THE BOARD OF DIRECTORS OF BANCO DI DESIO E DELLA BRIANZA S.p.A. HAS APPROVED THE CONSOLIDATED HALF-YEAR REPORT AS AT 30 JUNE 2009
CONSOLIDATED FIGURES AS AT 30 JUNE 2009 (1)
Direct deposits from customers EUR 6,802.5 million (+10.6%)
Net loans to customers EUR 5,774.0 million (+8.0%)
Positive net interbank EUR 798.4 million (+103.2%)
Parent Company Shareholders’ equity EUR 730.2 million (+9.1%)(2)
Tier1 and Core Tier1 10.4% (ex 9.6%)
Operating income EUR 168.6 million (-0.7%)
of which Net interest income EUR 109.0 million (-1.5%)
Operating charges EUR 112.0 million (+3.9%)
Operating profit/loss EUR 10.0 million (-54.7%)
Adjustments to loans EUR 33.7 million (+42.7%)
Non recurring profit/loss EUR 24.6 million
Parent Company Profit for the period EUR 34.7 million (+27.7%)
(1) Following the sale of Chiara Vita S.p.A. in October 2008, and thus as a result of the relevant deconsolidation, in order to ensure a more homogenous comparison between the single items of the periods, data as at 30 June 2008 to which the percentage variations refers, was suitably “re-posted” in line with the specific column of Schemes under attachments 1 and 2, in compliance with the accounting standards used to draft the financial statements. The shareholding in Chiara Vita S.p.A. especially was consolidated with the equity method only for the portion still owned at the end of 2008 (30%), while the portion sold during the same financial year (70%) was reclassified under “Assets being sold” at the book value stated in the financial statements of the Parent Company.
(2) Including the profit/loss for the period.
The Board of Directors of the Parent Company Banco di Desio e della Brianza S.p.A., which met on 27 August 2009, approved the consolidated half-year report as at 30 June 2009, drawn up pursuant to art. 154-ter of Italian Legislative Decree 58/1998 and prepared in compliance with the applicable international accounting standards recognised in the European Community pursuant to Community Regulation no. 1606 of 19 July 2002, and IAS 34 – Half-year and year-end financial statements, in particular.
Key figures as at 30 June 2009
Balance sheet data
Total customer assets under management recorded a rise in direct deposits for approximately EUR 0.6 billion compared to the final balance at the end of June 2008, thus reaching EUR 6.8 billion (+10.6%). Indirect deposits went down for the portion relating to institutional customers by about EUR 2.5 billion (equal to 22.2%). This drop was offset by a growth in the portion referred to ordinary customers by about EUR 0.2 billion (equal to 2%).
The total value of loans to customers reached EUR 5.8 billion, an increase of 8% compared to the comparative period. 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 0.67%.
Total Group financial assets amount to EUR 0.9 billion, down EUR 0.1 billion compared to the total for the same period of the previous year.
The net interbank position grew, thus resulting in a positive balance of about EUR 0.8 billion, compared to approximately EUR 0.4 billion recorded at the end of June 2008.
The shareholders’ equity, inclusive of the profit for the period, amounts to a total of EUR 730.2 million, with an increase of EUR 61.2 million compared to the first half of the previous year.
The balance sheet coefficients consolidated as at 30 June 2009, calculated according to the current Basel 2 requirements of the Supervisory regulations, show a Tier1 and a Core Tier1 of 10.4% and a Tier2 equal to 11.6%.
Income statement data
The first half of the year closed with Parent Company profit for the period of approximately EUR 34.7 million.
The performance of the main items in the reclassified Income Statement showed the following:
The characteristic items of operations show a trend that is substantially in line with the comparative period (0.7%), reaching EUR 168.6 million. An increase is especially recorded for the item comprising the Profit/loss on trading, hedging and disposal/repurchase of financial assets and liabilities measured at fair value for 5.7 million euro. This is mainly attributable to the result of trading activities, other operating income/charges for EUR 0.8 million and the profit/loss from insurance management for EUR 0.7 million; vice versa, the balance of net commissions decreased by EUR 6.7 million (correlated to the effects of the crisis in the financial markets), while the interest income dropped by 1.6 million euro.
Operating charges, which include personnel expenses, other administrative expenses and net adjustments to property, plant and equipment and intangible assets, show a balance of EUR 112 million, up 3.9%.
Operating profit/loss after tax
The operating result at the end of the six-month period is consequently equal to EUR 56.6 million, down 8.8% for EUR 5.5 million; net adjustments for impairment of loans and the losses from disposal or repurchase of loans, equal to EUR 34 million (compared to EUR 24 million of the past period), net allocations to provisions for risks and charges for about EUR 1 million and income taxes for the period for EUR 11.6 million thus lead to an operating profit after tax of EUR 10 million, down 54.7%.
Non recurring profit after tax
The result consists of the profit from investments and disposal of investments, consisting of the profit from the sale of 21.191% of the share capital of Anima SGRp.A., in voluntary participation to the take-over 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 of consolidation adjustments, and the balance of taxes for non recurring components equal to about EUR 2.7 million.
This last component especially includes the taxes on the profit from the aforementioned sale of the Anima SGRpA shareholding, equal to about EUR 0.5 million, and the positive effect of the result for the period, equal to about EUR 3.2 million, due to the fiscal release of the excess deducted off the books in the EC box of the income tax return by paying the 12% substitute tax in three annual instalments, as established under art.1 par. 48 of law 244/2007, as well as the realignment of any discrepancies between statutory values and fiscal values emerged at the time of first applying the international accounting standards (FTA), deriving from the elimination of depreciations and provisions, by paying the same substitute tax in one go, according to art. 15, par. 3 lett. b) of Italian Legislative Decree 185/’08.
Parent Company Profit (Loss) for the period
The sum of the operating profit after tax, equal to about EUR 10 million, and the non recurring profit after tax, equal to about EUR 24.6 million, finally determines the Parent Company profit (loss) for the period equal to EUR 34.7 million, up 27.7% compared to the first six months of the previous year.
At the end of the half-year, the Group’s distribution network reached a total of 164 branches, an increase of 10 units compared to the total in June 2008, while employees totalled 1,813, an increase of 72 resources, equal to 4.1%, compared to the comparative period.
Desio, August 27, 2009
BANCO DI DESIO E DELLA BRIANZA SPA
The Manager in charge of drawing up the company accounting documents, 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 report matches the information reported in the company’s documents, books and accounting records.
Il Dirigente preposto alla redazione
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