Banca del Monte di Lucca
During the year, financial intermediation activities (FIA) on behalf of customers of Banca del Monte di Lucca SpA increased by 22.9%, to € 1,086.6 million. Within FIA, direct deposits increased by 38.9% to € 738.4 million, while indirect deposits fell by 1.2% to € 348.1 million. In detail, indirect deposits showed a 33.7% decrease in assets under management (€ 74.3 million), attributable to both funds and assets managed, against an increase in assets under administration (€ 273.9 million; +13.9%) and bonds in particular.
Loans to customers amounted to € 775.7 million, an annual rise of 9.7%; medium/long-term loans (€ 553.4 million) account for 71.3% of the total, increasing by 11.3%; short-term loans, at € 196.6 million (25.3% of the total), grew by 3.5%.
During the year, the securities portfolio increased from € 1.8 to € 4.5 million.
The income statement showed a net profit of € 8.5 million, 5.3% higher than 2007. During the year, the cost/income ratioi increased from 46.7% to 48.2%.
The interest margin increased by 11.7%, to € 27.6 million.
Net commissions fell by 1.8% compared to 2007, amounting to €7.8 million; dividends and similar income fell from € 20 thousand to € 19 thousand.
In total, the gross operating margin increased by 6%, to € 35.6 million.
Net impairmenti adjustments on loans and other financial transactions amounted to € 4.8 million (€ 3.4 million in 2007).
Operating costs increased by 9.3%, to 17.2 million. In particular, staff costs rose by 5.7%, amounting to € 10.9 million, while other administrative expenses increased by 15.4% to € 7.7 million, due to the annual adjustment of the administrative service fee, coming into effect of the agreement regarding the activities of the branch back officei and increase in other costs related to bank operations.
Profit from ordinary activities before taxes amounted to € 13.7 million, 5.5% lower than the € 14.5 million recorded in 2007. Net of income taxes, amounting to € 5.1 million, profit for the year totalled € 8.5 million, a 5.3% increase compared to 2007.
BANCA DEL MONTE DI LUCCA
| (figures in thousands of €) | Situation as at | Change % | ||||||
|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET | 31/12/08 | 30/9/08 | 31/12/07 | 31/12/06 |
12/08 9/08 |
12/08 12/07 |
||
| Total assets | 854,568 | 839,100 | 778,242 | 713,731 | 1.8 | 9.8 | ||
| Direct deposits (A) | 738,420 | 572,204 | 531,574 | 552,326 | 29.0 | 38.9 | ||
| Indirect deposits (B) | 348,145 | 365,354 | 352,420 | 311,358 | -4.7 | -1.2 | ||
| - Assets under management | 74,288 | 87,529 | 112,028 | 132,884 | -15.1 | -33.7 | ||
| - Assets in custody | 273,857 | 277,825 | 240,392 | 178,474 | -1.4 | 13.9 | ||
| Financial Intermediation Activities (FIA) (A+B) | 1,086,565 | 937,558 | 883,994 | 863,684 | 15.9 | 22.9 | ||
| Loans to customers (1) | 775,672 | 747,586 | 707,102 | 630,051 | 3.8 | 9.7 | ||
| Securities portfolio | 4,499 | 1,701 | 1,827 | 13,555 | … | … | ||
| Capital and reserves | 39,669 | 39,677 | 39,096 | 32,846 | -0.0 | 1.5 | ||
| INCOME STATEMENT | ||||||||
| Gross operating income | 35,621 | 26,001 | 33,601 | 30,852 | 6.0 | |||
| Net income from financial management | 30,824 | 21,823 | 30,172 | 28,405 | 2.2 | |||
| Operating profit from ordinary activities before taxes | 13,674 | 9,276 | 14,477 | 12,570 | -5.5 | |||
| Profit for the period | 8,539 | 5,475 | 8,110 | 7,373 | 5.3 | |||
| RESOURCES | ||||||||
| Number of branches | 21 | 21 | 21 | 21 | - | - | ||
| Staff | 158 | 158 | 156 | 152 | - | 1.3 | ||
(1) Before value adjustments.