THE BOARD OF DIRECTORS OF “BANCO DI DESIO E DELLA BRIANZA S.P.A.” APPROVED THE CONSOLIDATED INTERIM REPORT ON OPERATIONS AS AT 30 SEPTEMBER 2009
- INCREASE IN LOANS (+7.5% year-on-year, mainly due to an increase of more than 20% in technical forms of loans and personal loans).
- INCREASE IN SHAREHOLDERS’ EQUITY (+10.5% year-on-year); Tier1 and Core Tier1 up to 10.6%.
- EXTENSION OF THE DISTRIBUTION NETWORK (11 new branches, +7.1% year-on-year).
- INCREASE IN NET PROFIT (+12.2% year-on-year).
CONSOLIDATED FIGURES AS AT 30 SEPTEMBER 2009 (1)
Direct deposits from customers EUR 6,565.3 million (+7.5%)
Indirect deposits from ordinary customers EUR 8,495.6 million (+5.4%)
Net loans to customers EUR 5,914.7 million (+7.5%)
Positive net interbank balance EUR 492.4 million (+52.7%)
Parent Company shareholders’ equity EUR 746.5 million (+10.5%) (2)
Tier1 and Core Tier1 10.6%
Operating income EUR 254.9 million (-0.4%)
Operating charges EUR 166.7 million (+3.9%)
Adjustments to loans EUR 48.4 million (+33.7%)
Non-recurring profit after tax EUR 24.6 million
Parent Company profit for the period EUR 44 million (+12.2%)
(1) Following the transfer of control of Chiara Vita S.p.A., which took place in October 2008 and, therefore, the relative deconsolidation, in order to allow a uniform year-on-year comparison of items, the figures as at 30 September 2008 to which the percentage variations refer, have been duly restated, as shown in the appropriate column in the Balance Sheet in the financial statements as per attachments 1 and 2, carried out in compliance with the accounting standards used for preparation of the financial statements. In particular, the equity investment in Chiara Vita S.p.A. was consolidated using the equity method for the sole remaining shareholding held as at the end of 2008 (30%), while the shareholding sold in the same period (70%) was reclassified in “Discontinued operations” at the book value stated in the Parent Company's financial statements.
(2) Profit for the period included.
The Board of Directors of the Parent Company Banco di Desio e della Brianza S.p.A., which met on 12 November 2009, approved the Consolidated interim report on operations as at 30 September 2009, drawn up in accordance with the terms of art. 154 ter of Legislative Decree 58/1998 and prepared in compliance with the applicable international accounting standards recognised by the European Community and pursuant to Community Regulation no. 1606 dated 19 July 2002 and, in particular, IAS 34 - Interim financial statements.
Key figures as at 30 September 2009
Balance sheet data
Total customer assets under management recorded an increase in direct deposits of EUR 0.5 billion, compared with the final figure from the end of September 2008, amounting to roughly EUR 6.6 billion (+7.5%). Indirect deposits showed a slightly downward trend (-2.1%), due to a decrease of EUR 0.8 billion (equal to 7.9%) in the “institutional customers” component, while the “ordinary customers” component increased to EUR 8.5 billion, up EUR 0.4 billion (equal to 5.4%).
The total value of loans to customers showed an upward trend also during this financial year, thus witnessing the Group’s support given to households and SMEs in the difficult economic and financial situation. Net loans to customers totalled EUR 5.9 billion, up 7.5% compared to the same period of the previous year, mainly due to an increase of more than 20% in technical forms of loans and personal loans, also in terms of new customers. The credit risk index, determined by the “non-performing loans/net loans to customers” ratio stood at 1.07%, in relation to the comparative figure of 0.68%, unchanged compared to June 2009.
Total Group financial assets amounted to EUR 0.8 billion, a decrease of EUR 0.1 billion compared with the final figure recorded in the same period of the previous year.
The net interbank position increased, showing a positive balance of roughly EUR 0.5 billion, compared with a positive balance of approximately EUR 0.3 billion recorded at the end of September 2008.
Shareholders’ equity, including profit for the period, amounted to a total of EUR 746.5 million, recording an increase of EUR 71 million compared with the third quarter of the previous year.
The consolidated capital ratios as at 30 September 2009, calculated according to the current Basle 2 criteria of the supervisory regulations, showed a Tier1 and Core Tier1 ratio equal to 10.6% and a Tier2 ratio of 11.8%.
Income statement data
The third quarter of the year closed with Parent Company profit for the period of EUR 44 million.
The performance of the main items in the reclassified Income Statement showed the following:
The typical items of ordinary operations showed a performance essentially in line with the previous year (-0.4%), amounting to EUR 254.9 million. More specifically, reference is made to the increase in the item comprising profit/loss on trading, hedging and disposal/repurchase of financial assets and liabilities measured at fair value of EUR 6.8 million, mainly due to the profit/loss on trading, profit (loss) from insurance management of EUR 1.6 million and other operating income/charges for EUR 0.3 million. On the other hand, the net interest income decreased by EUR 5.2 million (-3.4%), due to the strong reduction in the yield spread and in the net commission balance for EUR 4.8 million (-5.8%) related to the crisis in the financial markets.
Total operating charges, which include personnel expenses, other administrative expenses and net value adjustments on tangible and intangible assets, showed a balance of EUR 166.7 million, an increase of 3.9%.
Operating profit after tax
Operating profit for the year, consequently, amounted to EUR 88.2 million, showing a decrease of 7.6% amounting to EUR 7.2 million; net value adjustments for impairment of loans together with loss from disposal/repurchase of loans totalled EUR 48.7 million (compared to EUR 36.6 million of the previous period), allocations to provisions for risks and charges EUR 1.1 million and income taxes for the period on current operations amounted to EUR 19 million, giving an operating profit after tax of EUR 19.4 million, a 41.8% drop.
Non-recurring profit after tax
This consists of profits from investments and disposals of investments, which is made up of the profit deriving from the sale of 21.191% of the share capital of Anima SGRp.A., in line with the voluntary Public Offer promoted by Banca Popolare di Milano, equal to EUR 21.9 million (at individual Parent Company level, equal to EUR 29.9 million) net of EUR 8 million for consolidation adjustments, and of the tax balance for non-recurring components equal to approximately EUR 2.7 million.
More specifically, this latter component implements tax on profit from the said sale of the Anima SGRp.A. investment (equal to approximately EUR 0.5 million), and the positive effect on the profit for the period, equal to about EUR 3.2 million, due to tax redemption of the surplus deducted on a non-accounting basis in the EC section of the tax return through the payment of the 12% substitute tax in three annual instalments, as set out in Art. 1, par. 48 of Law no. 244/2007, as well as to the realignment of the differences emerged between statutory and tax values upon FTA, deriving from the elimination of amortisation/depreciation and provisions, with a lump-sum settlement of the substitute tax, as set out in Art. 15, par. 3, lett. b) of Law Decree no. 185/08.
Parent Company profit for the period
The sum of operating profit after tax (EUR 19.4 million) and non-recurring profit after tax (equal to approximately EUR 24.6 million) gives a Parent Company profit for the period of EUR 44 million, up by 12.2% compared with the third quarter of the previous year.
It is noted that – according to the concept introduced by the revision of IAS 1 “Presentation of Financial Statements” and in application of the statement released by the Bank of Italy together with the updating draft of Circular no. 262/2005 – the Parent Company “Total Profitability” as at 30 September 2009 totalled EUR 61.4 million compared to EUR 28.6 million of the previous year.
At the end of the third quarter, the territorial development of the Group’s distribution network led to a total of 167 branches, an increase of 11 units compared to the total in September 2008, while employees totalled 1,819, an increase of 54 resources, equal to 3.1% compared to the comparative period.
Desio, 12 novembre 2009
BANCO DI DESIO E DELLA BRIANZA S.p.A.
The Manager in charge of drawing up the company accounting documents, Mr. Piercamillo Secchi, declares – pursuant to Art. 154 bis, par. 2 of Legislative Decree no. 58/1998 (Consolidated Financial Act) – that the accounting information provided in this press release matches the information reported in the company’s documents, books and accounting records.
Manager in charge of drawing up
the company accounting documents