Banca dell'Artigianato e dell'Industria: approval of draft financial statements as at 31.12.05.
| Summary (figures shown in €/000) |
2005 | 2004 | var. |
| Interest margin | 8,771 | 5,948 | 47.5% |
| Brokerage margin | 12,303 | 8,068 | 52.5% |
| Gross operating profit | 2,192 | 2,078 | 5.5% |
| Profit or loss on ordinary operations | -613 | 963 | |
| Net profit or loss | 13 | 393 | |
| Direct deposits | 273,400 | 198,519 | 37.7% |
| Indirect deposits | 73,869 | 48,851 | 51.2% |
| Overall deposits | 347,269 | 247,370 | 40.4% |
| Loans | 334,041 | 197,436 | 69% |
Brescia, 22 February 2006 - the Board of Directors of Banca dell'Artigianato e dell'Industria, a bank belonging to the Credito Valtellinese Group, met today with Renato Gnutti acting as chair, and examined and approved the draft financial statement as at 31 December 2005, which shows considerable development in the primary economic indicators and significant growth in total assets, a confirmation of the effectiveness of the development programme undertaken. The "Veneto Project" - which foresees the Bank's progressive expansion in the aforementioned region, as well as its further strengthening in the Brescia area - was started at full capacity in 2005.
As at 31 December 2005, total deposits reached € 347.3 million, a 40% increase over the previous year's figure of € 247.4 million. Direct deposits from clients stood at € 273.4 million, showing a 37.7% increase for the year. This growth is primarily due to the increase in short-term banking tools, such as current accounts and repurchase agreements. Indirect deposits stood at € 73.9 million, a 51.2% growth. The figure referring to asset management registered a very considerable increase, going from € 6.8 million in 2004 to € 21.6 million.
Once again there has been a significant growth trend in loans, which reached € 334 million, a 69.2% growth. The strong development seen in this figure is due both to the opening of new branches in Veneto - whose economy is marked by a strong rate of industrialisation - and to further development and consolidation in the Brescia area.
Considerable growth in brokerage volumes lead to positive results in the interest margin, which stood at € 8.7%, growing by 47.5% for the year.
Significant growth in net commissions - € 3.4 million, a 69% growth compared to the € 2 million for the previous year - and the positive trend in interest margin resulted in a brokerage margin of € 12.3 million, a 52.5% increase.
The 71.8% increase in administrative expenses - overall equal to € 8 million against the € 5.2 million for December 2004 - was primarily due to the development plan undertaken. The opening of 7 new branches - out of a total of 15 branches at the end of the year - which started operating during the year, mostly in Veneto, in fact lead to greater expenses both in terms of human resource costs and in terms the operative start up of the branches themselves.
The positive trend registered in operating results more than offset the increase in administrative expenses, leading to - after taking € 1.1 million into account for depreciation - a gross operating profit of € 2.2 million, a 5.5% increase compared to the previous year.
This figure consolidates the achievement of a positive income area within the bank's management, even during a period of rapid and consistent growth.
Adjustments for receivables and provisions for risks and expenses totalled € 2.8 million, against the € 1.1 million for the previous year.
Prepaid tax accounting highlights an extraordinary profit of € 0.6 million, and the closure of the financial statements essentially at breakeven.
The Shareholders' meeting to approve the financial statements is scheduled for 29 March 2006 at 5:30 pm at the President Hotel in Via Roncadelle no. 48, Castel Mella (Brescia).
For further information, contact:
Press Office
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Tiziana Camozzi
Institutional Communication Service
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Email: camozzi.tiziana@creval.it
