The Board of Directors of Credito Siciliano approves half-yearly figures at June 30 2006
Summary
| (millions of euros) | 30.6.2006 | 30.6.2005 | Change % |
| Net profit for the period | 3.5 | 2.9 | 22.7% |
| Interest margin | 39.1 | 38.3 | 2.1% |
| Brokerage margin | 63.6 | 60.4 | 5.1% |
| Net result of financial operations | 59.1 | 55.8 | 5.9% |
| Gross operating profit | 7.7 | 6.4 | 20.2% |
| (millions of euros) | 30.6.2006 | 31.12.2005 | Change % |
| Direct deposits | 2,168 | 2,069 | 4.8% |
| Indirect deposits | 1,490 | 1,507 | -1.1% |
| Overall deposits | 3,659 | 3,576 | 2.3% |
| Loans to customers | 1,726 | 1,717 | 0.5% |
Acireale, 31 August 2006. The Board of Directors of Credito Siciliano, a Credito Valtellinese Group bank, met to examine and approve the results for the first half of 2006, which were determined by applying IAS/IFRS international accounting standards for the first time. The figures indicate overall positive operating performances. 20.2% increase in gross operating profit; 22.7% increase in net profit compared to June 30 2005.
Overall deposits, up 2.3% compared to December 2005, totalled € 3,659 million, of which: €2,168 million of direct deposits (+4.8% compared to December 2005) and € 1,490 million of indirect deposits (-1.1% compared to December 2005), of which € 978 million of managed deposits (-2% compared to December 2005). Loans to customers totalled € 1,726 million (+0.5% compared to December 2005).
The income statement showed an interest margin of € 39.1 million (+2.1% compared to June 2005). The brokerage margin amounted to € 63.6 million (+5.1% compared to June 2005); operating costs at the end of June 2006 totalled € 51.4 million (+4% compared to June 2005).
The gross operating profit, equal to € 7.7 million, saw an increase of 20.2% compared to June 2005.
Net profit for the half year, excluding taxes (€ 5.1 million) stood at € 3.5 million (+22.7%) compared to € 2.9 million in the first half of 2005.
First-time adoption of IASs/IFRSs led to a drop in the Bank's shareholders' equity, which decreased by € 3.1 million at 1 January 2005, net of the relative tax effect. The reduction was mainly due to evaluation of non-performing and performing loans at amortised cost, partially offset by exercise of the option which provides for the possibility of entering immovables at fair value instead of at cost (option provided for in IFRS 1).
For further information, contact:
Tiziana Camozzi
Institutional Communication and Press Service
Telephone 02 80637471
Email: camozzi.tiziana@creval.it
Raffaella Premoli
Institutional Communication and Press Service
Telephone 02 80637403
Email: premoli.raffaella@creval.it
Filippo Licata
Institutional Communication and Press Service for Sicily
Telephone 095 600280
Email: licata.filippo@creval.it
Accounting schedules: reclassified balance sheet and income statement at 30.06.06
- available in Italian
