Credito Artigiano approves quarterly report as of March 31, 2004
Milan, April 27, 2004 - In a meeting chaired by Mr Angelo Palma, the Board of Directors of Credito Artigiano has approved the quarterly report on operations for the period January 1-March 31, 2004, which recorded appreciable increases in all balance-sheet aggregates as well as in the main economic indicators.
As at March 31, 2004, direct deposits amounted in all to € 3,503 million, posting a growth of 5.8 percent over December, 2003, of 12.3 percent over the same period of last year. The amount of indirect deposits (€ 3,854 million) remained substantially unchanged over December, 2003, nevertheless recording a + 7.5% performance with respect to the first quarter of last year. Deposits held for administration, including insurance deposits, totalled € 1,826 million (+ 3.5% over December 2003; + 10.5% over the same period of last year). Total deposits stood at € 7,357 million (+ 3.2% over December 2003; + 9.7% over the same period of last year). Credits to the customers stood at € 2,864 million (+ 1.5% over December 2003; + 15.7% over the same period of last year). With an amount of € 847 million, long-term credit facilities recorded a + 3.3% performance over December, 2003, + 22% over March, 2003.
Net assets, including net profit for the period January 1-March 31, 2004, stood at € 345.7 million, a growth of 28.5 million euros with respect to December 2003, resulting from the conversion of a subordinated convertible bond issue launched on the occasion of the official listing on the Stock Exchange.
Below are details of the profit and loss account of Credito Artigiano as at March 31, 2004:
Despite a further contraction of the spread between the borrowing and lending rates, the interest margin stood at € 23 million, posting a growth of 7.6 percent over the same period last year.
Net banking commissions amounted to 11.4 million euros (+ 20.4%). The operating margin stood at € 36.6 million, posting a growth of 10.8 percent over the same period last year.
Operating costs amounted in all to 22.5 million euros (+4.1%). Value adjustments in respect of tangible and intangible fixed assets amounted in all to 2.3 million euros.
The gross operating income recorded € 11.8 million posting a growth of 29.3 percent over the same period last year.
Taking account of value adjustments in respect of credits and of provisions for covering risks and charges (€ 3.9 million), the ordinary profits amounted to € 7.9 million (+ 20.3%). After entering tax charges, net profits recorded € 4 million, posting a growth of 16.9 percent over the same period last year.