Credito Valtellinese: further growing year

Net profit considerable increase (+92%) and birth of the Group third bank

During its last meeting, Credito Valtellinese Board of Directors approved Credito Valtellinese banking Group's consolidated balance sheet for 1996.

The main aggregates show a general increase. In fact, economic input increased by 7.2 per cent, from 3,761 to 4,033 billion, direct incomes from customers increased by 9.4 per cent, from 5,579 to 6,103 billion, financial incomes increased by 6.2 per cent, from 7,072 to 7,511 billion.

As regards the profit and loss account, the intermediation margin - obtained adding interests earned, interests paid, dividends and other incomes, net commissions, profits from financial transactions, other net profits - increased by 9.3 per cent, from 645 to 705 billion.

The careful policy aimed at reorganising the business production processes consequently recovering and improving the operating performance and organising flexibility allowed to control the administrative cost increase. In spite of a considerable increase in the intermediation volume, the commercial network development and the staff cost increase, administrative costs increased by 3.7 per cent only (from 266 to 276 billion).

The operating results increased by 16.2 per cent, attaining 178.8 billion while profit from ordinary activities increased by 50 per cent, totalling 86 billion.

Gross profit - obtained after entering a negative balance concerning the extraordinary management amounting to 1.7 billion (+7.7 billion in 1995) - totalled 84.4 billion (+29.8%) while net profit increased by 92.3 per cent, attaining 17.4 billion.

After the Bank of Italy recognised Technoleasing Italiana S.p.A. transformation into a bank, in 1996, Credito Valtellinese banking Group added a third bank to its members: Bancaperta SpA.