VUB banka
VUB banka, the largest bank in Slovakia and a subsidiary of Italy’s Banca Intesa, saw exceptional growth in net profits and this significant improvement in profitability, as well as expansion into new distribution channels made VUB our bank of the year. The bank, while maintaining flat growth in assets, showed profit growth of 172%, with earnings rising to E109.8m from €40.4m in 2002. This provided a major boost in VUB’s return on equity from 10.1% in 2002 to 24.4% in 2003. Besides expansion in the SME and municipal market segments, the bank was also successful in reducing its non-performing loan portfolio and stimulating the domestic payment business. In 2003, VUB continued to invest in electronic distribution channels and introduced the new home banking service, designed primarily for corporate clientele. “In my mind, VUB’s achievements over the past two years owe primarily to our people,” notes CEO Tomas Spurny. “Without the talent, devotion and hard work of VUB staff, it would hardly be possible to turn the bank into a modern, dynamic, and, most importantly, client-oriented financial institution. The trust of our clients and business partners in our determined restructuring and transformation efforts has been crucial to underpin our belief that we were on the right track to become the best bank in Slovakia.”