Credito Siciliano: approval of the 2005 draft financial statement. Growth and evolution for total assets: loans up +13.4%. Increase in net profit: + 70.1%
| Summary (figures in million of euros) |
2005 | 2004 | % |
| Interest margin | 71.6 | 70.5 | +1.7 |
| Brokerage margin | 121.6 | 115.0 | +5.8 |
| Gross operating profit | 16.1 | 13.9 | +15.5 |
| Profit or loss on ordinary operations | 8.4 | 4.9 | +73.4 |
| Net profit or loss | 2.9 | 1.7 | +70.1 |
| Direct deposits | 2,066.2 | 1,973.8 | +4.7 |
| Indirect deposits | 1,507.3 | 1,373.5 | +9.7 |
| Loans | 1,726.2 | 1,521.6 | +13.4 |
Acireale, 23 February 2006. The Board of Directors of Credito Siciliano, a bank belonging to the Credito Valtellinese Group, has examined and approved the draft financial statements for the 2005 financial year, which show a positive development for the primary economic indicators and growth in total assets.
Direct deposits amounted to 2,066.2 million, showing an increase of 4.7% over the December 2004 figure of 1973.8 million. Indirect deposits were up 9.7%, at 1507.3 million, as opposed to 1373.5 million for the previous year, with growth especially evident in asset management, up 46.2%, and the insurance segment, up 27.8%. Overall deposits climbed 6.8%, from 3347.3 million to 3573.6 million. Loans to customers, equal to 1726.2 million, registered a positive trend, with a growth of 13.4% compared to the 1521.6 at the end of 2004. Therefore, the loan/deposit ratio went from 77.1% to 83.5%, confirming the primary role played by the bank in supporting the local economy.
The interest margin came in at 71.6 million, a 1.7% increase compared to December 2004; the brokerage margin was 121.6 million, up 5.8% for the year; management costs, which amounted to 94.1 million, were up 4.3% over the 2004 figure.
Gross operating profit reached 13.9 million, a 15.5% increase compared to the 10.0 million at the end of 2004.
Profit from ordinary operations, net of depreciation, adjustments, and provisions - totalling 7.7 million - stood at 4.9 million (+73.4%), as compared with the 2.9 million for the year before. Net profit, taking into account a component for extraordinary operations, which amounted to 1.1 million, and taxes for the year, totalled 2.9 million (+70.1%), compared with 1.7 million in 2004.
The Ordinary Shareholders' Meeting, called for 7 April, will be asked to approve the financial statements and a profit distribution proposal which calls for a 0.25 per share dividend, to be payable on 18 April 2006.
In 2005, the bank's territorial network was affected by the opening of the Paternς, Palermo 13, Milazzo and Sant'Agata di Militello Agencies. Therefore, the bank's operation network is made up of 133 Agencies, found in all of Sicily's provinces.
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Accounting schedules: consolidated and reclassified balance sheet and income statement.
- available in italian -
(Please note that review is still underway by the external auditing firm.)
