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SCMP Reporter

INTERNATIONAL Bank of Asia (IBA) saw net profit, after tax and minority interests, rise 15.1 per cent to $171.88 million last year, from $149.36 million in 1992.

  A separate bank press statement shows operating profit after tax of $195 million, suggesting a rise of 50.1 per cent from a 1992 net profit figure of $129.94 million.

  Both sets of figures - the official ones reported to the stock market at lunch via the Hong Kong stock exchange and the bank's own ones - were above the $166 million forecast in the company's listing prospectus.

  A formal corporate disclosure in the form of a profit and loss account and company statement was not available last night.

  Chief executive Mike Murad said the bank had experienced strong deposit growth, kept costs under control and expanded the loan portfolio cautiously in 1993.

  The official exchange figures show a 13.64 per cent rise in fully diluted earnings per share to 30 cents.

  Basic earnings per share fell 7.98 per cent. The final dividend was 10 cents a share.

  Mr Murad said deposits had risen 45 per cent to $9.3 billion, and total assets 40 per cent to $10.8 billion.

   Total capital funds at the year end stood at $1.2 billion and the group reported 34 per cent growth in non-interest income. The loan book increased by 31 per cent and the cost income ratio stood at around 31 per cent.

  Confusion followed the issue of different net profit figures yesterday. In a stock exchange statement issued on the stock exchange bulletin system after the market closed, the group's results were said to have been restated under Standard Accounting Practice (SSAP) No 2. This requires that comparative figures for the preceding year be restated wherever applicable.

  An item booked as an extraordinary last year, and in the listing prospectus below the line, has been reclassified as an exceptional, taking it above the line.

  The bulletin said: ''As a result of this reclassification required under SSAP No.2 the 1992 [profit] after taxation and minority interests of the group was increased by $42,678,000 from that previously shown. Without this effect, the profit after taxation and minority interests of the group would have increased by 61.1 per cent.

  ''This reclassification also has the effect of increasing 1992 Weighted Average [earnings per share] from 37.8 cents to 53.9 cents and the 1992 fully diluted EPS from 19.7 cents to 26.4 cents.'' 



IBA beats prospectus forecast, but twin statements confuse