Credito Siciliano: approval of draft financial statement as at 31.12.2004. Growth and evolution for total assets: loans up 14.5%
Summary (figures shown in €/000)
Acireale, 24 February 2005 - The Board of Directors of Credito Siciliano, a bank belonging to the Credito Valtellinese banking group, has examined and approved the draft financial statement for the 2004 financial year, which shows positive development for the primary economic indicators and growth in total assets.
Direct deposits amounted to 1973.8 million euros, showing an increase of 3.0% over the December 2003 figure of 1917.1 million. Indirect deposits were up 11.6%, at 1373.5 million euros, as opposed to 1230.2 million euros the previous year, with growth seen especially in asset management, up 76.3%, and the insurance segment, up 36.0%. Overall deposits climbed 6.3%, from 3147.3 million euros to 3347.3 million euros. There was a positive trend in loans to customers, which amounted to 1521.6 million euros, up 14.5% over the figure of 1329.4 million at the close of 2003.
The interest margin came in at 70.5 million euros, a 3.7% increase compared to December 2003; the brokerage margin is 115.0 million euros, up 6.3% for the year; management costs, which amounted to 90.2 million euros, were up 2.7% over the 2003 figure.
The gross operating profit was 13.9 million euros, a 40.0% increase compared to the end of 2003, when it stood at 10.0 million euros.
The profit from ordinary operations, net of depreciation, adjustments, and provisions totalling 9.1 million euros, stood at 4.9 million euros (+68.4%), as compared with 2.9 million euros the year before. The net profit, taking into account a component for extraordinary operations which amounted to 1.6 million euros, and taxes for the year amounting to 4.8 million euros, stands at 1.7 million euros (+54.7%), as compared with 1.1 million euros in 2003.
The Ordinary Shareholders' Meeting called for 1 April will be asked to approve the financial statement and a profit distribution proposal which calls for a €0.15 per share dividend, to be payable on 14 April 2005.
Credito Siciliano has strengthened its presence in the territory by opening branches in Castellammare del Golfo, Niscemi, Agrigento 1, Belpasso, Carini, and Catania 2. At the end of the 2004 financial year, the bank received the authorisation to issue its own bank drafts.
Accounting schedules: consolidated and reclassified balance sheet and income statement (PDF file, 94 KB)
One should note that review is still underway by the external auditing firm.
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2004
2003
%
Interest margin
70,5
68,0
+3,7
Brokering margin
115,0
108,1
+6,3
Gross operating profit
13,9
10,0
+40,0
Profit or loss on ordinary operations
4,9
2,9
+68,4
Net profit
1,7
1,1
+54,7
Direct deposits
1.973,8
1.917,1
+3,0
Indirect deposits
1.373,5
1.230,2
+11,6
Loans
1.521,6
1.329,4
+14,5
Filippo Licata
Group Marketing Coordinator - Sicily
Communications and Public Relations
Tel. +3995.600.280
E-mail: licata.filippo@creval.it
