Allied Irish Banks, p.l.c. Completes KeppelTat Lee Bank Alliance.DUBLIN, Ireland--(BUSINESS WIRE)--Aug. 6, 1999-- Allied Irish Banks, p.l.c. (`AIB') [NYSE: AIB;AIBPR:FMBPR] today announced that, following the receipt of all regulatory and other approvals, it had invested S$351 million in 3 Year Senior Bonds with Warrants in Keppel TatLee Bank Limited (`KTB') in Singapore. AIB has also concluded an Agreement for the sale of it's Private Banking and Treasury operations in Singapore to KTB KTB - 'Kay, Thanks, Bye KTB - Keppel Tatlee Bank Ltd (commercial bank in Singapore) KTB - Kick the Bucket for a consideration of S$41.2 million. The sale will take effect on 15 October 1999. AIB has agreed to subscribe for 10,280,000 new ordinary shares in KTB, on the same date, representing 0.94% of the enlarged equity of KTB, for a total consideration of S$41.12 million. KTB announced its half yearly results to 30 June 1999 on 5 August. We attach a copy of the summary commentary and Profit and Loss Account issued by KTB . For further information please contact: Our USA representative is Greg Lehman,Vice President, D.F. King and Co. Inc., 77 Water St., New York, NY 10005. Phone 212-493-6965 KEPPEL TATLEE BANK LIMITED FIRST HALF 1999 GROUP PERFORMANCE (1) Summary The Keppel TatLee Bank Group1 recorded an increase of 293% in net attributable profits to $113.8 million for the half-year ended June 1999. The substantial increase in profits was due to higher revenues from an enlarged operation, improved interest margins as well as significant cost savings arising from the merger. As a result, return on shareholders' funds improved from 4% to 9.1% on an annualized basis while earnings per share for the half-year increased from 4.9 cents to 10.5 cents. The improved economic climate in Singapore and the region, as well as the success of the merger integration, also led to the Group's strong performance in the following areas: (a) 148% rise in operating profit to $196.6 million (1998: $79.4 million). (b) Substantial improvement in expense-to-income ratio to 33.4% (1998: 43.0%). (c) Increase in shareholders' funds by 72% to $2.5 billion (1998: $1.5 billion). (d) 13% decrease in total non-performing loans (NPLs) to $1,927 million from end-December 1998. (d) Adequate provision coverage. Total cumulative (specific and general) provisions amounted to $1,214 million, covering 63% of total NPLs2. NPLs in Indonesia are more than 100% covered by provisions while that of Thailand are covered up to 97%. 1 On 15 August 1998, Tat Lee Bank (TLB) became a wholly owned subsidiary of Keppel Bank (KB) and was subsequently merged with KB on 26 December 1998. The first half 1999 results therefore represent that of the merged entity, the new Keppel TatLee Bank Group, whereas the interim 1998 figures represent only those of KB. 2 NPLs are stated conservatively on a gross basis, without netting out security value. Those in the Substandard category include loans to borrowers with weak financials even though interest and principal payments are current. The Board of Directors of Keppel TatLee Bank Limited wishes to announce the following:- -0-
1 UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 1999
------------------------------------------------------
The Group The Bank
----------------------------- ------------------------------
Incr/ Incr/
1999 1998 (Decr) 1999 1998 (Decr)
---- ---- ------ ---- ---- ------
$'000 $'000 % $'000 $'000 %
Interest income 492,441 400,367 23.0 428,779 353,810 21.2
Less: Interest
expense 270,959 302,358 (10.4) 246,738 282,447 (12.6)
Net interest
income 221,482 98,009 126.0 182,041 71,363 155.1
Fee and commission
income 50,228 16,808 198.8 13,335 6,179 115.8
Trading/dealing
results 10,416 20,509 (49.2) 4,025 19,554 (79.4)
Dividend income 1,797 317 466.9 1,508 10,137 (85.1)
Rental income 2,594 949 173.3 2,176 852 155.4
Other income 8,665 2,683 223.0 5,194 2,274 128.4
Total non-interest
income 73,700 41,266 78.6 26,238 38,996 (32.7)
Income before
operating
expenses 295,182 139,275 111.9 208,279 110,359 88.7
Less : Staff costs 49,855 32,912 51.5 36,234 23,855 51.9
Other operating
expenses 48,758 26,968 80.8 37,621 20,835 80.6
Total operating
expenses 98,613 59,880 64.7 73,855 44,690 65.3
Operating Profit 196,569 79,395 147.6 134,424 65,669 104.7
Less : Provision for
possible loan
losses and
diminution in
value of other
assets 66,318 42,226 57.1 52,492 37,693 39.3
130,251 37,169 250.4 81,932 27,976 192.9
Share of results of
associate 3,696 1,320 180.0 - - -
Net Profit before
taxation 133,947 38,489 248.0 81,932 27,976 192.9
Less : Taxation 14,801 6,316 134.3 - 3,000 (100.0)
Net Profit after
taxation 119,146 32,173 270.3 81,932 24,976 228.0
Less : Minority
interests 5,321 3,185 67.1 - - -
Net profit
attributable
to members 113,825 28,988 292.7 81,932 24,976 228.0
|
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion