Credito Valtellinese banking Group approves quarterly report as of March 31, 2003
CONSOLIDATED RESULTS
Balance Sheet Figures (compared with December 31, 2002)
Profit & Loss Account Figures (compared with March 31, 2002)
Sondrio, May 13, 2003 - Following today's meeting the Board of Directors of the parent bank Credito Valtellinese has confirmed the Group's consolidated results for the period January 1-March 31, 2003. As at March 31, 2003, direct deposits stood at € 8,034 million, compared with € 7,860.1 million end of December, 2002 (+2.2%). Indirect deposit from customers stood at € 8,545.8 million, compared with € 8,496.5 million end of the previous year (+0.6%). In particular, assets administrations stood at € 4,292.4 million, funds at € 3,557.7 million, insurance deposits at € 695.7 million with a 7% average increase in comparison with December 31, 2002. Total assets under management stood at € 16,580.3 million compared with € 16,356.6 million end of December, 2002 (+1.4%). The increase was mainly due to: higher competitiveness of the Credito Valtellinese Group, better performances of the financial markets over the period January1-March 31, 2003, a considerable development of the bank-insurance sector. Substantially unchanged with respect to December 31, 2002 (€ 6,664.5 million), the aggregate Sums Receivable from Customers stood at € 6,605 million. Net unpaid bills stood at € 253.8 million, basically as much as at the end of December, 2002. The unpaid bills-investments ratio was 3.8% unchanged with respect to December 31, 2002.
The interest margin for the period January 1-March 31, 2003 recorded -4% with respect to the same period of 2002. In fact, due to a further contraction in the gap between lending rates and borrowing rates, it stood at € 60.8 million, compared with € 63.4 million as of March 31, 2002. Proceeds from services, in particular net commissions and other net proceeds recorded € 41.4 million for the period January 1-March 31, 2003 (+10% compared with the same period of 2002). Net commissions stood at € 31.3 million (+11.8%), other proceeds at € 10.1 million. The intermediation margin recorded over € 107 million (+6%).
As at March 31, 2003, the Group's consolidated assets amounted to € 452.5 million, compared with € 441.4 million as of December 31, 2002 (+2.5%).
The period also recorded a 6.1% increase in administrative expenses, which stood at € 73.8 million. The increase was mainly due to costs associated with the opening of new branches and with those sustained for the acquisition of new companies. As a consequence, the operating income recorded an increase by 5.7 percent: € 22.4 million. After taking account of value adjustments and provisions for covering risks and charges over the period (€ 8.2 million), ordinary profits amounted to € 14.2 million, compared with € 14.8 million for the same period of last year. After entering taxes, a variation in the reserve for covering general risks associated with banking and profits due to third parties, net profits for the period amounted to € 5.4 million (+ 2.5%). As at March 31, 2003 the number of banc@perta users stood at 128,536 (+7.4% compared with December 31, 2002).
