Cassa San Giacomo: stockholders' meeting adopts 2001 balance sheet. Strong increases in all business areas: net profits total € 1,075,585, dividends stand at € 0.25
Caltagirone, April 6 2002 - The Cassa San Giacomo S.p.A.'s annual stockholders' meeting has adopted the balance sheet for the year ended December 31 2001. During last year, the bank based in Caltagirone has seen strong increases in all business areas. As at December 31 2001, in fact, net profits totalled € 1,075,585, compared with € 66,404 at December 2000, the amount of dividends stood at € 0.25 per share.
Below are details of the main balance-sheet aggregates:
Direct deposits: € 184.8 million (+15.8 percent compared with € 159.6 million as at December 31 2000)
Details of the profit and loss account are as follows:
As at December 31 2001, the interest margin stood at € 7.8 million (+6.2 percent); the intermediation margin stood at € 11.9 million, compared with € 10.8 million for the previous year (+10.8 percent); operating expenses amounted in all to € 10 million (+ 8.2 percent); provisions and value adjustments amounted to € 94,300 (-80.8 percent). After entering extraordinary incomes for € 289,000, the gross operating income before taxes (€ 299,000) stood at € 1,376,000. Net profits for the year 2001 totalled € 1,076,000, compared with € 66,000 as at December 31 2000 (+ € 1,010,000)
During the annual meeting, the Cassa San Giacomo stockholders have appointed some new members of the Board of Directors, which is currently made up of nine people. Their names are: Renato Bartesaghi, Luciano Camagni, Mario Cotelli, Luca De Censi, Gino Del Marco, Francesco Giacobbi, Enzo Rocca, Franco Sala, Pierantonio Valsecchi. The members of the Board of Auditors are as follows: Angelo Garavaglia: Chairman; Massimo Cazzaniga and Mario Scandura: acting auditors.
During the Board Meeting, which was held immediately after the General Meeting, Mr Mario Cotelli has been reappointed Chairman of the Board, Mr Pierantonio Valsecchi Managing Director. Gino Del Marco has been appointed vice-Chairman.
The Credito Valtellinese Group is currently considering a plan aimed at the reorganization of the Group's branch network in Sicily. The plan is leading to the establishment of a single member bank serving any area of the island through a network including more than 130 branch offices.
Indirect deposits: unchanged
As a result, as at December 31 2001, deposits amounted in all to € 254.1 million, compared with € 230 million as at December 31 2000 (+10.5 percent)
The amount of investments stood at € 115.1 million, which marks the very positive trend of the aggregate over the year. In fact, as at December 31 2000, it stood at € 95.8 million (+ 20.1 percent). The overdue bills-investments ratio, which represents the risks associated with investments, was 9.5 percent, compared with 11.4 percent for the previous year.
