Credito Valtellinese Annual Meeting confirms balance sheet for 2000:
Sondrio, Saturday April 21 2001
Credito Valtellinese Annual Meeting, which was held today chaired by Francesco Guicciardi, unanimously confirmed the company balance sheet as at December 31 2000. Net profits for the year total L. 47.1 billion (+8.2% with respect to 1999).
Such a positive result allowed suggesting a dividend of L. 700 per share before taxes. As a result of an increase in the number of the shares held by the shareholders (from 42,985,382 to 47,298,469), the sum destined to the dividend distribution amounts to L. 33.1 billion, compared with L. 30.1 billion in 1999 (+10%).
Coupons will be detached on May 7 2001; dividends will be given out starting May 10 2001.
The Meeting also renewed the company Board of Auditors and elected four Directors: Salvatore Vitali, Pier Domenico De Filippis, Emilio Rigamonti, and Marco Santi. The new members of Credito Valtellinese management were chosen through candidate lists, in accordance with the new regulations set down in the Articles of Association.
As regards the main balance-sheet items, it must be pointed out:
As far as the profit and loss account is concerned, the interest margin increased by 6.7%, totalling L. 135.6 billion at the end of 2000, compared with L. 127.1 billion as at December 31 1999. The brokerage margin attained L. 325.2 billion with an increase by 28% with respect to 1999 (L. 254.1 billion), which confirms how the bank could increase and strengthen business profitability throughout the year.
The gross operating income, which total L. 93.1 billion with an annual increase by 27.1%, along with the higher quality of the credit portfolio and consequently less provisions for credit risks led to a considerable increase in gross profits from ordinary assets.
In fact, the above-mentioned margin increased by 49.8%, attaining L. 73.8 billion, compared with L. 49.3 billion as at December 31 1999.
After entering taxes on income, net profits for the period total L. 47.1 billion, with an increase by 8.2% with respect to 1999 (L. 43.6 billion).
At the end of 2000, the bank branch network numbered 74 branch offices in all. As far as the staff is concerned, the number of employees totalled 726
During the Meeting, the shareholders also examined Credito Valtellinese Group's consolidated balance sheet. It must be pointed out in particular that:
As regards the consolidated profit and loss account, the interest margin attained L. 389.8 billion, with an increase by 10.7% in comparison with end '99 (L. 352.3 billion). The brokerage margin amounted to L. 669.6 billion, increasing by 21.7% (+ L. 119.2 billion) with respect to '99 (L. 550.4 billion).
The gross operating income, which total L. 50.2 billion with an annual increase by 81.6%, led to a considerable increase in gross profits from ordinary assets.
In fact, the above-mentioned margin increased by 149.5%, attaining L. 125.2 billion, compared with L. 50.2 billion as at December 31 1999.
As a result of a decrease in extraordinary incomes (-78.7%) and of a tax increase (+44.4%), consolidated net profits for the period totalled L. 39.7 billion, compared with L. 41.2 billion as at December 31 1999 (-3.6%).
At present, the Group staff numbers 2,229 employees and the Group branch network 213 banking outlets.
2000 was a momentous year, as Banca dell'Artigianato e dell'Industria of Brescia joined Credito Valtellinese banking Group and Aperta Gestioni Patrimoniali SA, a Swiss fiduciary and asset management company was established in Lugano.
Last year also saw a strategic alliance with Banca Popolare Sant'Angelo, which will allow the Group to extend its influence over Sicily.
Moreover, also this year, the Group presented the Social Report. It has already been distributed to the shareholders for five years to integrate the information that is traditionally provided along with the consolidated balance sheet. The Social Report is very important and indispensable to the banking Group, as it is meant to express its conception of business, as well as the principles of co-operation and mutuality inspiring its activity.
Last year, Credito Valtellinese Group received the famous Guggenheim Award for having organised and hosted art exhibitions in its galleries for over ten years. A publication focusing on the importance of the prize as well as on the main cultural events that the Group organised and promoted in the last years was distributed to the shareholders during the Meeting.
Finally, during the Meeting, Credito Valtellinese Arturo Schena Award was awarded to three young people who made a contribution through their works (e.g. graduation thesis, study and research, social activities or other) to increase the province prestige and credit, or showed particular skills always through their works.
Net profits total L. 47.1 billion (+8.2%)
Dividends at L. 700 per share
