CREDITO VALTELLINESE ANNUAL GENERAL MEETING ADOPTS 2002 BALANCE SHEET
APPOINTED TOP MANAGEMENT OF CREDITO VALTELLINESE
The shareholders attending the Annual General Meeting of Credito Valtellinese have unanimously adopted the balance sheet for the year ended December 31, 2002, which recorded net profits for € 26.3 million (+6.5% compared with December 2001), a dividend of € 0.40 to be paid with effect May 8, 2003 and an average dividend yield of 4.75%. The share will be quoted ex-coupon as from May 5, 2003.
Credito Valtellinese 2002 Balance Sheet
As far as the profit and loss account is concerned, as at December 31, 2002, a slight decrease was recorded in the interest margin, which stood at € 71.9 million, compared with € 72.4 million for the previous year. The gross operating income totalled € 63.8 million, with a 22.6% annual increase, whereas net profits for the year stood at € 26.3 million (+6.5%).
Excellent results were attained thanks to further implementations of Credito Valtellinese's Internet banking services. In fact, the bank has been offering a wider range of products and services to a much greater number of customers throughout the year. End of December 2002, there were over 37,000 users benefiting from facilities made available via the Internet (+28.2%). The Credito Valtellinese banking network is made up of 83 branches located in the provinces of Sondrio, Lecco, Como and Varese. The average number of employees working with Credito Valtellinese in the period is 778.
Credito Valtellinese banking Group: consolidated balance sheet for 2002
As for the profit and loss account, the intermediation margin stood at € 442.4 million, compared with € 384.9 million in 2001 (+14.9%), the gross operating income was up 8.4%, from € 88.3 million to € 95.7 million. After entering provisions for covering risks associated with the disbursement of credit and net value adjustments in respect of financial fixed assets, ordinary profits amounted in all to € 63.1 million (+4.5%).
Major events for the Credito Valtellinese banking Group
Appointed new members of the Board of Directors
Appointed top management of Credito Valtellinese
BIOGRAPHICAL NOTES
GIOVANNI DE CENSI
RENATO BARTESAGHI
MIRO FIORDI
GIOVANNI PAOLO MONTI
- dividend up 10.7% at € 0.40;
- strong increases in assets under management: investments up 16.7%, direct deposits up 11.3%;
- net profits for the year at € 26.3 million (+6.5%).
- The Board of Directors of Credito Valtellinese has appointed Giovanni De Censi chairman of the parent bank, Renato Bartesaghi managing director and Miro Fiordi general manager.
The year ended December 31, 2002 saw strong increases in both deposits and investments for the parent bank Credito Valtellinese. Below are figures pertaining to the main balance-sheet aggregates:
Direct deposits at € 3,051.2 million (+11.3%);
Indirect deposits at € 3,299.1 million (unchanged over the previous year);
Sums receivable from customers at € 2,384 million (+16.7%).
The Annual General Meeting has also examined the Group's consolidated results for the year. Direct deposits were up 11.4% at € 7,860.1 million; indirect deposits, which stood at € 8,496.5 million, saw an increase by 9.7%; credits to customers stood at € 6,664.5 million (+14.3%).
In addition to a considerable development of the Group's banking network, which currently includes more than 300 branches, 2002 saw further improvements and implementations to the range of services offered via the Internet. At present, the number of users is around 120,000 (+36.7% compared with the previous year).
Among the major events occurred in 2002, mention should be made of the reorganization of the Credito Valtellinese Group banking network in Sicily, which led to the establishment of a new regional bank, the Credito Siciliano, and to a strategic change in the mission assigned to Cassa San Giacomo, now mostly involved in the management of credit risks and issues pertaining to the legal aspects.
Four new members of the Board of Directors of Credito Valtellinese have been appointed during the Meeting: they are former chairman Francesco Guicciardi, together with Michele Colombo, Renato Bartesaghi and Giovanni Continella.
In a meeting which was held immediately after the Annual General Meeting, the Board of Directors appointed Giovanni De Censi, formerly managing director since 1996, chairman of the Group parent bank.
Former general manager (since 1996) Renato Bartesaghi was appointed managing director of Credito Valtellinese.
Mr Miro Fiordi was appointed general manager, Mr Franco Sala deputy general manager, Mr Giovanni Paolo Monti joint deputy general manager. At present, Credito Valtellinese top management is as follows: Mr Giovanni De Censi, chairman, Mr Salvatore Vitali, deputy chairman, Mr Renato Bartesaghi, managing director.
Below are the members of Credito Valtellinese general management.
Mr MiroFiordi, general manager.
Mr Giovanni Paolo Monti, joint deputy general manager.
Mr Franco Sala, deputy general manager.
Formerly entrusted with different roles within the bank, Giovanni De Censi, 65, was appointed deputy general manager of Credito Valtellinese in 1975 and general manager in 1981. Managing director since 1996, Mr De Censi is today chairman of Credito Valtellinese and also occupies important positions in numerous banking and financial institutions.
Renato Bartesaghi, 61, has been working with the Credito Valtellinese since 1968. He was appointed deputy general manager in 1981 and general manager in 1996. Now the managing director of the parent bank, Renato Bartesaghi occupies important positions in the Group member companies as well as in numerous interbank and financial institutions
Miro Fiordi, 46, has been working with the Group since 1982. A member of the Credito Valtellinese management since 1996, he was appointed joint deputy general manager in 2001. Fiordi is also a member of the Boards of Directors of numerous group member companies.
Giovanni Paolo Monti, 53, has been working with the Credito Valtellinese banking Group since 1975. Project manager for the area involved in data processing with Banca Piccolo Credito Valtellinese in 1978, he was later appointed first general manager and then managing director of Bankadati S.p.A., the Group company specialized in information technology. Deputy general manager of Credito Artigiano from 1997 to 1999, Monti is currently the chairman of Deltas S.p.A. and also occupies important positions in the Group member companies as well as in other companies.
