Thursday, 10 May 2007 - 3:15pm

Consolidated report at March 31, 2007

Thursday 10 May 2007


The Board of Directors of Banco di Desio e della Brianza S.p.A., meeting on May 10, 2007, has approved the consolidated report at March 31, 2007. The quarterly report, drawn up pursuant to Art. 82 of the current Issuers Regulations, reports the following summarized results:


Total Deposits and Current Accounts € 21,916,200,000 (+ 7.1%)
Direct Revenues € 6,118,300,000 (+ 18.0%)
Indirect Revenues € 15,797,900,000 (+ 3.4%)
of which ordinary customers € 13,991,600,000 (+ 0.3%)
Net loans to customers € 4,212,600,000 (+ 15.2%)
Ratio of "net outstanding payments/net loans” 0.62% (prev. 0.61%)
Operating results gross of taxes and third party profits € 38,800,000 (+ 8.8%)

(1) The percentage variations indicated regard figures at March 31, 2006

Principal equity data for March 31, 2007

At the end of the first quarter, total deposits and current accounts came to 21.9 billion euros, of which 6.1 billion euros were in direct revenues and 15.8 billion euros were in indirect revenues. The increase reported over twelve months was 1.45 billion euros, equal to 7.1%.

Direct revenues, represented by payables to customers and outstanding securities, including financial liabilities valued at fair value, reported an increase of 931.8 million euros compared to March 2006, equal to 18.0%.

With regard to indirect revenues, the growth trend that has characterized recent years continued, with an increase of 3.4% compared to March 2006, principally attributable to increased revenues from institutional customers and the assets administration department.
Thus, total aggregate approached 15.8 billion euros, with an increase of over 0.5 billion euros, attributable to the positive variation in collections from institutional customers, equal to 35.9%, to the assets administration department, equal to 16.8%, partially offset by a decrease of 5.7% in assets management, which nevertheless reports a significant boost in the life insurance department, with an annual increase of about 20%.

With regard to credit activity, the development that characterized the policy of the Banco Desio Group over recent years continued, with particular attention to the primary objectives of credit quality and splitting the risk.

From March 2006, net accounts receivable reported an increase of 15.2%, going from 3,656,000,000 euros to 4,213,000,000 euros.
Considering the balance of 25.9 million euros as net outstanding payments, the credit risk index determined from the "net outstanding payments/net investments" ratio was 0.62%, substantially in line with the 0.61% figure from the previous year.

Principal Economic Data at March 31, 2007

The first quarter of the year ended with operating results gross of taxes and third party profit of 38.9 million euros, which, compared with the figure of 35.7 million euros for the same period during the previous year, showed a growth of 8.8%.

The trend in the principal items on the Income Statement shows the following:


During the three months of activity, the spread came to 54.4 million euros, reporting an increase of 6.3 million euros, equal to 13.1%, compared to the first quarter for the previous year, encouraged by the development of brokered assets. The spread's contribution to the financial and insurance management margin (including the other operating charges/proceeds) came to 55.7%, compared to 56.1% for the same period during the previous year.

Net commissions, net result of insurance management and other operating charges and proceeds

Considered as a whole, these items' contribution to results comes to 43.2 million euros, and represents 44.3% of the financial and insurance management margin (including other operating charges/proceeds) and shows a positive variation of 5.1 million euros (13.3%) compared to March 2006, a reflection of the positive development of customer relationships.

Financial and insurance management margin

The financial and insurance management margin reports an increase of 11.9 million euros, equal to 13.9%, compared to the first quarter of the previous year.

Net result of financial and insurance management

If we add the adjustments in net value of 6.4 million euros (of which 6.2 million euros refers to accounts receivable, equal to 0.15% of net receivables) to the above margin, the net result of financial and insurance management comes to 91.3 million euros, an annual growth of 13.2% compared to the same period considered.

Operating results gross of taxes and third party profits

Operating results gross of taxes and third party profits comes to 38.8 million euros, after accounting for total administrative costs of 50.8 million euros, provisions for risks and charges of 0.1 million euros and adjustments in value of fixed assets of 1.7 million euros. Compared to the first quarter of 2006, administrative expenditure reports an increase of 7.8 million euros, equal to 18.1%, which is substantially attributable to the further development of the banking Group in relation to increased staff (163 resources) and distribution network (14 affiliates).
Overall, operating costs account for 57.5% of the net result of financial and insurance management, which is substantially in line with the March 2006 figure (55.7%).

The territorial development of the distribution network, along with that of the support structures, is reflected in the increase in human resources, which by the end of the period came to 1,644 employees (1,293 of which were in the parent company), an increase of 163 employees compared to the figure of 1,481 one year earlier.

Desio, May 10, 2007

The President

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