Credito Valtellinese: ordinary profits for 2000: +49.8%
Sondrio, Tuesday March 13 2001
The main aggregates on the balance sheet for 2000 show very positive performances. In fact, figures on the balance sheet focus on:
In a meeting held today, Credito Valtellinese Board of Directors examined the company balance sheet as at December 31 2000.
As far as the profit and loss account is concerned, Credito Valtellinese obtained very positive results in 2000, in particular as regards strategic business aimed at strengthening its position.
The interest margin increased by 6.7% (L. 135.6 billion in comparison with L. 127.1 billion as at December 31 1999)
In particular, there was a slight increase in staff expenses (+4.2%), while the other costs increased by 12.6% in comparison with 1999.
As far as the staff is concerned, the number of employees increased by 2%. At present, Credito Valtellinese staff numbers 726 employees, that is 17 more employees than in 1999. As for its branch network, Credito Valtellinese opened 7 more branch offices. So, at present the bank branch network numbers 74 branch offices in all.
Credito Valtellinese has also been diversifying its distribution channels with excellent results, as far as both traditional and virtual banking are concerned. The number of banc@perta users attained more than 20,000 customers with a considerable increase (+142%).
During Credito Valtellinese Annual General Meeting, which will be held on April 21 next, the Board is suggesting a 700-lira dividend per each of the 47,289,469 outstanding shares (42,985,382 as at December 31 1999). Dividends will be paid as from May 10 2001.
The consolidated balance sheet will be submitted to the Board of Directors on March 27 next.
- an increase by 49.8% in gross profits
- net profits for more than L. 47.1 billion (+8.2% compared with 1999);
- a 700-lira dividend per share, which will be submitted to the shareholders during the Annual
General Meeting on April 21 2001; such a dividend has remained unchanged since last year, while
the outstanding shares, as a result of the conversion of the warrants, have increased considerably;
- a considerable increase in services offered via the Internet with more than 20,000 customers
benefiting from banc@perta range of products and services;
The bank financial resources amount in all to L. 11,279 billion (+7.8% in comparison with end of 1999). In particular, direct deposits total over L. 4,924 billion, with an increase by 14.8% (L. 4,289 billion as at December 31 1999). Indirect deposits total L. 6,355 billion, with an increase by 3% in comparison with L. 6,171 billion of December 31 1999.
Deposits held for custody and administration (L. 3,352 billion) saw an increase by 2.9%, while assets administrations total L. 3,003 billion, with an increase by nearly 3% in comparison with December 31 1999 (L. 2,915 billion).
Credits to customers amount to L. 3,462 billion, with a considerable increase (+16%) in comparison with 1999 (L. 2,985 billion).
As a result, the net unpaid bills-investments ratio is 2%, in comparison with 2.2% as at December 31 1999.
The brokerage margin - resulting from the sum of proceeds from services, dividends and net profits on financial transactions - attained L. 325.2 billion with an increase by 28% in comparison with December 31 1999 (L. 254.1 billion), which confirms how the bank could increase and strengthen business profitability throughout the year.
The development of business and the expansion of the branch network led to an increase by 8.3% in operating costs, which amounted to L. 160.9 billion end of 1999.
Value adjustments in respect of fixed assets amount to L. 57.9 billion, compared with L. 20 billion in 1999 (+189%)
As a result of a greater increase in incomes than in costs, the gross operating profits total L. 93.1 billion with an annual increase by 27.1%
Such an increase in gross operating profits along with a sound and prudent credit control policy allowed an increase in gross profits from ordinary assets as well.
In fact, the above-mentioned margin increased by 49.8%, attaining therefore 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% in comparison with 1999 (L. 43.6 billion).
