Credito Artigiano confirms report on operations for the first half of 2002
Milan, September 3 2002 - In a meeting chaired by Mr Bassano Baroni, the Board of Directors of the Credito Artigiano has approved the report on operations for the first half of 2002, which recorded positive results in accordance with the corporate development strategy.
As at June 30 2002, deposits amounted in all to € 6,103 million (+6% compared with June 30 2001). Details were as follows: direct deposits at € 2,594 million (+16.7%), indirect deposits at € 3,509 million (-1%). Thanks to the good performances of insurance deposits, assets administrations totalled € 1,516 million (+4.7% compared with the same period of last year). Sums receivable from customers stood at € 2,188 million (+15.2%). In particular, medium-long term credits recorded € 573 million (+13% compared with June 2001).
Despite the instability of the financial markets, the increase in total assets under management has led to positive results also as regards the income statement. Details were as follows: the interest margin stood at € 40.8 million (+1.9%), net commission at € 25.4 million (+6.1%). The intermediation margin stood at € 68 million (+2% compared with June 2001).
Operating costs totalled € 49.3 million (+1% compared with the previous year). The gross operating income therefore stood at € 18.7 million (+4.6%). Profits from ordinary activities were at € 13.4 million compared with € 12.3 million recorded for the same period of last year (+8.5%).
Net profits for the period stood at € 7.9 million, increasing by 7.1 percent compared with the previous year.
Net profits for the period at € 7.9 million (+7%)
