Banca Popolare Santa Venera boosts profits for the first half of the year. Net profit +45.17%
More free services for the clientele are being available through information technologies

Acireale, September 13 2000 - Banca Popolare Santa Venera Board of Directors (Credito Valtellinese banking Group) confirmed the half-yearly report on operations and results achieved in the first half of 2000.

Thanks to a considerable increase in net commissions, the gross operating income totals L. 7.2 billion with an increase by 470.2% in comparison with the first half of 1999.Profit from ordinary activities attains L. 4.3 billion, in comparison with -L. 2.6 billion as at June 30 1999.

The positive performance of the interest margin (L. 29.9 billion as at June 30 2000, with a slight increase by 0.7% in comparison with June 1999) was due to increases in the volume of business, in rates and in profits from trading.

Thanks to net commissions and to the other net proceeds, which increased in all by L. 3.5 billion (+24.75%), and to profits from financial transactions, the intermediation margin attains L. 49 billion with an increase by 18.7% in comparison with June 1999.

As at June 30, net profits total L. 2 billion with an increase by 45.17% in comparison with the previous year.

As regards the main aggregates, direct deposits show an increase by 2.74% attaining L. 1,411 billion; indirect deposits increase by 7.64% from L. 851 billion to L. 916 billion. Thanks in particular to the co-operation with Bancaperta S.p.A saving management portfolios attain L. 74 billion. Deposits amount in all to L. 2,327 billion.

The first half of the year also saw a considerable increase in credits to customers (+11.7%, from L. 776 billion to L. 867 billion). The lender's risks were constantly kept under control and the risk rate decreased to 9.3% in comparison with 9.8% end 1999

During the first half of the year, the bank has been committed to integrating its information system with Credito Valtellinese Group operating systems, which are managed by Bankadati S.p.A. As from October, a wider range of services will be available to the clientele through information technologies. The customers will have free access to their current accounts via the Internet.