THE BOARD OF DIRECTORS OF THE PARENT COMPANY “BANCO DI DESIO E DELLA BRIANZA S.P.A.” APPROVED THE CONSOLIDATED INTERIM REPORT AS AT 30 SEPTEMBER 2010
- STABLE NET PROFIT (+0.6% yoy)
- INCREASED LOANS (+7.6% yoy, thus confirming the support to families and SMEs in the difficult economic and financial situation) AND DEPOSITS FROM CUSTOMERS (DIRECT +2.6%, INDIRECT +4.5% yoy)
- FURTHER STRENGTHENING OF THE SHAREHOLDERS’ EQUITY (+4.8% yoy); Tier1 and Core Tier1 rose to 11.3%
- CONTINUOUS EXPANSION OF THE DISTRIBUTION NETWORK (6 new branches, bringing the total number of branches to 173)
CONSOLIDATED FIGURES AS AT 30 SEPTEMBER 2010 (1)
Direct deposits from customers EUR 6.74 billion (+2.6%)
Indirect deposits from customers EUR 11.52 billion (+4.5%) (2)
Net loans to customers EUR 6.37 million (+7.6%)
Parent Company Shareholders’ equity EUR 782.2 million (+4.8%) (3)
Tier1 and Core Tier1 11.3%
Consolidated Parent Company Profit for the period EUR 44.3 million (0.6%)
(1) Changes compared to the data of the comparative period as at 30 September 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 11 November 2010, approved the Consolidated interim report as at 30 September 2010, drawn up pursuant to art. 154-ter of Italian Legislative Decree 58/1998 and prepared 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 September 2010
Balance sheet data
Total customer assets under management amounted at the end of the third quarter to EUR 18.3 billion, up by EUR 0.7 billion compared to the comparative period, equal to 3.8%, attributable to both direct deposits and indirect deposits. Direct deposits reached EUR 6.7 billion, with an increase of EUR 0.2 billion, corresponding to 2.6%, while indirect deposits reached EUR 11.5 billion, growing by EUR 0.5 billion.
The total value of loans to customers reached EUR 6.4 billion, up by 7.6% compared to the comparative period, thus confirming the particular efforts spent by the Group in order to concretely support families and SMEs in the still difficult economic and financial situation.
The credit risk index, determined by the non-performing loans/net loans to customers ratio stood at 1.38%, compared to 1.07% at the end of September 2009, as a natural consequence of the negative economic trend underway.
Shareholders’ equity, including the profit of the period, amounts to a total of EUR 782.2 million, increasing by EUR 35.7 million compared to 30 September 2009.
Consolidated balance sheet coefficients as at 30 September 2010, calculated according to the supervisory provisions in force, are growing further; Tier1 and Core Tier1 rose to 11.3%, while Tier2 reached 12.6% (at the end of September 2009, 10.6% and 11.8%, respectively).
Income statement data
The third quarter of the year closed with Parent Company profit for the period of EUR 44.3 million, compared to EUR 44 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 showed a decrease of 0.9% compared to the comparative period, reaching EUR 252.6 million.
Worth mentioning is the decrease in net interest income of EUR 9.1 million (-6.1%), consequently to the sharp drop in market rates, partially offset by the increase in net commissions of approximately EUR 5.3 million (6.1%) and by the net change of other items in the aggregate of approximately 1.5 million.
Operating charges, which include personnel expenses, other administrative expenses and net adjustments to property, plant and equipment and intangible assets, showed a balance of EUR 170.4 million, up by 2.2%.
Operating profit/loss after tax
Operating profit/loss at the end of the period amounted to EUR 82.2 million (-6.8%); net adjustments for impairment of loans totalling EUR 29.6 million (compared to EUR 48.7 million of the past period considered together with the losses deriving from disposal or repurchase of loans), net allocations to provisions for risks and charges of approximately EUR 0.4 million and income taxes for the period from current operations of EUR 22.5 million, led to profit from current operations after tax of EUR 29.7 million, up by EUR 10.3 million.
Profit from non-current operations after tax
Profit from non-current operations after tax mainly comprised the partial release of EUR 14.6 million from the provisions totalling 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 totalling EUR 24.6 million 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 S.G.R.p.A.
Parent Company Profit for the period
The sum of the profit from current operations after tax and the profit from non-current operations after tax resulted in a Parent Company profit for the third quarter of 2010 of EUR 44.3 million, net of the minority interest of EUR 0.6 million. The result obtained grew by EUR 0.3 million, + 0.6% compared to the comparative period, which had benefited from a greater profit from non-current operations after taxes of EUR 9.5 million.
The territorial development of the distribution network of the Group led to a total of 173 branches at the end of the third quarter of the year, an increase of six units compared to the end of September of the previous year, while Employees totalled 1,860, increasing by 41 resources, equal to 2.3%, compared to the comparative period.
Desio, 11 November 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 preparing
the company accounting documents