Credito Artigiano: approval of quarterly report as at 30/09/2005
| (in thousands of euros) | 30.9.2005 | 30.9.2004 | var. % |
| Net profit for the period | 17,254 | 13,210 | + 30.6 |
| Interest margin | 78,222 | 70,174 | + 11.5 |
| Brokerage margin | 129,327 | 113,307 | + 14.1 |
| Gross operating profit | 48,142 | 37,249 | + 29.2 |
| Gross profit on ordinary operations | 32,696 | 24,299 | + 34.6 |
| (in millions of euros) | 30.9.2005 | 31.12.2004 | var. % |
| Direct deposits | 3,887 | 3,610 | + 7.7 |
| Indirect deposits | 4,503 | 4,128 | + 9.1 |
| Overall deposits | 8,390 | 7,738 | + 8.4 |
| Loans | 3,515 | 3,069 | + 14.6 |
Milan, 3 November 2005 - The Board of Directors of Credito Artigiano met today, chaired by Angelo Palma, to examine and approve the quarterly report as at 30 September 2005, which confirmed the balanced growth of combined assets, and continued growth in the primary economic indicators, in keeping with objectives.
With regard to the income statement, in comparison to the corresponding period last year, the interest margin showed an 11.5% increase, coming in at €78.2 million. Among income from services, net commissions rose from €36.5 million to €42 million, improving by over 15%. The brokerage margin stood at €129.3 million, a 14% increase compared to the third quarter of 2004.
Operating costs totalled €73.6 million, up 7% for the year, and adjustments to tangible and intangible assets amounting to €7.6 million, a figure almost identical to the same period last year, resulted in a gross operating profit of €48.1 million, a 29.2% increase compared to September 2004.
Adjustments to receivables and provisions for risks and charges totalled €15.6 million, compared to €12.9 million in September 2004, and resulted in a profit on ordinary operations of € 32.7 million, up 34.6%.
Taking into account taxes for the period - estimated at €15.6 million - the net profit for the period comes to €17.3 million, a 30.6% increase for the year.
Total deposits amounted to €8390 million, showing an 8.4% increase from 31 December 2004. Direct deposits stood at €3887 million, showing a 7.7% increase, whereas indirect deposits totalled € 4503 million, an improvement of over 9%. Managed assets were up 10%, reaching €1725 million. Loans to customers stood at €3515 million, up 14.6% from €3069 million.
Significant events after 30/09/05 and foreseeable evolution of operations
For the months ahead, in an economic context which, though improving, is still dominated by uncertainty, the Board of Directors believes that one can expect economic and financial targets to be met, with economic and financial results that will continue to grow, in keeping with the dynamics seen in recent years.
For more information, please contact:
Institutional Communications
Phone +39 02 80637471
Email: camozzi.tiziana@creval.it
Vittorio Pellegatta
Administrative Offices
Phone +39 02 80637365
Email: pellegatta.vittorio@creval.it
