Credito Artigiano confirms quarterly operating report as at September 30 2002
Milan, November 5 2002 - The Board of Directors of Credito Artigiano, a Credito Valtellinese Group member bank, has examined and confirmed the quarterly report on operations as at September 30 2002, which recorded an increase by 13.4 percent in net profits compared with the same period of last year.
There have been increases in all balance-sheet aggregates. Details are as follows: direct deposits at € 2,697 million (+ 18.3%); indirect deposits at € 3,464 million (+ 2.3%); deposits held for administrations at € 1,520 million (+10.1%); sums receivable from customers at € 2,256 million (+ 14.4%).
As regards the profit and loss account, although there has been a progressive reduction of the lending rate-borrowing rate spreads, the interest margin stood at € 61 million, with an increase by 2.5 percent compared with last year. Net proceeds from services - consisting of net commissions and other proceeds - stood at € 38.6 million (+9.5%) mainly as a result of considerable increases in banking commissions and payment systems. The heading profit and loss on financial transactions recorded € 1.6 million. As a result, the intermediation margin stood at € 102.7 million (+5%).
Operating costs amounted to € 75.3 million (+3.5%). The gross operating income totalled € 27.3 million (+7.9%). After entering value adjustments and provisions for covering risks and charges (€ 6.6 million), ordinary profits for the period stood at € 20.7 million, compared with € 17.7 million for the same period of 2001 (+17%)
Net profits for the period amounted to € 11.3 million, with an increase by 13.4 percent compared with the same period of last year.
Net profits at € 11.3 million (+13.4%)
