THE BOARD OF DIRECTORS OF THE PARENT COMPANY “BANCO DI DESIO E DELLA BRIANZA S.P.A.” HAS APPROVED THE CONSOLIDATED HALF-YEAR REPORT AS AT 30 JUNE 2010
- THE NET PROFIT INCREASED TO EUR 36.9 MILLION (+ EUR 2.2 million, equal to 6.4% yoy, despite the lower contribution of the profit from non-current operations for EUR 10 million)
- INCREASED LOANS (+8.7% yoy, up by more than 20% of the technical forms of mortgage loans and personal loans) AND DEPOSITS FROM CUSTOMERS (DIRECT +2.3%, INDIRECT +9.1% yoy)
- FURTHER STRENGTHENING OF THE SHAREHOLDERS’ EQUITY (+6.1% yoy); Tier1 and Core Tier1 rose from 10.4% to 10.9%
- CONTINUOUS EXPANSION OF THE DISTRIBUTION NETWORK (8 new branches, +4.9%yoy)
CONSOLIDATED FIGURES AS AT 30 June 2010 (1)
Direct deposits from customers EUR 6.96 billion (+2.3%)
Indirect deposits from customers EUR 11.42 billion (+9.1%) (2)
Net loans to customers EUR 6.28 billion (+8.7%)
Positive net interbank position EUR 391.2 million (-51.0%)
Parent Company Shareholders’ equity EUR 774.7 million (+6.1%) (3)
Tier1 and Core Tier1 10.9%
Consolidated Parent Company Profit for the period EUR 36.9 million (6.4%)
(1) Changes compared to the data of the comparative period as at 30 June 2009
(2) Net of the custodian bank assets
(3) Including the profit for the period
The Board of Directors of the Parent Company Banco di Desio e della Brianza S.p.A., which met on 26 August 2010, approved the Consolidated half-year report as at 30 June 2010, drawn up pursuant to art. 154-ter of Italian Legislative Decree 58/1998 and predisposed in compliance with the applicable international accounting standards recognised by the European Community pursuant to Community Regulation no. 1606 of 19 July 2002 (and particularly to IAS 34 – Interim Financial Statements) as well as the provisions of the Bank of Italy issued with Circular no. 262 of 22 December 2005 and subsequent updates.
Key figures as at 30 June 2010
Total assets under management increased at the end of the half year to EUR 18.4 billion, up by EUR 1.1 billion compared to the comparative period, equal to 6.4%, attributable to both direct deposits (+2.3%) and indirect deposits (+9.1%). The former reached about EUR 7 billion, with an increase of approximately EUR 0.2 billion, while the latter reached EUR 11.4 billion, growing by about EUR 1 billion. Regarding indirect deposits from ordinary customers, the increase of about EUR 0.2 billion, equal to 1.9%, is correlated to the performance of the asset management sector, partially adjusted to the decreased in assets under management.
The total value of loans to customers reached EUR 6.3 billion, with an 8.7% increase compared to the comparative period attributable to the 20% contribution from the technical forms of mortgage loans and personal loans, thus confirming the support given by the Group to families and SMEs in the difficult economic and financial situation.
The credit risk index, determined by the “non-performing loans/net loans to customers” ratio, rose to 1.22%, compared to 1.07% in the first half of the previous year, in any case remaining rather low.
The total financial assets of the Group reached EUR 1.1 billion, up by EUR 0.2 billion compared to the comparative period.
The net interbank position was positive by about EUR 0.4 billion, compared to about EUR 0.8 billion recorded at the end of the first quarter of the previous year.
The Parent Company shareholders’ equity, including the profit of the period, amounts to a total of EUR 774.7 million, with an increase of EUR 44.5 million compared to the first half of 2009.
The consolidated balance sheet coefficients as at 30 June 2010, calculated according to the supervisory provisions in force, are growing further; Tier1 and Core Tier1 rose to 10.9%, while Tier2 reached 12.3%.
Income statement data
The first half of the year closed with a Parent Company profit for the period of EUR 36.9 million, compared to EUR 34.7 million of the previous year.
The performance of the main items in the reclassified Income Statement showed the following:
The revenue items that are characteristic of the operations show an increase of 0.4% compared to the comparative period, reaching EUR 169.3 million.
Worth mentioning is the increase in net commissions for EUR 5.3 million, profit/loss from insurance management for EUR 1.8 million and the item comprising the profit/loss on trading, hedging and disposal/repurchase of financial assets and liabilities measured at fair value for EUR 1.3 million, mainly attributable to the profit from the disposal or repurchase of financial assets available-for-sale; vice versa, the balance of the net interest income decreased by EUR 7.5 million, consequently to the sharp drop in market rates and the other operating income/charges for EUR 0.3 million.
Operating charges, which include personnel expenses, other administrative expenses, net adjustments to property, plant and equipment and intangible assets, show a balance of EUR 113.3 million, an increase of 1.2%.
Operating profit/loss after tax
Operating profit/loss at the end of the half year, equal to EUR 56 million, is in line with the comparative period; net adjustments for impairment of loans for EUR 16.7 million, by more than 50% lower than the comparative period, and the net allocations to provisions for risks and charges for EUR 0.3 million, as well as the Income taxes for the period for EUR 16.3 million, led to an operating profit after tax of EUR 22.7 million, with an increase of EUR 12.6 million.
Profit from non-current operations after tax
Profit from non-current operations after tax comprises the partial release of EUR 14.6 million from the provisions, equal to a total of EUR 37.8 million, allocated at the end of 2008 to hedge against the risk of partial review of the price collected for the disposal of 70% of Chiara Vita S.p.A. by the Parent Company, as contractually agreed, at the end of the industrial plan of the Company (2012).
At the end of the previous period the result was mainly attributable (EUR 21.9 million) to the capital gain deriving from the disposal by the Parent Company of 21.191% of the share capital of Anima SGRp.A.
Parent Company Profit for the period
The sum of the operating profit after tax and the profit from non-current operations after tax results in a Parent Company profit for the first half of 2010 of EUR 36.9 million, net of the minority interest of EUR 0.4 million. The result obtained grew by EUR 2.2 million, equal to 6.4% of the result of the first half of the previous year, which had benefitted from a greater profit from non-current operations after tax for EUR 10 million.
The territorial development of the Distribution network of the Group led to a total of 172 branches at the end of the first half of the year, an increase of 8 units and equal to 4.9% compared to the final balance at the end of June of the previous year, while Employees totalled 1,847, an increase of 34 resources, equal to 1.9%, compared to the comparative period.
Desio, 26 August 2010
BANCO DI DESIO E DELLA BRIANZA S.p.A.
The Manager in charge of drawing up company accounting documents, Piercamillo Secchi, declares, pursuant to art. 154-bis, subsection 2 of Legislative Decree no. 58/1998 (Consolidated Financial Act), that the accounting information provided in this release matches the information reported in the company’s documents, books and accounting records.
Manager in charge of drawing up
the company accounting documents