Cassa di Risparmio di Savona
The financial intermediation activities (FIA) of Cassa di Risparmio di Savona SpA, increased by 4.5% against December 2007, to € 2,820 million. Direct deposits increased by 14.9% to € 1,158.8 million, both short-term (8.3%) and medium/long-term (33.1%) components. Indirect deposits fell by 1.7% to € 1,661.3 million; this highlights the reduction of assets under management (€ 583.7 million, 22.4%) and the growth of assets under administration to € 1,077.5 million (+14.9%).
Loans to customers (€ 1,130.4 million; +8.9%) recorded an increase in both short-term loans (€ 273.6 million; +5.4%), and in medium/longterm loans (€ 838.9 million; +10.2%).
The gross bad loans/loans ratio stood at 1.6%. (1.7% in 2007).
The securities portfolio amounted to € 109.5 million, a 35.9% decrease during the year.
The income statement recorded a net profit of € 23.6 million, up by 8.9% compared to 2007; the cost/income ratioi increased from 49.6% to 50.6%.
The interest margin increased by 22.9%, to € 53.8 million. Net commissions fell by 7.1% compared with 2007, to € 20.3 million; net income from trading activities decreased by € 0.5 million to € 23 thousand.
Dividends amounted to € 1.8 million, a 69.3% drop.
Gross operating income, equal to € 76.8 million, increased by 6% compared to previous year.
Net impairmenti losses on loans increased from € 2.4 to € 4.4 million.
Operating costs amounted to € 38.8 million, an increase of 8.2%. This item, excluding other net operating revenues of € 3.3 million, amounted to € 42.2 million, a 4.8% rise.
Profit from ordinary activities before taxes amounted to € 33.6 million, 3.6% lower compared to € 34.9 million recorded in 2007. Net of income taxes, amounting to € 10 million, the profit for the year totalled € 23.6 million, showing an 8.9% increase compared to 2007.
CASSA DI RISPARMIO DI SAVONA
| (figures in thousands of €) | Situation as at | Change % | ||||
|---|---|---|---|---|---|---|
| BALANCE SHEET | 31/12/08 | 30/9/08 | 31/12/07 | 31/12/06 |
12/08 | 12/08 12/07 |
| Total assets | 1,462,936 | 1,436,737 | 1,385,484 | 1,447,978 | 1.8 | 5.6 |
| Direct deposits (A) | 1,158,780 | 1,125,179 | 1,008,271 | 1,058,534 | 3.0 | 14.9 |
| Indirect deposits (B) | 1,661,261 | 1,736,505 | 1,690,179 | 1,631,253 | -4.3 | -1.7 |
| - Assets under management | 583,734 | 631,644 | 752,517 | 830,617 | -7.6 | -22.4 |
| - Assets in custody | 1,077,527 | 1,104,861 | 937,662 | 800,636 | -2.5 | 14.9 |
| Financial Intermediation Activities (FIA) (A+B) | 2,820,041 | 2,861,684 | 2,698,450 | 2,689,787 | -1.5 | 4.5 |
| Loans to customers (1) | 1,130,425 | 1,072,333 | 1,038,184 | 971,190 | 5.4 | 8.9 |
| Securities portfolio | 109,504 | 91,508 | 170,803 | 353,035 | 19.7 | -35.9 |
| Capital and reserves | 170,332 | 171,735 | 170,648 | 169,839 | -0.8 | -0.2 |
| INCOME STATEMENT | ||||||
| Gross operating income | 76,793 | 54,163 | 72,417 | 66,825 | 6.0 | |
| Net income from financial management | 72,470 | 49,875 | 70,794 | 66,230 | 2.4 | |
| Operating profit from ordinary activities before taxes | 33,640 | 21,864 | 34,904 | 25,819 | -3.6 | |
| Profit for the period | 23,620 | 15,146 | 21,694 | 16,555 | 8.9 | |
| RESOURCES | ||||||
| Number of branches | 50 | 50 | 50 | 50 | - | - |
| Staff | 381 | 377 | 384 | 407 | 1.1 | -0.8 |
(1) Before value adjustments