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Skip Navigation LinksHome :: Markets/asset classes :: Credit markets :: Getin Holding might list Getin International in H1/2009.

Monday, August 18, 2008

Getin Holding might list Getin International in H1/2009.





Getin Holding might list Getin International in H1/2009. Getin International, a subsidiary of the blue-chip Getin Holding, will not debut on the Warsaw Stock Exchange this year, but most likely in H1/2009. Getin Holding is also in acquisition talks, CEO Krzysztof Rosinski said. In February, Getin Holding said that the value of Getin International's share issue would be at least USD 100mn, with between 51-80% of the firm's capital being traded. Rosinski also said that Getin Holding is in talks about possible acquisitions with several entities on the Polish market. It is also analysing the possible purchase of a bank in Russia . However, Rosinski cautioned that Getin will not make a large acquisition in Poland this year. Getin Holding , whose H1/2008 net profit rose by 36% y/y to PLN 278.1mn, counts on keeping the interest margin at the level of 3.7% in the whole year , Rosinski also said. The interest margin in Q1 amounted to 3.66%, and in Q2, it rose to 3.77%. The net credit balance rose by 29% y/y to PLN 14.3bn. The sales of credits in Q2/2008 amounted PLN 5.8bn, which means a rise by 43% y/y. In the range of the sales, 45% constituted mortgage loans, 22% - retail credits, 18% - credits for small- and medium-sized enterprises, and 15% were car credits. The deposits amounted to PLN 14.3bn at the end in Q2, which means a hike by 38% y/y. The cost-to-income (C/I) ratio fell by 41.7% in H1 from 45.6% a year earlier. The ROE was 18% at the end of June against 17.9% a year earlier. ISB







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