Cassa di Risparmio di Carrara
During the year, financial intermediation activities (FIA) on behalf of customers of Cassa di Risparmio di Carrara SpA increased by 16.5%, totalling € 1,931.3 million. Within FIA, both direct deposits (€ 1,023.5 million; +26%), and indirect deposits (€ 907.8 million; +7.4%) increased; assets under administration stood at € 660.1 million (+30.8%) and assets under management, € 247.7 million (-27.3%). Bancassurancei products (+10.5%), Government securities (+2.3%) and bonds (+58.7%) in particular recorded an increase.
Loans to customers increased by 5.1% to € 1,001.7 million; medium/long-term loans (€ 610.2 million; +7.6%) account for 60.9% of the total, while short-term loans (€ 361.8 million; 1.6%) represent 36.1% of the total.
The securities portfolio amounted to € 33.5 million, down by 50.7% over the course of the year. The income statement recorded a net profit of € 19.8 million, up by 18.5% compared to 2007; the cost/income ratioi increased from 49.1% to 49.4%.
The interest margin increased by 14.2% compared to 2007, amounting to € 47.2 million, resulting from the increase in volumes and a higher spreadi between interest income and interest expense.
Net commissions fell by 3.5% to € 13.9 million, due to the effect of the decrease in commission income, of management, intermediation and consultancy services in particular; net income from trading activities was a positive € 0.4 million (€ -0.3 million in 2007); dividends dropped from € 3 million to € 22 thousand, due to the non-contribution deriving from the Carige Forziere funds in the portfolio, following their total disposal in the first quarter of 2008.
Gross operating income increased by 5%, amounting to € 61.6 million.
Net impairmenti adjustments on loans amounted to € 1.5 million (€ 0.5 million in 2007).
Operating costs increased by 5.8% to € 30.4 million, largely due to staff costs, which rose by 6.5% to € 21.5 million.
The other net operating revenues, amounting to € 7.7 million, increased by 3% and include € 4.3 million of remunerations for service contracts deriving from the treasury back-office activities of the Group (€ 3.9 million in 2007).
Profit from ordinary activities before taxes amounted to € 29.6 million, 0.6% higher than in 2007. Net of income taxes amounting to € 9.8 million, the profit for the year amounted to € 19.8 million, up by 18.5% compared to 2007.
CASSA DI RISPARMIO DI CARRARA
| (figures in thousands of €) | Situation as at | Change % | ||||||
|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET | 31/12/08 | 30/9/08 | 31/12/07 | 31/12/06 |
12/08 9/8 |
12/08 12/07 |
||
| Total assets | 1,268,049 | 1,206,170 | 1,161,895 | 1,183,660 | 5.1 | 9.1 | ||
| Direct deposits (A) | 1,023,496 | 943,850 | 812,200 | 846,182 | 8.4 | 26.0 | ||
| Indirect deposits (B) | 907,791 | 933,814 | 845,538 | 724,798 | -2.8 | 7.4 | ||
| - Assets under management | 247,721 | 275,926 | 340,863 | 354,766 | -10.2 | -27.3 | ||
| - Assets in custody | 660,070 | 657,888 | 504,675 | 370,032 | 0.3 | 30.8 | ||
| Financial Intermediation Activities (FIA) (A+B) | 1,931,287 | 1,877,664 | 1,657,738 | 1,570,980 | 2.9 | 16.5 | ||
| Loans to customers (1) | 1,001,682 | 999,274 | 953,237 | 936,038 | 0.2 | 5.1 | ||
| Securities portfolio | 33,498 | 24,960 | 67,915 | 118,292 | 34.2 | -50.7 | ||
| Capital and reserves | 96,111 | 96,164 | 95,096 | 94,250 | -0.1 | 1.1 | ||
| INCOME STATEMENT | ||||||||
| Gross operating income | 61,582 | 46,246 | 58,632 | 54,642 | 5.0 | |||
| Net income from financial management | 60,064 | 43,540 | 58,083 | 53,868 | 3.4 | |||
| Operating profit from ordinary activities before taxes | 29,615 | 21,008 | 29,440 | 20,960 | 0.6 | |||
| Profit for the period | 19,813 | 13,972 | 16,721 | 12,494 | 18.5 | |||
| RESOURCES | ||||||||
| Number of branches | 34 | 34 | 34 | 34 | - | - | ||
| Staff | 320 | 320 | 330 | 340 | - | -3.0 | ||
(1) Before value adjustments.