUR 1.64 m) to EUR 16.71 m.
Bank branches
As at 31 December 2009, Raiffeisen-Landesbank Tirol AG was
represented in the market territory by 23 branches, five of which
are self-service. The employees at our branches look after more
than 66,500 private and commercial customers.
Personnel
In the 2009 financial year, Raiffeisen-Landesbank Tirol AG had
an average of 523.50 employees (502.7 salaried employees and
20.8 wage-earners). This represents a decrease of 1.5 per cent in
comparison with 2008.