Half yearly report 2012 - Gruppo Banca Carige

method; different methods of calculation oftechnical reserves and of solvency requirements;amendments to the criteria for the admissibilityof assets for the hedging of reserves and theelements of available capital.As regards tax disputes please refer to the section‘significant events during the half-year period”included in the Report on Operations.RESULTS BYBUSINESS SEGMENTThe Carige Group’s business model is developedand analysed according to a dual dimension;the territorial, since the sales network isbroken down into the geographical areas Liguriaand the Extra Liguria dimension; and bycustomer segment, considering that the organisationaland sales structure makes provision forspecific service approaches (in terms of products,prices and infrastructures) aimed at the differenttypes of customer.In accordance with the management approachdefined by IFRS 8, the bank chose the territorymodel as a model of reference for segment reporting,which breaks down the results and theactivities into the following operating segments:- “Liguria”: operating customers atbranches of the Parent Company in thatgeographic area, together with the resultsof Cassa di Risparmio di Savona, prevalentlylocated in that area;- “Extra Liguria”: operating customers at thebranch banks of the Parent Company locatedin other regions, together with theresults of subsidiary banks located in thesegeographical areas (Cassa di Risparmiodi Carrara, Banca del Monte di Lucca andBanca Cesare Ponti);- “Other operating segments”: include remainingcustomers and the other Groupcompanies that perform asset management,insurance (life and non-life business),financial and instrumental activities;- “Netting and unallocated items”: remainingsegment explicitly envisaged in theregulations for reporting intra-group nettingand reconciliation items compared tothe accounting figures.This report will be integrated with a summary illustrationby customer segment of the incomestatement and balance sheet values.So as to allow a significant time-based comparison,the data for previous periods have beenreworked in line with current disclosure approaches.At the end of the first half of 2012 the results ofthe geographical operating sectors were as follows:- the Liguria network recorded an increasein values compared to the first six monthsof 2011: gross operating incomeamounted to € 250.3 million (+8.1% overthe first half of 2011; 44.9% of the Grouptotal), net income from financial and insurancemanagement totalled € 230.5million (up 6.2% over the first half of2011; 49.5% of the Group total) and operatingcosts came to € 116.1 million(+5.0% over the first half of 2011; 34.2%of the Group total). These figures are reflectedin profits from ordinary activities of€ 114.4 million (+7.3% compared to thefirst half of 2011) and a cost/income ratioof 46.4% (47.7% at the end of the firsthalf of 2011). With regards to volumes,loans to customers stood at € 11,944 million,+6.5% over 30 June 2011; due tocustomers totalled € 6,555 million (-0.5%); securities issued and financial liabilitiesdesignated at fair value amountedto € 4,478 million (+1.7%) indirect depositsamounted to € 11,035 million (-7.2%). On the whole, financial intermediationactivities totalled € 22,068 million(-3.6%).- the Extra-Liguria network achieved a grossoperating income of € 263.7 million, up12.8% over the first half of 2011, incomefrom financial and insurance managementtotalled 224.2 million (+17.2% over thefirst half of 2011) and operating costsamounted to € 162.8 million (up 9.0%over the first half of 2011): these figures67