Banca Popolare di Rho: results as at June 30 2001

Banca Popolare di Rho - a Credito Valtellinese Group member bank - confirmed half-yearly report on operations as at June 30 2001.

In accordance with objectives set, the bank kept on serving its home territory while extending its influence over more areas, thanks to a strategy of diversification of the distribution channels, including both traditional and virtual banking.

As at June 30 2001, figures on the balance sheet confirm the positive performance of all aggregates. Indirect deposits saw a considerable increase (L. 56.9 billion, +34.2% compared with the same period of 2000), while indirect deposits remained substantially unchanged (L. 81.7 billion, +0.6% compared with June 30 2000).
As regards investments, as at June 30 2001, sums receivable from customers amounted to L. 91.3 billion with an increase by 21.4% compared with the first half of the previous year (L. 75.2 billion)

Thanks to an increase in assets under management, the interest margin amounted to L. 3.1 billion (+17.7%). The intermediation margin improved too: L. 4.2 billion (+ 14.4%).

As a result of a reduction in operating costs and in value adjustments in respect of fixed assets, the gross operating income saw a considerable increase (L. 692 billion, + 210.3%).

After entering provisions for credit risks, net value adjustments in respect of financial fixed assets and taxes, profits for the period showed a loss of L. 91 million (-84.7% compared with end of June 2000).