Page 86 - ARUBA BANK

10 ADVERTENTIE Antilliaans Dagblad Dinsdag 4 juni 2019

Consolidated

Financial

Highlights

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Management report increase in its loans and advances from HYI XS XLI IǺ IGXW SJ .+7 4XLIV STIVEXMRK expect to adequately manage the rapid growth
ANG 348 million to ANG 388 million, while its expenses increased from ANG 6.0 million to SJ :MHERSZE 'ERO ;I FIPMIZI ǻ VQP] XLEX SYV
ECONOMIC SITUATION cash & due from banks decreased from ANG ANG 6.2 million. Personnel expenses increased commitment to provide high quality service
According to the Central Bureau of Statistics 92 million to ANG 73 million. from ANG 8.2 million to ANG 8.9 million as a and personal attention in commercial banking,
the Curacao economy is experiencing a On the liability side of the Balance Sheet, the consequence of movements in personnel. mortgages, international transactions,
prolonged recession with an economic increase in assets was accompanied by an 8LI GYQYPEXMZI IǺ IGX SJ XLIWI HIZIPSTQIRXW e-commerce and bond/loan agency will
contraction since 2016 (-1%), 2017 (-1.7%) and increase of funds entrusted from ANG 376 resulted in a decrease in operating expenses enable Vidanova Bank to continue to prosper.
2018 (-1.6%). While the CBCS projects some million to ANG 417 million as the over-liquid- from ANG 19.3 million to ANG 16.8 million. In order to adopt to new emerging technologies,
growth in 2019 this is based on the underlying ity was reduced. Shareholders’ equity 8LI VIWYPXMRK STIVEXMRK TVSǻ X MW &3, QMPPMSR Vidanova Bank has initiated the process of
EWWYQTXMSR XLEX XLI VIǻ RIV] [MPP GSRXMRYI XS decreased from ANG 80 million to ANG 79 (2017: ANG 1.4 million). Taking into account the actively investing in this area. Digital
operate, albeit in a limited way (paying the million as a consequence of the increase in TVSǻ X XE\ SJ &3, QMPPMSR XLI RIX TVSǻ X MW technologies and services will be one of our
salaries). This assumption is a very tenuous the regulatory reserve and a decrease in the ANG 4.2 million. (2017: ANG 1.1 million). focal points for the near future. The introduction
SRI EW MX MW YRGIVXEMR JSV LS[ PSRK XLI VIǻ RIV] retained earnings due to the implementation of our mobile banking application is not far
will continue to pay salaries and if and when of the IFRS 9 accounting standard. OUTLOOK away. Further digitalization will follow shortly.
a new operator will be found. In view of the Venezuelan developments and We are convinced that our strategy will further
CONSOLIDATED INCOME STATEMENT their repercussions on our economy it is unlikely FIRIǻ X SYV GPMIRXW WXEǺ ERH SYV WLEVILSPHIV
On the positive side 2018 was the best year Interest income increased with ANG 0.4 million that Curacao will see economic growth in ;I SRGI QSVI [ERX XS XLERO SYV GPMIRXW WXEǺ
ever for Curacao tourism (both stay over and while interest expenses decreased with ANG 2019. Whether PdVSA will continue to pay the and shareholder for making it possible to
cruise). Another big challenge facing the 0.2 million. The cumulative effect of these salaries to the ISLA personnel till the end of continue to provide them with high quality
monetary union (Curaçao and Sint Maarten) developments resulted in an ANG 0.6 million 2019 is uncertain. Whether a serious partner and personal attention.
MW E LMKL HIǻ GMX SR XLI GYVVIRX EGGSYRX SJ XLI increase in interest margin to ANG 16 million. will be found to operate let alone modernize
balance of payments. While the deficit for Net fee & commission income increased from XLI VIǻ RIV] ERH KYEVERXII MXW PSRK XIVQ WYVZMZEP Curaçao, May 31, 2019
2017 was ANG 1.1 Billion the estimates for 2018 ANG 2.4 million to ANG 3.0 million. is also uncertain at this moment. On the other
is ANG 1.6 Billion and 2019 ANG 1.8 Billion. Total operating income increased from ANG hand the tourism sector is looking very Managing Board of Directors of Vidanova
20.6 million to ANG 22.2 million. promising with many large and smaller projects Bank N.V.:
CONSOLIDATED BALANCE SHEET In 2018 the net impairment gain on loans and opening soon, in construction or in operation.
During 2018, Vidanova Bank realized an advances of ANG 1.2 million was primarily )IWTMXI XLI HMǽ GYPX IGSRSQMG WMXYEXMSR [I L. Rigaud & R. de Lanoy

Consolitated Balance sheet ŅĹŸŅĬĜÚ±ƋåÚ FĹÏŅĵå B. SPECIFICATION OF ACCOUNTS
The specification of accounts is an extract of the most
±Ÿ Ņü Ƒŏ %åÏåĵÆåųØ Ɨljŏî ŸƋ±ƋåĵåĹƋ üŅų ƋĘå Ƽå±ų åĹÚåÚ important accounts derived from the statutory consolidated
(After proposed appropriation of results) Ƒŏ %åÏåĵÆåųØ Ɨljŏî ǻ RERGMEP WXEXIQIRXW SJ XLI 'ERO
12.31.2018 12.31.2017 2018 2017 I Assets 12.31.2018 12.31.2017
ANG 000 ANG 000 ANG 000 ANG 000 ANG 000 ANG 000
ASSETS INVESTMENT SECURITIES
Interest income 20,678 20,282
Cash and due from banks 73,112 Shares and participations 106 106
Interest expense 4,693 4,877 Investment in Treasury
Investment securities 17,970 106 Papers 17,864 -
Net interest income 15,985 15,405
Loans and advances to
customers 387,928 347,884 Net investments 17,970 106
Fee and commission
Bank premises and 6,934 6,734 income 6,007 12.31.2018 12.31.2017
equipment ANG 000 ANG 000
Fee and commission
Goodwill and other 9,429 9,239 expenses 2,982 2,763 LOANS AND ADVANCES
intangible assets TO CUSTOMERS
Net fee and commission Retail customers 182,243 170,643
Deferred tax assets 934 - 3,025 2,405
income
Corporate customers
Other assets 9,097 8,863 Other 62,874 36,431
Net trading income 41 32
Total assets 505,404 464,741 Total loans and advances 393,362 352,890
Other operating income 3,131 2,802
to customers
ƐØŎƀƖ ƖØíƐĉ
LIABILITIES AND STOCKHOLDER’S
EQUITY Operating income 22,182 20,644 Accrued interest
Liabilities receivable on loans and 3,214
Customer deposits 417,468 376,073 advances
Salaries and other
Due to other banks 162 employee expenses 8,862 8,233 Less: allowance for (8,648)
Deferred tax liabilities 1,298 expected credit losses
Occupancy expenses 3,048 2,820
Other liabilities 7,422
Net impairment losses/ Net loans and advances 387,928 347,884
426,643 384,361 (gain) on loans and (1,230) 2,249 to customers
advances
Stockholder’s equity Other operating expenses FF XĜ±ÆĜĬĜƋĜåŸ
Issued capital 12.31.2018 12.31.2017
Share premium Operating expenses 16,834 19,259 ANG 000 ANG 000
Other reserve 11,703 10,370
cåƋ ųåŸƚĬƋ üųŅĵ ŅŞåų±ƋĜŅĹŸ ĂØƐĉí ŎØƐíĂ CUSTOMER DEPOSITS
Retained earnings 42,123
cåƋ ųåŸƚĬƋ ÆåüŅųå Ƌ±ƻ Retail customers 80,842
ƀíØƀƅŎ íLjØƐíLj
Corporate customers 81,144
5VSǻ X XE\ I\TIRWI 1,173 302 Other 219,847 214,087
Total liabilities and 505,404 464,741
stockholders’ equity Net result after tax 4,175 1,083 Total customer deposits 417,468 376,073