consolidated annual report - Gruppo Banca Sella

F I N A N C I A L R E S U LT S
NET INTEREST INCOME
Net interest income (including dividends) for
2004 stood at € 205,2 million, growing by 8,6% if
compared to the previous financial year, mainly in
relation with the good contribution of increased
volumes, together with a spread substantially in
NET INTEREST INCOME (figures in euro million)
line with that recorded in the second half of 2003.
The details of the items contributing to net interest
income highlight how activity with customers
produced net interest for an amount of € 161,6
million, with an increase of 19,7%.
The ratio between net interest income (excluding
dividends) and net interest and other banking
income increased, passing from 42,8% in 2003 to
44,7% in 2004.
2004 2003 %variation over 2003
Net interest with customers 161,6 135,0 19,7%
- interest receivable 257,8 239,2 7,8%
- interest payable (65,9) (69,4) -5,0%
- interest payable on securities issued (25,0) (29,1) -14,1%
- interest payable on subordinated liabilities (5,3) (5,7) -7,0%
Interest receivable on securities 29,1 31,1 -6,4%
Net interest with banks 10,1 17,3 -41,6%
- interest receivable 34,8 45,1 -22,8%
- interest payable (24,7) (27,8) -11,2%
Differentials on hedging transactions (1,3) (0,7) 85,7%
Other net interest 1,4 1,9 -26,4%
Total net interest 200,9 184,6 8,8%
Dividends and other income 4,3 4,4 -2,3%
NET INTEREST INCOME 205,2 189,0 8,6%
N E T I N T E R E S T A N D O T H E R B A N K I N G
I N C O M E
The Group’s net interest and other banking income
stood at € 449,9 million, growing by 4,2% with respect
to a year earlier.
Net other banking income
The total aggregate reached € 244,7 million, slightly
higher if compared to 2003, when it stood at € 242,6
million.
As far as this result is concerned, net fees showed
a positive trend, increasing by 6,7%, while dealing profits
recorded a decrease of 18,8%, mainly influenced by a
lesser volatility of the markets.
Fees related to asset management, brokerage and
advisory services made up ground, as is especially to be
seen in the good increase related to insurance products.
Net fees from payment and collection services recorded
an increase of 9,3% over 2003.
On the whole, in 2004 Group net fees covered the total
of staff expenses and showed a 62% weight on administrative
expenses, in line with the previous financial year.
Consolidated annual report 2004 - 175