Banca dell'Artigianato e dell'Industria: approval of draft financial statement as at 31.12.2004
Summary (figures shown in €/000)
Brescia, 23 February 2005 - the Board of Directors of Banca dell'Artigianato e dell'Industria, a bank belonging to the Credito Valtellinese banking group, today examined and approved the draft financial statement as at 31 December 2004, which shows considerable development in the primary economic indicators and significant growth in total assets. These trends confirm an evolution in underlying processes connected to expansion strategies which are already being implemented through the opening of new branches.
The past year has been a turning point for the bank, both from an economic standpoint--the year closed with a €393,000 profit-and in terms of the evolution of BAI's mission as part of the Creval Group through the expansion of its business area, which will be progressively extended outside its current territory in Brescia to focus on the region of Veneto, more specifically, by opening new branches.
Other important events have marked the bank's past financial year: among the most significant, one should note the appointment of Ms. Anna Cracco to the office of General Manager, and the appointment of Mr. Luciano Camagni to the offices of Vice Chairman and Managing Director.
Among the figures approved today by the Board of Directors, direct deposits amounted to 198.5 million euros, up 73% over December 2003. Indirect deposits stand at 48.8 million euros, showing a 38.5% increase for the year. The figure referring to asset management grew from 3.5 to 6.7 million euros.
Total deposits have therefore reached 247.3 million euros, achieving an increase of nearly 65%.
Once again there has been a significant growth trend in loans to customers, which reached 197.4 million euros, an increase of 42.5% for the year.
In regard to income, the positive trend for the interest margin, which amounted to approximately 6 million euros (+28.2%), and net commissions amounting to 2 million euros (+ 62.9%) have contributed to the significant increase in the brokerage margin, which came in at 8 million euros and shows a 35.8% increase over the previous year.
Net administrative expenses stand at 5.2 million euros, as compared with 4 million euros in the previous year, an increase that can essentially be linked to the considerable investments involved in opening new branches and consequently hiring new personnel.
Taking into account depreciation, provisions, and adjustments totalling 1.8 million euros, earnings from ordinary activities came in at 1 million euros, a significant improvement over the previous year's result, which was a 0.5 million euro loss. The year closed with a net profit of 0.4 million euros for the financial period.
EXTRAORDINARY AND ORDINARY MEETING OF SHAREHOLDERS CALLED
The bank's Board of Directors passed a resolution to call a Shareholders' Meeting for 20 March 2005.
An EGM will also be held for the approval of the capital increase proposal approved by the Board when it met on 12 January. The proposal foresees issuing a maximum of 11,560,800 shares against cash contributions, at a par value of €5.16 each; subscription rights will be offered to shareholders in a proportion of 3 (three) new shares for each 2 (two) old shares held, at a unit price of €7.00 of which €1.84 is share premium. The overall maximum equivalent value of the operation would amount to €80,925,600.00, of which € 59,653,728.00 is share capital and € 21,271,872.00 is the premium on issue.
Accounting schedules: consolidated and reclassified balance sheet and income statement (PDF file, 109 KB)
One should note that review is still underway by the external auditing firm.
For more information, contact:
Tiziana Camozzi
The bank closes the year with a profit.
Ordinary and Extraordinary Shareholders' Meeting called for 30 March 2005.
2004
2003
%
Interest margin
5.948
4.639
+28,2
Brokerage margin
8.068
5.940
+35,8
Gross operating profit
2.078
1.535
+35,3
Profit or loss on ordinary operations
963
-535
Net profit or loss
393
-629
Direct deposits
198.519
114.714
+73
Indirect deposits
48.851
35.265
+38,5
Loans
197.436
138.504
+42,5
Raffaella Premoli
Press Office
Telephone 02 80637403
E-mail: premoli.raffaella@creval.it
Institutional Communications
Telephone 02 80637471
E-mail: camozzi.tiziana@creval.it
