Credito Artigiano confirms report on operations for the first half of the year and considerably boosts results for the period. Net profits for the period attain L. 14.3 billion (+32%)
Milan, September 18 2001 - In a meeting chaired by Mr Bassano Baroni, Credito Artigiano Executive Board examined and confirmed the report on operations for the first half of 2001.
With respect to the same period of 2000 and to the accounts as at December 31 2000, Credito Artigiano consolidated results now include, in addition to Banca dell'Artigianato e dell'Industria of Brescia, also Banca Regionale Sant'Angelo of Palermo, as well as the controlled company Leasingroup Sicilia. Banca Regionale Sant'Angelo take over was completed during the first half of the year, from May 14 to June 1 2001. Almost all of the Sicilian shareholders subscribed the bid.
Banca Regionale Sant'Angelo take over was completed only in June 2001, so the report on operations does not include the economic data. Banca Regionale Sant'Angelo was established on January 1 2001, following the merger of a branch of the Banca Popolare S.Angelo into the Nuova Banca del Monte S. Agata.
Direct deposits attain L. 4,304 billion (+13% with respect to June 2000). Indirect deposits amount in all to L. 6,870 billion (+3.2% with respect to last year). Savings held for administration, which amount to 2,809 billion, saw an increase by 6.1% compared with the same period of 2000. Credits to the clientele have been increasing steadily, totalling L. 3,676 billion (more than +20% with respect to June 2000) Medium-long term credits, which amounted in all to L. 752 billion, has been increasing too (+ 30% with respect to last year).
The interest margin attains L. 77.6 billion (+15%). This year net commissions saw a small decrease (from L. 49 billion to L. 46.3 billion) as a result of an unfavourable course of the financial markets. The intermediation margin amounts to L. 129.1 billion (+6%).
Operating costs amount in all to L. 94.5 billion (+5.6%). The gross operating income therefore amounts to L. 34.6 billion (+7.1%).
The results attained by the controlled banks Banca dell'Artigianato e dell'Industria and Banca Regionale Sant'Angelo reflects the considerable investments linked to their internal reconstruction and to the reorganization of their branch networks.
In particular, as far as Banca dell'Artigianato e dell'Industria is concerned, profits for the period total L. - 700 million, because of the costs linked to the opening of three more branch offices. As regards Banca Regionale Sant'Angelo, the bank, which is expected to complete the adjustment of its information system to the Group's standards by the end of the year, substantially balanced corporate accounts.
As far as the consolidated accounts are concerned, deposits amount in all to L. 13,600 billion (direct deposits total L. 5,895 while indirect deposits L. 7,666 billion) Investments attain L. 4,914 billion.
The board meeting also resolved on the appointment of a new under-General Manager, Lorenzo Tagni, while Filippo Grieco was appointed under-General Manager Vicarious.
So, figures reported below mainly refer to Credito Artigiano.
Ordinary profits total L. 23.9 billion (+22.7% compared with L. 19.5 billion in June 2000)
Net profits for the period attain L. 14.3 billion (+32%)
After entering amortizations for the launch of the controlled banks - which amount in all to L. 7.4 billion - net profits for the period total L. 7.4 billion
