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Who are we ?
Elite Vermögen Bank – Limited commenced operations in the country after obtaining its Banking License on 11th November, 2011. The Bank’s focus and commitment to developing deep relationships with customers have driven its growth in recent years.
With a current branch , the bank’s expansion strategy is set to bring banking closer to its existing and potential clients.
Elite Vermögen Bank is focused on providing exceptional services that affords clients with convenience whiles meeting their banking needs. This has informed the bank’s continuous investment into technology to provide safe and secure banking and also improve customer experience. To further carve its niche as a customer focused and a model retail bank,
Elite Vermögen Bank adopted the Customer First Model where customers have the advantage of a one stop –shop service in the banking halls. The Bank has to its credit, five bespoke products, dubbed ‘customer-first’ which are unique to Germany market and specially designed to suit the needs of its retail customers.
In 2012, the bank launched its Business Centre to provide banking solutions to its Corporate and high-end SME clients at a one-stop shop. The Business Centre is well designed and staffed with the skills to serve all existing and potential Corporate and High-end SMEs operating in the bank’s chosen sectors .
Key Figures (In USD milion)
Activity
| 2023 | 2024 | Variation | |
| Deposits | 680 | 884 | 30.2% |
| Loans | 447 | 495 | 10.7% |
| Number of branches at the end of the financial year | 26 | 26 |
Structure
| 2023 | 2024 | Variation | |
| Total Assets | 1,144 | 1,343 | 17.4% |
| Shareholders’ equity | 163 | 188 | 15.3% |
| Average number of employees | 398 | 356 | -10.6% |
Capital Adequacy Ratio
| 2023 | 2024 | |
| Tier 1 | 127 | 149 |
| Tier 2 | – | – |
| Risk Weighted Asset (RWA) | 716 | 876 |
| Tier 1 + Tier 2 / RWA (%) | 17.7% | 17.0% |
Income
| 2023 | 2024 | Variation | |
| Net operating income | 112 | 122 | 9.0 % |
| Operating expenses | 76 | 80 | 22.4% |
| Gross operating profit | 36 | 42 | 16.7% |
| Cost of risk (in value) (**) | 11 | 9 | -21.3% |
| Net income | 24 | 24 | -1 % |
| Operating ratio (%) | 67.7% | 65.6% | |
| Cost of risk (%) | 2.7% | 1.8% | |
| Return on Assets (ROA %) | 2.1% | 1.9% | |
| Rentabilité des fonds propres | 21.0% | 18.2% |
Annual Report 2022 Financial statement Elite Vermögen Bank
Our Bank recorded a profit after tax of USD 24.6 million in 2024, through prudent and efficient use of the balance sheet. Net interest income for the year 2023 increased by 31%, from EUR72.8 million in 2024 to EUR95.2 million. We achieved this, through our strategic decision to focus on retail and SME loans. Our Fees and Commissions dipped slightly from EUR19.2 million in 2023 to EUR18.1 million in 2024 representing a 5% change. Risk elevation within the major sectors of off balance sheet activities made us tread cautiously in LC and Guarantee books. We showed a strong performance on our foreign exchange income in addition to other trading income, increasing from EUR26.9million in 2023 to EUR29.3 million in 2024 Our Total Operating Cost increased from EUR80.1 million in 2023 to EUR93.1 million in 2024, representing a growth of 16%. The cost of digitization of the bank’s processes, products and services as well as adverse economic variables impacted on our operating cost.
Our Vision, Mission & Values
Our Vision
To be the preferred Bank to our chosen markets
Our Mission
To serve our customer with efficiency and courtesy.
To contribute to the development of all our stakeholders
To optimize the growth of Elite Vermögen Bank through synergies and common development plans.
To promote growth and stability of the economies we operate in.
Our Values
Professionalism
We seek to attain high standards of customer service, accountability, efficiency, respect and confidentiality. We endeavour to build long term mutually beneficial relationship with our customers.
Integrity
We strive to attain and maintain consistent high levels of honesty, fairness and openness with our stakeholders.
Team Work
We aspire to build trust, strong relationship, encouragement and support for each other. We build a multi faceted organization where our diversity may be harnessed to work for the betterment of the common goal.
Innovation
We are committed to continuous improvement in the delivery of products and services. We leverage on technology advances, encourage creativity and provide a platform for the generation and implementation of new ideas.
Staff Development
Our staff is our most valued asset in achieving our goals. In recognition of this; we provide exceptional opportunities for learning and personal development. We recognize and reward excellent performance.
Customer Focused
We anticipate and understand our customer needs so as to offer imaginative solutions. We work with a sense of urgency and commitment and seize every opportunity to delight our customers. We continuously strive to perfect our processes in order to provide world class services.