Intermediate Capital Group releases results for 2003

Core income, the most important element of ICG's profits, which is defined as net interest income plus fee income less related administrative expenses, increased by 36% to £62.2m last year. Net interest income grew by 44% to £61.3m as a result of the large increase in the loan portfolio over the last eighteen months together with the increasing use of rolled-up interest in the structure of mezzanine. Transaction and agency fees increased by 14% to £9.8m and fund management fees increased by 19% to £11.1m as a result of increasing funds under management. Total fee income increased by 17% to £20.9m.

As a result of the strong growth in the size of the ICG portfolio and the consequent increase in its gearing ratio to 3.6:1 at 31 July 2003, ICG raised further capital from shareholders in September 2003. The placing of new shares, 97% of which were taken up by existing shareholders, raised £82m and reduced the group’s gearing ratio.

New lending grew by 24% to £1.1bn in 2003 as a result of providing a total of £652m of new lending over the period. Of the new lending £354m was invested on ICG's balance sheet, £202m was taken by fund management clients with the balance of £96m being syndicated to third parties.

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