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Editor's Pick: Markets: The week that was (16-20/11/09)

(ICB.L) ICB Financial Group Holdings AG Buy/Sell

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Current Market Information

Time: 08:10

Bid	75.00
Ask	85.00
Price	80.00
Previous	80.00
Change	+0 (0.0000%)
Last Trade	80 (16:35:48)
Trading Vol.	0
Today's High	80.00
Today's Low	80.00

52 Wk Low	60.00
52 Wk Low	(19/01/2009)
52 Wk High	80.00
52 Wk High	(24/04/2009)
52 Wk Change	+2.50
52 Wk Change	(+3.23%)
4 Wk Volume	0
ISIN Number	CH0030730391
Currency	GBX

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HSBA.L +6.21	STAN.L +2.09	BNC.L +0.00	IBB.L +0.00
ICB.L +0.00	IRF.L +0.00	EIIB.L -2.06	LLOY.L -6.93
BCB.L -8.16	BARC.L -12.19	RBS.L -22.55	ALBK.L -28.51
BKIR.L -34.71

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Recent News
Date/Time	Headline	Source
16-10-09	ICB Financial Group Holdings AG - Appointment of New Group CEO	PRN
ICB FINANCIAL GROUP HOLDINGS AG APPOINTMENT OF NEW GROUP CHIEF EXECUTIVE OFFICER ICB Financial Group Holdings AG ("ICB") is pleased to announce the appointment of Mr Tai Terk Lin as Group Chief Executive Officer. Mr Tai has a wide range of banking experience covering retail, commercial, private and investment banking. He joins ICB from Platinum Capital Management, a London-based hedge fund company where he held the appointment of Executive Director and Head of Business Development (Asia). Mr Tai started his banking career in 1984 in Supreme Finance before he joined PricewaterhouseCoopers as a consulting manager in its Corporate Care Division. In 1992, Mr Tai joined the Hong Leong Group of companies where he held various positions in banking and investments. He left in 2001 as Chief Executive Officer of Hong Leong Unit Trust and joined AmInvestment Bank as Director/Head of Private Banking and subsequently went on to be Senior Vice President, Private Banking of DBS Bank in Singapore. Mr Tai holds a Master of Business Administration from the Cranfield University, United Kingdom and a Bachelor of Science (Honours) in Mathematics and Physics from the University of Malaya, Kuala Lumpur. He was also a Penang State Scholar. Other professional accreditation includes qualifications as a Certified Financial Planner (CFP(TM)) and a Financial Industry Certified Professional (FICP) in Wealth Management, Singapore. The Company's AIM nominated adviser is RFC Corporate Finance Ltd. Contact Stephen Allen or Trinity McIntyre on +61894802500. END More
14-09-09	ICB Financial Group Holdings AG - Half-yearly Report	PRN
ICB FINANCIAL GROUP HOLDINGS AG `Incorporated in Switzerland` `Registration Number CH-130.3.009.158-0` INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2009 ICB Financial Group Holdings AG (Incorporated in Switzerland) Interim Financial Statements For The 6 Month Period Ended 30 June 2009 `Contents Page(s)` `Interim Results Summary 1` `Financial Highlights 1` `Chairman's Statement 2-3` `Consolidated Income Statement 4` `Consolidated Balance Sheet 5` `Consolidated Cash Flow Statement 6 - 7` `Consolidated Statement of Changes in Equity 8 - 9` `Notes to the Interim Financial Statements 10 - 13` `ICB Financial Group Holdings AG` `Interim Results For The 6 Month` `Period Ended 30 June 2009` Interim Results Summary For the 6 months ended June, 2009, ICBFGH recorded a consolidated loss of USD 3.8 million, compared to a profit of USD 82.1 million in the corresponding period last year. The previous year's result was exceptionally high as it included a one-off gain on sale of its investment in Sorak Financial Holdings Pte. Ltd. of USD 80.4 million. The results for the current half -year were impacted by higher loan impairment charges at the Group's subsidiary at Bangladesh. This is largely due to prudent loan impairment policy adapted by the group in view of the uncertain recovery prospects of non-performing loans. However, other operating subsidiaries namely the bigger operations of the Group like ICB Ghana, Albania and ICB Indonesia were profitable despite a challenging economic and business environment during the first half of the year. Financial Highlights The Group's total loans and advances grew by USD 4.4 million to USD 592.5 million for the first 6 months of this year. Growth was slow as the Group was cautious in its lending approach as the economic and business conditions were generally very difficult during the first half of 2009 due to the continuing impact of the global financial crisis. Deposits grew by USD 24.9 million to USD 802.5 million for the first six months of this year. The large increase was mainly from ICB Bangladesh where a deposit mobilization campaign during the first half was very successful. In addition in USD terms, ICB Indonesia ( Bank Bumiputera) also contributed to increase in deposits but this was mainly due to stronger Rupiah against the USD. The net interest income of the Group of USD 22.9 million was down USD 3.1 million compared to the corresponding period last year. The net interest income was affected by higher cost of funds paid to depositors during the first half of the year due to tight liquidity conditions in most of the countries where the group operates. Operating expenses were within control and increased very marginally by USD 0.9 million to USD 27.2 million due to stringent cost management initiatives. Impairment charges for the half year were USD 7.1 million, an increase of USD 6.3 million mainly from ICB Bangladesh as the Group took a prudent approach to increase impairment charges in view of the uncertain recovery prospects. ICB FINANCIAL GROUP HOLDINGS AG `Chairman's Statement 30 June 2009` In my report to shareholders at the end of 2008, I made reference to the testing economic climate being experienced throughout most of the world. The affect of this has been reflected in trading for the Group in the first half of the year. We have seen a contraction in customer demand, particularly for loan products, and with most of the countries in which the Group operates experiencing some contraction of economies there has been the inevitable increase in impairment charges. The Group's results for the 6 month period ended June 2009 reflect a loss for the period amounting to USD3.8 million. This contrasts with a recorded profit of USD82.1 million for the corresponding period in 2008, although the June 2008 figure was exceptional as it included a one-off gain on the disposal of the Group's investment in Sorak Holdings Pte. Ltd. of USD 80.4 million. Within the results for the first half of the current year, additional loan loss provisions have been raised within ICB Islamic Bank of Bangladesh, an investment in which the Group holds a 50.1% stake. This results from an in depth review by ICB Country and Global Management of the current portfolio and which has identified that recovery prospects in a number of advances had become doubtful. The impairment charges resulting amounted to USD5.8 million and represent 82% of the total Group charge of USD 7.1 million for the half year. Net interest income for the half year at USD 22.9 million was 11% lower than the June 2008 result of USD 26.0 million. This reflects the reduction in customer demand mentioned above, coupled with strong pressure on margins, particularly in Indonesia (Bank Bumiputera). Commission earnings are also illustrative of the reduction in demand, the contribution here of USD 4.6 million representing 90% of the result achieved in June 2008 (USD 5.1 million). Customer loans now total USD 592.5 million, only marginally ahead of the December 2008 result of USD 588.0 million. The picture with customer deposits is very similar. Growth here has been a very modest 3.2% to USD 802.5 million (December 2008: USD 777.6 million). In contrast to the June 2008 result, operating expenses have been well contained, increasing by only 3.5% to USD 27.1 million (June 2008: USD 26.2 million ). However, with the reduction in income, coupled with the fact that two investments are still in the `start-up' phase, the Group's Cost/Income ratio has weakened to 85.3%. Viewing the results on the geographic basis, a sound net profit contribution of USD 3.1 million emerged from Africa. Europe contributed a further USD 0.6 million. However, these results were more than offset by the disappointing performance from Asia which sustained a loss amounting to USD 4.8 million, with the whole of this being attributable to the investment in Bangladesh. The Group continues to expand its operations and range of services in line with strategy. A banking licence has been secured for the Zambian market with operations there scheduled to commence in December of this year. The recent investments in Laos and Malawi are progressing satisfactorily, both having reached that important milestone of profitable trading. Plans to expand the scope of the current retail banking capability across the Group have moved to the implementation phase. This will ensure that the network of banks is in a position to respond to the wider and changing financial needs of customers, and is forecast to deliver a significant increase to net income flows. The Group's progress and development continues to achieve industry recognition, with ICB Albania and ICB Guinea receiving Global Finance Awards for 2009. It is with much sadness that I inform shareholders of the death in May of Mr. Paul Bridges, a non Executive Director of the Group. Mr. Bridges joined the Board in early 2007 and was Chairman of the Group's Audit and Risk Management Committee. He made a significant contribution to the progress and development of the Group in the past two years and is going to be greatly missed. Mr. Lim Teong Liat, a non Executive Director, has been appointed to succeed Mr. Bridges as Chairman of the Audit and Risk Management Committee. I should also advise shareholders that Mr. Prem Kumar, Group CEO, left the company in July. However, I am pleased to say that good progress has been made towards the identification of a successor and the Board anticipates being in a position to make a further announcement in this connection shortly. Trading conditions in the immediate period ahead will remain challenging. However, the Board anticipates benefits from the change programmes will add strength to Group performance, although it will be 2010 before these start to deliver sound flows of incremental income. Michael R Hanlon Chairman ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Income Statement For The 6 Month Period Ended 30 June 2009 `6 months 6 months` `ended ended` `Note 30-Jun-09 30-Jun-08` `USD'000 USD'000` `Interest income 50,182 50,634` `Interest expense (27,257) (24,603)` `Net interest income 22,925 26,031` `Net fee and commission income 4,638 5,123` `Foreign currency gain/(loss) 1,418 (1,843)` `Gains less losses from financial investments 1,583 678` `Gain on disposal of associate - 80,379` `Other operating income 1,299 2,290` `Impairment charges for loans and advances to (7,107) (857)` customers `Fair value change in foreclosed properties (711) (1,303)` `Operating expenses (27,177) (26,264)` `Operating (loss)/profit (3,132) 84,234` `Share of results of associates 62 37` `(Loss)/profit before taxation (3,070) 84,271` `Tax expense (807) (2,122)` `(Loss)/profit for the period (3,877) 82,149` Attributable to: Shareholders of the Company (1,482) 80,189 Minority interests (2,395) 1,960 `(3,877) 82,149` Earnings per share attributable to shareholders of the Company Basic and diluted (Expressed in USD per share) 3 (0.01) 0.45 The accompanying notes form an integral part of the financial statements. ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Balance Sheet As At 30 June 2009 `30-Jun-09 31-Dec-08` `Note USD'000 USD'000` ASSETS `Cash and bank balances 243,366 276,738` `Loans and advances to customers 4 592,544 588,058` `Financial investments 167,928 122,539` `Foreclosed properties 18,109 17,728` `Investment in associates 1,766 1,846` `Goodwill and other intangible assets 61,732 55,036` `Prepaid lease payments 92 107` `Property and equipment 19,087 17,083` `Other assets 35,035 36,443` `Deferred tax assets 4,806 4,537` `Total Assets 1,144,465 1,120,115` LIABILITIES `Deposits from other banks 128,482 133,470` `Deposits from customers 5 802,593 777,652` `Other liabilities 57,478 56,442` `Tax liabilities 1,842 3,046` `Deferred tax liabilities 544 303` `Total Liabilities 990,939 970,913` EQUITY `Paid up share capital 6 145,960 145,960` `Share premium 782 782` `Retained earnings 40,445 45,012` `Other reserves 7,040 (2,655)` `Equity attributable to shareholders of the 194,227 189,099` Company `Minority interests (40,701) (39,897)` `Total Equity 153,526 149,202` `Total Equity and Liability 1,144,465 1,120,115` The accompanying notes form an integral part of the financial statements. ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Cash Flow Statement For The 6 Month Period Ended 30 June 2009 `6 months 6 months` `ended ended` `30-Jun-09 30-Jun-08` `USD'000 USD'000` CASH FLOWS FROM OPERATING ACTIVITIES `(Loss)/profit before taxation (3,070) 84,271` Adjustment for : `Impairment charges for loans and advances to 7,107 857` customers `Amortisation of prepaid lease rental 16 20` `Amortisation of intangible assets 666 220` `Depreciation of property and equipment 1,833 1,219` `Fair value change in foreclosed properties 711 1,303` `Gain on disposal of associate - (80,379)` `Share of results of associates (62) (37)` `Gain on foreign exchange translation (1,418) (761)` `Operating profit before working capital changes 5,783 6,713` `(Decrease)/increase in operating assets 17,142 (48,891)` `(Decrease)/increase in operating liabilities (3,281) 33,764` `Cash generated from/(used in) operations 19,644 (8,414)` `Tax paid (1,574) (1,857)` `Net cash from/(used in) operating activities 18,070 (10,271)` CASH FLOWS FROM INVESTING ACTIVITIES `Proceeds from sale of associate - 156,928` `Acquisition of subsidiary, net of cash acquired - (38,525)` `Purchase of property and equipment (4,179) (1,653)` `Purchase of intangible assets (7,282) (202)` `Net (increase)/decrease in financial investments (54,220) (28,866)` `Net cash (used in)/from investing activities (65,681) 87,682` ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Cash Flow Statement (Cont'd.) For The 6 Month Period Ended 30 June 2009 `6 months 6 months` `ended ended` `30-Jun-09 30-Jun-08` `USD'000 USD'000` CASH FLOWS FROM FINANCING ACTIVITIES `Dividend paid to minority interest - (183)` `Net cash used in financing activities - (183)` `Net (decrease)/increase in cash and cash equivalents (47,611) 77,228` `Cash and cash equivalents at the beginning of the 228,644 194,224` period `Effect of exchange rate changes on cash and cash 14,976 2,391` equivalents `Cash and cash equivalents at the end of the period 196,009 273,843` Cash and Cash Equivalents For the purpose of the cash flow statement, cash and cash equivalents comprise of cash and bank balances, items in the course of collection less mandatory reserve deposits with central banks. The accompanying notes form an integral part of the financial statement. ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Statement Of Changes in Equity For The 6 Month Period Ended 30 June 2009 `< ---- Attributable to Shareholders of the Company --- >` `Share Share Other Retained Minority` `Capital Premium Reserves Earnings Interests Total` `USD'000 USD'000 USD'000 USD'000 USD'000 USD'000` `At 1 January 2008 145,960 782 (2,341) 34,903 19,478 198,782` Currency translation differences arising from `translation to presentation currency - - 6,485 - 434 6,919` `Gains in fair value on available-for-sale - - (826) - (406) (1,232)` securities Transfer of reserve to retained earnings arising `from disposal of associate - - 11,173 (11,173) - -` Net income and expenses recognised directly in `Equity - - 16,832 (11,173) 28 5,687` `Profit for the period - - - 80,189 1,960 82,149` Total recognised income and expense for the `Period - - 16,832 69,016 1,988 87,836` `Minority interest from business - - - - (54,586) (54,586)` combination `Dividend paid to minority interest - - - - (183) (183)` `At 30 June 2008 145,960 782 14,491 103,919 (33,303) 231,849` ICB Financial Group Holdings AG (Incorporated in Switzerland) Consolidated Statement Of Changes in Equity (Cont'd.) For The 6 Month Period Ended 30 June 2009 `< ---- Attributable to Shareholders of the Company --- >` `Share Share Other Retained Minority` `Capital Premium Reserves Earnings Interests Total` `USD'000 USD'000 USD'000 USD'000 USD'000 USD'000` `At 1 January 2009 145,960 782 (2,655) 45,012 (39,897) 149,202` Currency translation differences arising from `translation to presentation currency - - 5,361 978 6,339` `Gains in fair value on available-for-sale - - 1,249 613 1,862` securities Net income and expenses recognised directly in `Equity - - 6,599 - 1,591 8,190` `Capitalization of retained earnings of - - 3,085 (3,085) - -` subsidiary `Loss for the period - - - (1,482) (2,395) (3,877)` Total recognised income and expense for the `Period - - 9,684 (4,567) (804) 4,313` `At 30 June 2009 145,960 782 7,040 40,445 (40,701) 153,526` The accompanying notes form an integral part of the financial statements. ICB Financial Group Holdings AG (Incorporated in Switzerland) Notes To The Interim Financial Statements 1. Basis of Preparation The interim financial statements of the Group are unaudited and have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses. Due to the inherent uncertainty in making those estimates, actual results reported in future periods could differ from such estimates. The interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 December 2008. The interim financial statements were approved by the board on 11 September 2009. 2. Basis of Accounting The interim financial statements of the Group have been prepared under the historical cost convention as modified by the revaluation of available-for-sale financial assets, financial assets and financial liabilities held at fair value through profit or loss. The accounting policies and methods of computation adopted are consistent with those followed in the preparation of the Group's audited financial statements for the year ended 31 December 2008. 3. Earnings per share Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average number of shares in issue, in the 6 month period ended 30 June 2009 of 180,000,000 (2008: 180,000,000). There are no options or other instruments in issue that would dilute the earnings per share. 4. Loans and Advances to Customers `As at As at` `30-Jun-09 31-Dec-08` `USD'000 USD'000` `Gross loans and advances 721,752 713,674` Less: Allowance for losses on loans and advances (129,208) (125,616) `592,544 588,058` 5. Deposits `As at As at` `30-Jun-09 31-Dec-08` `USD'000 USD'000` `Current accounts 111,654 103,771` `Saving accounts 128,232 106,367` `Time deposits 547,915 522,583` `Others 14,792 44,931` `802,593 777,652` 6. Paid-up Share Capital `No of Shares` `As at As at As at As at` `30-Jun-09 31-Dec-08 30-Jun-09 31-Dec-08` `000 000 USD'000 USD'000` As at 1 January/30 June `Share of CHF1 each 180,000 180,000 145,960 145,960` 7. Subsidiaries & Associates Details of subsidiaries & Associates are as follows: `% effective` `interest held` `Country of As at As at Principal` `Incorporation 30-Jun-09 31-Dec-08 Activities` Name of subsidiaries International `Commercial Commercial` `Bank (The Gambia) Ltd. Gambia 99.10 99.10 Bank` International `Commercial Commercial` `Bank S. A. Guinea 97.00 97.00 Bank` International `Commercial Commercial` `Bank (Sierra Leone) Sierra Leone 99.98 99.98 Bank` Ltd. International `Commercial Commercial` `Bank SH. A Albania 100.00 100.00 Bank` `ICB-Banco Internacional Commercial` `De Comércio, S.A.R.L Mozambique 99.99 99.99 Bank` International `Commercial Commercial` `Bank Limited Ghana 100.00 100.00 Bank` `PT Bank Bumiputra Commercial` `Indonesia Tbk Indonesia 67.07 67.07 Bank` International `Commercial Commercial` `Bank (Djibouti) S.A. Djibouti 99.90 99.90 Bank` `ICB Global Management Providing` `Sdn. Bhd. Malaysia 100.00 100.00 Technical &` `Management` `Services` `ICB Islamic Bank Ltd Bangladesh 50.10 50.10 Commercial` `Bank` `International Laos 100.00 100.00 Commercial` `Commercial Bank Lao Ltd Bank` `International Malawi 100.00 100.00 Commercial` `Commercial Bank Ltd - Bank` Malawi 7. Subsidiaries & Associates (Cont'd.) `% effective` `interest held` `Country of As at As at Principal` `Incorporation 30-Jun-09 31-Dec-08 Activities` Name of associates International Commercial `Bank (Tanzania) Commercial` `Limited Tanzania 20.00 20.00 Bank` International `Commercial Commercial` `Bank Senegal S.A. Senegal 20.00 20.00 Bank` International `Commercial Commercial` `Bank Zambia Limited Zambia 100% - Bank` The Companys AIM nominated adviser is RFC Corporate Finance Ltd. Contact Stephen Allen or Trinity McIntyre on +61894802500. END* More
11-08-09	ICB Financial Group Holdings AG - Appointment of Acting CEO	PRN
ICB Financial Group Holdings AG Appointment of Acting Chief Executive Officer ICB Financial Group Holdings AG (the "Company") wishes to inform that its Head of SME and Commercial Banking, Mr. George Koshy, has been appointed as Acting Chief Executive Officer of the Company. This announcement is dated 11 August 2009 The Company's AIM nominated adviser is RFC Corporate Finance Ltd. Contact Stephen Allen or Trinity McIntyre on +61894802500. END More
31-07-09	ICB Financial Group Holdings AG - Resignation of CEO	PRN
ICB Financial Group Holdings AG Resignation of Chief Executive Officer ICB Financial Group Holdings AG ("ICB") advises that its chief executive officer, Mr Prem Kumar, has resigned from the company. The company has commenced an executive search process for a suitable replacement and in the interim is being managed by a committee of general managers under the overall supervision of the chairman of the board of directors, Michael Hanlon. This announcement is dated 31 July 2009 The Company's AIM nominated adviser is RFC Corporate Finance Ltd. Contact Stephen Allen or Trinity McIntyre on +61894802500. END More

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