Credito Artigiano adopts draft balance sheet as at December 31, 2003
Economic indicators recorded positive performances
operating income before taxes: + 9.6%
intermediation margin: + 7.7%
ordinary profit: +7%
Assets held for administration recorded significant increases
total deposits: + 10%
sums receivable: + 11.9%
Milan, March 2, 2004 - At today's meeting, chaired by Mr. Bassano Baroni, the Board of Directors of Credito Artigiano has approved the summarised draft balance sheet of the bank for the year ended December 31, 2003, which recorded further increases in all balance-sheet aggregates, as well as in the main economic indicators.
The high volatility that has been characterising financial markets also in the course of 2003 has resulted in a strong increase in direct deposits, which amounted to 3,312 million euros (+13% compared with 2002). Also indirect deposits, which amounted to 3,817 million euros, recorded an increase of 7.3 percent. Assets administrations and funds recorded an increase of around 12 percent, from € 1,578 million to € 1,765 million. With an amount of 7,129 million euros, total deposits were up 10%.
As at December 31, 2003, sums receivable from customers amounted in all to 2,821 million euros (+ 11.9%). Particularly, with an amount of 820 million euros, medium and long-term credit recorded a growth of over 27 percent.
Despite a further contraction of the spread between the borrowing and lending rates and a decrease in the security interest rates, the interest margin stood at € 86.9 million, posting a growth of 6 percent over the same period last year.
Under the heading proceeds from services, net banking commissions amounted to 38.7 million euros (over + 5%). Profits on financial transactions accounted for 3.8 million euros, compared with an amount of 2.5 million euros the same period last year.
The intermediation margin stood at € 140.7 million, posting a growth of 7.7 percent over the same period last year.
Operating costs amounted in all to 90.5 million euros (+6.8%). Particularly, personnel expenses amounted to 42.6 million euros (+3.2%), while other administrative expenses to 47.9 million euros compared with 43.4 million euros the same period last year.
Value adjustments and provisions amounted in all to 21.8 million euros compared with 19.2 million the same period last year.
Ordinary profits amounted to € 28.5 million compared with € 26.7 million the same period last year (+7%).
After taking account of extraordinary profits (€ 1.2 million, substantially the same as last year) and tax charges (€ 14.2 million compared with 12.6 million in 2002), net profits recorded € 15.5 million, posting a growth of 2 percent over the same period last year.
The General Meeting of the shareholders of Credito Artigiano will be held on April 5, 2004 (a second call is scheduled for April 6) to submit a dividend of € 0.1093 to be paid with effect April 16, 2004. Start of dividend entitlement on January 1, 2003. The share will be quoted ex-coupon as from April 13, 2004.
