ADB announces its FY 2014 financial results

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 ADB announces its FY 2014 financial resultsThe Antwerp Diamond Bank (ADB) announced its financial results for the period of FY 2014. The bank is a fully owned subsidiary of the KBC Bank NV (KBC), and the only bank in the world catering exclusively to the diamond and diamond jewellery trade and industry.

Its annual accounts reflect both the macroeconomic trend and the bank’s specific situation in 2014.

The Banks debtors were lowered (- 10 % as a result of the selective credit policy and the announcement (September 19, 2014) of the run-down of the bank’s credit portfolio and activities in a slowing market). Also, there were lower reinvestments on the interbank market and in securities result in a balance sheet total of EUR 1.375 million (- 19 %).

The bank noted that in 2014 the diamond market performed in line with the global economy – it could not live up to the high expectations and struggled to gain momentum. Global diamond jewelry demand grew by 2.9 percent, the slowest growth rate since 2009. The 7.2 percent growth in the United States was offset by shrinking demand in Europe and Japan as well as by slowing growth in China (5.2 percent). Within the diamond supply chain insufficient B2B profit margins lingered and stock positions in premium polished diamonds were moderately higher.

The Bank’s global net interest income rose by 3 percent due to higher margins on debtors; the CIR increased to 72 percent (from 44 percent in 2013) because of run down provisions (EUR 16 million) and extraordinary advisory costs in H1 2014 related to the intended divestment (EUR 1 million). There was a result in a loss after tax of EUR 15.4 million, after including all elements and the specific impairments and portfolio provisions for credit risks of EUR 30.8 million. The capital adequacy ratio remained broadly unchanged at 11.12 percent because of reduced risk weighted assets.



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