Ad hoc

Preliminary information: VP Bank expects a fall in Group net income for the first half of 2016 – net operating income is set to increase significantly

  ·   Ad hoc announcement pursuant to Art. 53 LR
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Assuming that market circumstances remain unchanged, VP Bank Group expects a fall in Group net income for the first half of 2016 in comparison to the first half of 2015, where the integration of Centrum Bank had a positive one-off effect. Leaving aside this one-off effect, the Bank expects Group net operating income to significantly exceed the prior-year level.

On 30 June 2015, due to the merger with Centrum Bank, VP Bank recorded a one-off event positively affecting net income, which will not be repeated in 2016. Based on current information, and as announced upon publication of the 2015 annual results, net income for VP Bank Group for the first half of 2016 will be lower as compared to the same period in the previous year.

Up to this point, performance over the first semester of 2016 has been very positive. Assuming that market circumstances remain unchanged and leaving aside the one-off effect, the Group expects net operating income to significantly exceed the prior-year level.

 

Please note

The results for the first half year and the semi-annual report will be published as planned on 30 August 2016. No further information on the Group’s business performance will be released until then.

This announcement has been made in line with the rules on disclosing potentially price-sensitive facts in accordance with Art. 53 of the Listing Rules, which require companies to issue a prior notification by means of an ad hoc disclosure in the case of a significant deviation from the prior-year result even if the issuer has not made any projections about future business performance. The company continues to pursue its policy of not announcing any profit forecasts.