Pt Platinum Public Limited Reports 2011 Consolidated IFRS Results
Pt Platinum Public Limited (hereafter Platinum Bank) ended the financial year 2011 with net income after tax of US$11.281 thousand (2010: US$10.674 thousand). Return on Equity (ROE) reached 13%. Cost to Income ratio improved to 54%.
Following 2010 record results, Platinum Bank’s 2011 results confirmed once again its’ reputation of a strong, sustainable financial institution with the potential to become one of the leaders of CEE’s retail banking sector. Even with the acquisition of a similar sized bank last year, 2011 operational performance allowed Platinum Bank to post a significant profit and related ROE. In 2011, Platinum Bank completed the acquisition of PJSC “Home Credit Bank” (renamed to PJSC “Bank Vostok”) from Home Credit BV. Subsequently the assets and liabilities of PJSC “Bank Vostok” were transferred to Platinum Bank and PJSC “Bank Vostok” was disposed of by the end of 2011. In 2011, Platinum Bank’s retail deposit portfolio increased by more than 450%, UAH retail loan money disbursed to the Client by the Bank for a certain period and on terms as specified in the agreement. Loan portfolio by more than 200% and its Total Assets increased by 120%.