CREDITO VALTELLINESE BANKING GROUP: consolidated results as at March 31 2002
DETAILS OF THE CONSOLIDATED BALANCE SHEET:
Sondrio, Tuesday May 7 2002 - In today's meeting, the Board of Directors of the parent bank Credito Valtellinese has confirmed the Group's consolidated results for the first quarter of 2002.
As at March 31 2002, deposits amounted in all to € 15,249 million, + 3 percent with respect to December 31 2001.
Indirect deposits amounted to € 8,023.4 million, + 3.6 percent if compared with € 7,744 million as at December 31 2001.
Direct deposits stood at € 7,225.6 million, + 2.4 percent if compared with € 7,056.6 million as at December 31 2001.
Credits to customers (€ 5,823 million) have seen no relevant change since December 31 2001. Also the net unpaid bills-credits to customers ratio, before value adjustments has remained the same since December 31 2001.
Basically, in the first quarter of the current year, the Credito Valtellinese banking Group has been improving its performances in any of the traditional business areas. As regards net profits for the period, though positive, results have been much influenced by the amortization paid for the Banca Regionale Sant'Angelo's custom, as well as by the careful policy adopted in the disbursement of credit facilities.
As far as the consolidated profit and loss account is concerned, in the first quarter of 2002, the interest margin has increased by over 21 percent with respect to the same period of the previous year: € 63.4 million, as a result of the positive trend of assets under management. This also confirms that all the member banks have been operating in accordance with a prudent management.
The intermediation margin was over € 101 million, with an increase by 21.2% if compared with the same period of the previous year.
Operating expenses have increased by 21.2 percent since the first quarter of 2001. As at March 31 2002, the aggregate stood at € 69.5 million. Such a relevant increase in costs is mainly due to the Group's growth in size, which has led to include 300 branches (61 of which are part of the Banca Regionale Sant'Angelo's network) in the consolidated branch network as at March 31 2002, compared with 219 as at March 31 2001.
The operating income - before entering value adjustments in respect of tangible and intangible fixed assets, including the amortization paid for the customs of the controlled banks - amounted to € 21.1 million (+ 12.4% with respect to the first quarter of 2001, in confirmation of the Credito Valtellinese Group's commitment to increasing its profitability by offering a wider range of banking services).
Profits for the period - after entering adjustments in respect of credits, taxes, provisions for covering general risks associated with banking and profits due to third parties - stood at € 5.3 million, basically the same (+ 0.1%) as for the first quarter of 2001.
As at March 31 2002, the number of employees working with the Group was 2,814, compared with 2,818 as at December 31 2001. The number of branch offices has increased up to 300, thanks to the opening of new outlets: sub-branch 5 in Como and the branch office in Missaglia, province of Lecco (opened by Credito Valtellinese), the branch office in Campi Bisenzio, province of Florence, and sub-branch 18 in Milan (Credito Artigiano), sub-branch 2 in Rho (Banca Popolare di Rho).
As at March 31 2002, the number of banc@perta users was 97,662 (+ 11.6 percent with respect to December 31 2001).
- Interest margin: € 63.4 million (+21.4%). Intermediation margin: € 101.1 million (+21.2%);
- Operating income: € 21.1 million (+12,4%);
- Net profits for the period: € 5.3 million (+ 0.1%)
