Credito Valtellinese Annual Stockholders' Meeting adopts 2001 Balance Sheet
The Credito Valtellinese Annual Stockholders' Meeting has adopted the balance sheet as at December 31 2001. There has been an increase in ordinary profits over last year: + 10.6 percent with respect to 2000. Net profits for the period amounted to € 24.8 million, with an increase by 1.6 percent with respect to the previous year. As for the dividend distribution, the Annual Meeting has resolved as follows: with effect May 3 2002, each of the Credito Valtellinese shares will pay a dividend of € 0.3615, gross of tax. The amount of the dividend will be the same as last year but will be paid for a greater number of shares (+6%). The share will be quoted ex-coupon as from April 29 2002.
In order to offer the opportunity to share this fundamental moment of the Credito Valtellinese corporate life, the Annual Meeting has been broadcast live on the Internet.
As far as the main balance-sheet aggregates are concerned:
Direct deposits from customers amounted to € 2,742 million, having increased by 7.9 percent as a result of increases in the deposits represented by current accounts and repurchase agreements The amount of indirect deposits has remained substantially unchanged (€ 3,291 million) even in the presence of quite unfavourable conditions of the market. Details of the aggregate are as follows: deposits held for administration: 51.5 percent, assets administrations and funds: 42 percent, insurance deposits, in particular insurance assets administrations: 6.5 percent Investments have considerably increased: +14.3 percent with respect to last year. As at December 31 2001, the aggregate totalled € 2,044 million, compared with € 1,788 million at December 2000. As a result of the Credito Valtellinese's careful policy in the disbursement of credit facilities, the overdue bills-investments ratio was considerably below the system average: 1.9 percent.
As regards the profit and loss account, the interest margin has seen an increase by 3.4 percent: as at December 31 2001, it stood at € 72.4 million. The intermediation margin - which consists of the proceeds from assets administrations, net proceeds from services, dividends and profits from financial transactions - stood at € 199.1 million, with an increase by 18.9 percent if compared with € 167.9 million at December 2000. Although the international economy has been characterized by quite an unfavourable course of the financial markets over last year, the Credito Valtellinese has been able to steadily increase its level of profitability in all business areas. At December 2001, the operating expenses amounted in all to € 93.3 million (+3.7% with respect to the previous year). The operating costs-profits from assets under management ratio stood at 46,9 percent, compared with 53.6 percent in 2000. The decrease was close to 7 percent, which confirms the rigorous cost control policy that the bank has been adopting in order to further develop its volume of business over the year.
As at December 31 2001, the gross operating income amounted to € 52 million (+8.4%) as a result of the diversification of the bank's sources of income, with particular regard to the careful policies adopted in order to reduce operating expenses and develop investments. The increase in the Credito Valtellinese's operating income along with the quality of investments have made ordinary profits total close to € 42.2 million (+10.6% with respect to December 2000). After entering taxes and extraordinary incomes, net profits for the year totalled € 248 million (+1.6%). As at December 31 2001, the Credito Valtellinese's network included 81 branch offices located in the North of Lombardy. The number of employees working with the bank was 644.
The Credito Valtellinese Group's consolidated balance sheet has been submitted to the Annual Stockholders' Meeting of the Parent Bank. There have been strong increases in both deposits and the disbursement of credit facilities. The positive trend of the main balance-sheet aggregates is also the result of the Banca Regionale Sant'Angelo's joining the banking Group. Below are the consolidated results for the year 2001
The Group's deposits amounted in all to € 14,801 million (+14.2% with respect to 2000). In particular, direct deposits have increased by 25.3 percent over the year, totalling € 7,052 million as at December 31. Indirect deposits stood at € 7,744 million (+5.6%) Credits to customers amounted to € 5,830 million (+31.3%)
As far as the consolidated profit and loss account is concerned, as at December 31 2001, the intermediation margin stood at € 384.9 million, + 11.3 percent with respect to 2000, as a result of the positive trends of the interest margin (+16.6%), income from services (+3.4%), net profits of the member companies and dividends (+28.9%).
Provisions for covering risks arising from the disbursement of credit facilities and net value adjustments in respect of financial fixed assets totalled € 27.9 million, compared with € 28.4 million for the previous year.
After entering "extraordinary incomes" for € 18.6 million, gross earnings for 2001 totalled € 79 million, with a strong increase (+ 10.3%) compared with € 71.6 million end of December 2000.
The Group's consolidated results are as follows: net profits for the period totalled € 21.2 million (+3.4%) after entering taxes on income (€ 36.5 million), profits owed to third parties (€ 17.8 million) and provisions for general risks associated with banking (€ 3.5 million).
As far as the Group's organizing guidelines are concerned, during 2001 the Credito Valtellinese has also been considering a plan aimed at the reorganization of the Group's branch network in Sicily. The plan is leading to the establishment of a single member bank serving any area of the island. The new bank will be called the Credito Siciliano.
There has been a significant increase also in the number of the customers who have benefited from the services provided via the Internet by Bancaperta. As at December 31 2001, the number of banc@perta users was over 87,500 (+78%). They were over 100,000 in March 2002.
As far as the Group's branch network is concerned, as at December 31 2001 the number of branch offices was 295.
On the occasion of the Annual Meeting of the Parent Bank, the shareholders have been provided with the 2001 Social Report. During the Meeting, there has been the prize-giving ceremony Arturo Schena Award. This prize is given every year to young deserving people who have worked in order to increase the prestige of the province of Sondrio.
During the Annual Meting, the shareholders have reappointed four members of the Credito Valtellinese's Board of Directors: Giovanni De Censi, Franco Bettini, Mario Cotelli and Giuliano Zuccoli.
During the Board Meeting, which was held immediately after the General Meeting, Mr Giovanni De Censi has been reappointed Managing Director of the Parent Bank.
- Considerable increase in assets under management: investments increase by 14.3
percent, direct deposits by 7.9 percent
- Ordinary profits total € 42.2 million (+10.6%)
- Net profits total € 24.8 million (+1.6%)
- Dividends at € 0.3615 per share
The gross operating income stood at € 88.3 million, compared with € 93 million for last year (-5.1%).
