CREDITO ARTIGIANO confirms draft balance sheet as of December 31, 2002
Milan, February 18, 2003 - In a meeting chaired by Mr Bassano Baroni, the Board of Directors has examined and confirmed Credito Artigiano draft balance sheet as at December 31, 2002. Assets under management, as well as profitability, have been growing steadily over 2002.
As at December 31, 2002, in fact, direct deposits stood at € 2,797 million (+ 15.4% compared with December 2001). Indirect deposits stood at € 3,556 million (+1.3%). In particular, deposits held for administration increased from € 1,467 million to 1,578 million (+ 7.6%). Insurance deposits increased from € 181 million to 249 million (+ 37.3%).
Total assets under management - before entering subordinated liabilities - stood at € 6,353 million (+7%).
Sums receivable from customers totalled € 2,503 million (+15.4%). The net unpaid bills-total credits ratio was 1.76%.
The interest margin stood at € 81.9 million (+2%), thanks to a steady assets-under-management growth, which offset the progressive reduction of the lending rate-borrowing rate spreads and the reduction of interest paid on securities.
Boosted by over 10 percent, proceeds from services recorded € 36.8 million, of which € 2.5 million pertinent to profits on financial transactions (€ 3.9 million in 2001).
The intermediation margin recorded € 141.9 million for 2002, compared with € 133.4 million for the previous year (+6.4%)
Operating costs amounted to € 93.2 million (+5.3%), mainly as a result of increases in staff expenses (+5.7 percent, from € 41.4 million to 43.8 million. Employees currently working with Credito Artigiano are 789, while the banking network consists of 79 branch offices, of which three were opened in 2002
Adjustments and provisions amounted in all to € 22 million compared with € 22.5 million for last year
Profit on ordinary activities recorded € 26.7 million, compared with € 22.4 million for 2001 (+19%)
Tax burden for the year amounted to € 12.6 million, compared with € 8.6 million for the previous year (+46%), also as a consequence of the recent changes in tax system and the cancellation of most dual income tax benefits
With an amount of € 15.2 million, net profits for the year recorded an increase by 3.4 percent compared with 2001.
Financial indicators positive performance
Intermediation margin at + 6.4%
Profit on ordinary activities at +19%
Assets under management strong increases
Total deposits: + 7%
Investments at + 15.4%
Other administrative expenses recorded + 4.9 percent, with an increase from € 47.1 million to 49.4 million
Credito Artigiano annual shareholders' meeting will be held on April 14, 2003 (a possible second call is also scheduled for April 15) to confirm a dividend of € 0.1165 to be paid with effect April 25, 2003 for each of the 112,918,320 shares (a dividend of € 0.1229 was paid for each of the 103,211,920 outstanding shares in 2001). Start of dividend entitlement is scheduled January 1, 2002. The share will be quoted ex-coupon as from April 22, 2003.
