Credito Siciliano adopts draft balance sheet for 2003: net profits at 1.1 million Euros
Acireale, February 26, 2004 - The Board of Directors of Credito Siciliano - Credito Valtellinese banking Group - has examined and approved the summarised draft balance sheet of the bank as at 31 December 2003. Assets under management, as well as profitability, have been growing steadily over the course of last year.
Below are figures pertaining to the main balance sheet-aggregates as at 31 December 2003
Direct deposits stood at € 1,917 million compared with € 1,842 million at the end of 2002 (+4.1%). Indirect deposits were up 19.1% at € 1,230 million compared with € 1,033 million at the end of the previous year. Total deposits recorded a growth of 9.5 per cent, from 2,875 million to 3,147 million Euros. Sums receivable from customers stood at € 1,329 million compared with € 1,161 million at the end of 2002 (+14.5%).
Details of the profit and loss account were as follows
Although a slowdown was recorded in the interest rates trend during 2003, at the end of the year the interest margin stood at € 68.0 million with an increase of 2.5 percent compared with December 2002. Taking account of proceeds of services, the intermediation margin recorded a growth of 4.4 percent, from € 104.1 million end of 2002 to € 108.6 million as at 31 December 2003. Operating costs stood at € 87.9 million (-0.3% with respect to the previous year).
The operating income before taxes rose to 10.4 million euros with a 60.2% increase compared with the same period of 2002 (€ 6.5 million)
The ordinary profits before entering depreciations, provisions and value adjustments for € 17.3 million stood at € 3.4 million, compared with € 2 million at the end of the previous year. After taking account of extraordinary profits (€ 2.6 million) and taxes (€ 4.9 million), net profits for the year ended December 31, 2003 totalled € 1,1 million, substantially unchanged with respect to 2002.
The General Meeting of the shareholders will be held on April 2, 2004 to resolve on a few changes to be made in the articles of association of Credito Siciliano as well as to approve the 2003 balance sheet and appoint new members of the management.