consolidated annual report - Gruppo Banca Sella

to € 17,3 million (including dividends), was favoured by
the growth of cash loans (+15%) and by the increase of
spread on operations related to the Bank’s specific activity,
even though in a context marked by a relative reduction
of interest rates.
Net other banking income, standing at € 8,4 million,
recorded a growth of 0,4% over 2003, which, excluding
dealing profits, reached 4,9%, mainly thanks to the loan
granting activity.
Net interest and other banking income, amounting
to € 25,7 million, recorded a 5,1% increase with respect
to a year earlier.
Structural costs, at € 17,8 million, decreased by 3,7%
over 2003, above all thanks to a careful management
both of administrative expenses and staff expenses
(which decreased).
Cost to income ratio therefore stood at 77,3%, showing
a remarkable decrease with respect to the 82,7% of
2003.
The above mentioned trends allowed the Bank to
reach a net profit of € 1,5 million, growing by 13,9%
over 2003.
Customer savings, current accounts and securities
issued stood at € 565,5 million (+6,7%), while assets
under management and third party securities held in
deposit, standing at € 431,5 million, highlighted a decrease
of 5%; the decrease was related to the cash included
in assets under management, which at year end
weighed for € 8,8 million.
Total cash loans increased by 15%, reaching € 392
million, while guarantees, standing at € 10,7 million,
recorded an increase of 10,2% on an annual basis. Net
write-downs to loans, at € 1,2 million, are in line with
the figures for 2003. The ratio of net non-performing
loans over cash loans improved, passing from 4,4% of
2003 to 3,4% of 2004.
During the year, changes were made as far as the
Bank’s organizational chart is concerned, in order to
increase its commercial potentialities and productivity,
strengthening the distribution network without
reducing controls, the relevant structures of which
were, in fact, strengthened.
Banca Bovio Calderari S.p.A.
As at 31 December 2004 the distribution network
of Banca Bovio Calderari, having head office in Trento,
amounted to 28 branches: 16 in Trentino Alto Adige
and 12 in Veneto. During the year a new branch was
opened in Pejo (province of Trento).
Net interest income, standing at € 11,9 million (including
dividends), showed a slight decreased (-1,8%)
with respect to 2003, following a moderate growth of
loans notwithstanding a careful interest rates policy.
Net other banking income, amounting to € 9 million,
showed an increase of 1,5% if compared to 2003,
mainly thanks to assets under management and virtual
banking.
Net interest and other banking income, at € 20,9
million, was substantially stable with respect to the previous
year (€ 21 million).
Structural costs, standing at € 15,8 million, recorded
a total decrease of 4,9% over 2003, mainly thanks to a
reduction of staff expenses, which diminished by 3,1%,
and to a reduction of other administrative expenses,
which, thanks to a careful cost reduction policy, highlighted
a 7,2% decrease. Cost to income ratio therefore
improved, passing from 79,7% in 2003 to 75,1%.
The above mentioned results allowed the Bank to
reach a net profit for 2004 of € 2,1 million, unvaried
with respect to the previous financial year, which was
marked by high extraordinary income. Operating income
therefore increased by 18,2% over 2003.
Customer savings, current accounts and securities issued
amounted to € 466,5 million, with an increase of
8% over 2003, while assets under management and third
party securities held in deposit standing at € 646,4 million,
showed a decrease of 2%, partly balanced by a positive
growth of assets under management (+6,2%).
Cash loans to customers, standing at € 366,3 million,
recorded a growth of 1,5% over 2003, while guarantees,
amounting to € 20,7 million, highlighted an increase of
20,9% with respect to the previous financial year.
The ratio of net non-performing loans over cash
loans substantially confirmed the results of 2003 improved,
passing from 1,50% of 2003 to 1,57% of 2004.
Consolidated annual report 2004 - 195