Credito Valtellinese increases assets under management and operating profits. Dividends: € 0,3615 per share
The main aggregates in the Credito Valtellinese's 2001 Balance Sheet are showing positive performances. Details of the company's operating results for the year 2001 are as follows:
Operating profits: +10.6% with respect to the previous year Direct deposits: +7.9%; Investments: + 14.3%; Indirect deposits: no relevant change. The amount of the indirect deposits remains substantially unchanged, thanks to the development of the range of bank-insurance products Considerable development of the Internet banking. The services provided via the Internet, in fact, saw an increase by 45% with respect to December 2000. As at December 31st 2001, the number of banc@perta users was over 28,800 customers
A step forward towards the establishment of a new big bank in Sicily. Credito Valtellinese considers a plan for the reorganization of the Group's network in Sicily.
In a meeting that was held today the Credito Valtellinese's Board of Directors has confirmed the company's results as at December 31st 2001. Figures in the Balance Sheet indicate that considerable improvements have affected both deposits and the disbursement of credit facilities.
Assets under management - consisting of both direct and indirect deposits that the clientele has made with the bank - amount in all to € 6,033 million (+3.6% with respect to last year).
In particular, direct deposits (+7.9%) total € 2,742 million, compared with € 2,543 as at December 31st 2000. In spite of the considerable reduction in share prices, which has occurred over the last few months, the amount of indirect deposits is substantially unchanged (€ 3,291 million). In detail, customers' securities held for custody and administration represent 51.5%, assets administrations and funds 42%, insurance deposits 6.5% (thanks to the launch of a new range of products called "gestioni patrimoniali assicurative").
Credits to customers (+14.3%) total close to € 2,044 million, + € 256 million with respect to last year. The net overdue items-overall credits ratio is 1.9%, compared with a 2% end of December 2000.
As regards the company's profit and loss account, the interest margin amounts to € 72.4 million (+3.4%) while the intermediation margin amounts to over € 199 million, compared with € 167.9 million in 2000 (+18.6%). Such an increase reveals the Credito Valtellinese's skill at maintaining its profitability in time, also in a period of slump economy.
Although the Credito Valtellinese has been considerably developing business and expanding the branch network, operating costs saw only a slight increase (+3.7%). Details of this item are as follows: staff expenses + 3%, other operating costs +4.3%. The operating costs-intermediation margin ratio is 46.9% compared with 53.6% end of 2000.
The gross income total € 52 million (+8.4%). The increase in gross earnings, together with an improvement in the quality of marketable securities, which allowed reducing provisions for credit risks, has led to an increase also in the operating profits. This item, in fact, amounts to € 42.2 million (+10.6%). After entering extraordinary profits and taxes on income, net profits for the period total close to € 24.8 million (+1.6% with respect to 2000).
As at December 31st 2001 the number of employees is 763, namely 37 more employees than the previous year (+5.1%). As for the Credito Valtellinese's branch network, following the opening of 7 new branch offices, the number of branches is now 81 (they were 74 in 2000).
The Group has also been further developing Internet banking strategies, which allowed attaining excellent results both in terms of quality of the services provided and as regards the number of users. In fact, the customers benefiting from the banc@perta range of services were over 28,800 end of 2001 (+45%).
The Board of Directors has confirmed a plan for the distribution of profits, which includes a 0.3615-euro dividend per share (the same as the previous year but referring to an increased overall amount of the dividends: +6%). The Board of Directors has also resolved on a surplus reserve in accordance with the Law No 461 of December 23rd 1998. The shares are quoting ex coupon as from April 29th 2002. Dividends will be paid as from May 3rd 2002.
Guidelines for the reorganization of the Group's branch network in Sicily.
The Credito Valtellinese Group is considering a plan aimed at the establishment of a new member bank based in Sicily. The new bank's branch network will efficiently serve any area of the island and is expected to attain the same excellent results as the most performing banks of our Group.
The establishment of this bank will follow the merger of the Banca Popolare Santa Venera S.p.A. and the Leasing Group S.p.A. into the Banca Regionale Sant'Angelo S.p.A.
The Credito Valtellinese's Board of Directors has also examined the strategy adopted by the advisor KPMG Corporate Finance in order to provide support to the Banca Regionale Sant'Angelo and Banca Popolare Santa Venera's Boards in fixing the exchange ratio.
The Credito Valtellinese's Board has accepted the criteria adopted to assess the merging companies.
Next step is the approval of the plan and of the exchange ratio by the merging companies' Boards. The exchange ratio will be fixed also on the basis of the Advisor's assessment. Information on the criteria for the merger and on the exchange ratio is being provided after the Board Meetings.
The Annual General Meetings of all the companies involved are confirming the plan for the merger after approval by the competent Authorities.
