Credito Artigiano approves half-yearly report as of June 30, 2003
Milan, September 5, 2003 - In a meeting held today in Milan, the Board of Directors of Credito Artigiano has examined and unanimously approved the half-yearly report for the period ended June 30, 2003, which recorded strong increases in the main balance-sheet aggregates as well as in all economic indicators, perfectly in line with the expected results against a general trend that is still characterized by significant uncertainty.
As of June 30, 2003, direct deposits stood at € 3,115 million (+20% over June, 2002; + 11.4% over December, 2002). With € 3,749 million, indirect deposits recorded increases by 6.8% and 5.3% respectively.
Assets held for administration, including insurance deposits, stood at € 1,743 million, recording + 15% with respect to the same period of last year and +10% over December 2002. Total deposits stood at € 6,864 million (+12.5% compared with € 6,103 million at June, 2002; + 8% compared with € 6,358 million at December, 2002).
Sums receivable from customers stood at € 2,607 million (+19.2% over June, 2002; + 4.2% over December, 2002). There have been further increases in the medium-long term credit (€ 723 million) over the periods June30, 2002-June 30, 2003 (+26%) and January 1-June 30, 2003 (+12%). The unpaid bills-investments ratio was 1.81%, substantially unchanged with respect to June 2002 and December 31, 2002.
The interest margin recorded € 42 million (+2.8% with respect to last year). Proceeds from services - consisting of net commissions (€ 17.5 million) and other proceeds (€ 13.5 million) - recorded € 31 million (+22.3% mainly resulting from new activities in the leasing market that have been undertaken since the second half of 2002).
The intermediation margin recorded € 78.6 million (+15.7%).
With an overall amount of 582.3 million euros, operating costs were up 18% over the previous year. Staff expenses remained substantially unchanged, while other administrative expenses and value adjustments in respect of tangible and intangible fixed assets recorded increases also as a consequence of amortization expenses associated with leasing.
The gross operating income recorded € 20.4 million (+9.3%). Ordinary profits stood at € 14.5 million (+8.4% with respect to the same period of last year).
After taking account of cash flow related to extraordinary activities (+ 400,000 euros) and provisions for covering liabilities associated with taxation (€ 7 million, +10.6% over June, 2002) net profit for the period amounted to € 7.9 million.
New branch offices have been opened throughout the first half of the current year. As of June 30, 2003, in fact, the banking network of Credito Artigiano was made up of 85 branches compared with 79 end of December, 2002, also as a result of the takeover of Banca Popolare di Rho.
During the first half of 2003, the bank has been assessed by the competent authority
Strong increases in all balance-sheet aggregates
Direct deposits: + 20% compared with June 30, 2002, + 11.4% compared with beginning 2003
Investments: + 19.2% compared with June 30, 2002, + 4.2% compared with beginning 2003
Further increases in the main economic indicators
Interest margin: + 15.7% compared with June, 2002
Ordinary profits: + 8.4% compared with June, 2002
