BANCA POPOLARE SANTA VENERA
Acireale, February 22 2001. Banca Popolare Santa Venera (a Credito Valtellinese banking Group member company) Board of Directors confirmed the company draft balance sheet as at December 31 2000. An increase by 25% in the net operating income shows Banca Popolare Santa Venera positive management performance
In fact, almost all the main aggregates show very positive results. Direct deposits totalled L. 1,462 billion with an increase by 7% (L. 1,366 billion in 1999). Indirect deposits totalled L. 920 billion with an increase by 14.1% (L. 806 billion in 1999). Deposits amounted in all to L. 2,382 billion with an increase by 9.7% in comparison with 1999 (L. 2,172 billion). As far as indirect deposits are concerned, assets administrations and profits from the sale of insurance products saw a considerable increase (assets administrations by 32.5% and profits from the sale of insurance products by 17.8%)
Investments increased by 11.3% and totalled L. 919 billion (L. 825 billion in 1999). The net unpaid bills-investments ratio is 9.1% (in comparison with 9.8% last year).
As a result, the interest margin increased by 7.1% (from L. 58.4 billion to L. 62.6 billion). Thanks to an increase in net commissions (+32.5%, from L. 17.9 billion to L. 23.8 billion) and in profits from financial transactions (from - L. 6.3 billion in 1999 to L. 218 million), the brokerage margin saw a considerable increase (+ 19.4%) totalling L. 100 billion, in comparison with L. 84 billion last year.
Operating costs saw an increase by 4.5% (from L. 77.1 billion to L. 80.6 billion) Provisions and value adjustments still amount to L. 6.8 billion.
Though there was a considerable decrease in extraordinary incomes (from L. 9.6 billion to L. 2.7 billion), gross profits saw an increase by 62.9% totalling L. 15.7 billion (L. 9.6 billion in 1999). After entering income taxes for L. 9.7 billion and provisions for general banking risks (L. 1 billion), net profits totalled L. 5 billion with an increase by 25% in comparison with last year (L. 4 billion).
Banca Popolare Santa Venera General Meeting (both ordinary and extraordinary call) will be held on March 30 next. The shareholders will deliberate on:
An extraordinary General Meeting will be held to resolve on a few changes in the Articles of Association, in particular on the capital conversion into Euro.
FURTHER INCREASE IN DEPOSITS AND INVESTMENTS
NET PROFITS INCREASE BY 25%
DIVIDENDS ATTAIN L. 5,000 PER SHARE
