Credito Siciliano: The Shareholders' Meeting approves the 2004 financial statement; the Board of Directors appoints Carlo Negrini as Chairman Acireale, 4 April 2005 An Ordinary General Meeting of Credito Siciliano was held on Friday, 1 April, with broad attendance by company shareholders.
The Meeting approved the annual financial statement and a €0.15 per share dividend, to become payable on 14 April 2005.
The 2004 financial statement, which shows steady growth in assets, reports direct deposits amounting to 1.974 million euros, an increase of approximately 3.0% over the December 2003 figure of 1.917 million euros. Indirect deposits were up 11.6%, coming in at 1.373 million euros as opposed to 1.230 million euros in the previous year; total deposits, up 6.3%, rose from 3.147 million euros in 2003 to 3.347 million euros. The upturn in loans to customers was significant, amounting to 1.522 million euros, a 14,5% increase compared to 1.329 million euros at the end of 2003; this is a further demonstration of the bank's ongoing focus on the requests of the Sicilian business community.
The interest margin, in a general context of a downturn in rates, stands at 70 million euros, up 3.7% over December 2003; this is due in part to a considerable increase in brokerage volume. The brokerage margin rose 6.3% to reach 115 million euros, partly because of the positive contribution of net income from services, which reached 42 million euros (an increase of 10.8% for the year); overhead, which amounted to 90 million euros, was up 2.7% over the 2003 figure.
The gross operating profit came in at 14 million euros, a 40% increase compared to the figure of 10 million euros at the end of 2003.
The profit from ordinary operations, net of depreciation, adjustments, and provisions, stood at 4.9 million euros (an increase of 68.4% for the year). The net profit, taking into account extraordinary elements amounting to 1.6 million euros, and taxes for the year amounting to 4.8 million euros, came in at 1.7 million euros as compared with 1.1 million euros in 2003, and was therefore up 54.7%.
The Shareholders' Meeting also renewed the appointment of external auditing firm Deloitte & Touche S.p.A. for the three-year period 2005-2007. Lastly, it elected Mr. Pierantonio Valsecchi to the office of Regular Statutory Auditor.
The Board of Directors met after the conclusion of proceedings to deal with the redistribution of posts within the administrative body, within a framework of regular rotation of functions, appointing Mr. Carlo Negrini (formerly Vice Chairman and Managing Director of the bank) to the office of Chairman, and Mr. Giovanni De Censi (former Chairman) to the office of Vice Chairman.
For further information, contact:
Guido Ciffo
Raffaella Premoli
net profit of 1.7 million euros €0.15 per share dividend
Alberto Della Penna
General Office, Credito Valtellinese
Telephone 0342 522664
E-mail dellapenna.alberto@creval.it
General Office, Credito Siciliano
Telephone 095 600205
E-mail: ciffo.guido@creval.it
Deltas Press Office
Telephone 02 80637403
E-mail premoli.raffaella@creval.it
