Milano, 23 July 2003
- Operating margin exceeds 166 million euro and net income records an 11.4% growth rate.
- ROE reaches 22.6%.
- The cost-income ratio improves (49.3%).
- Costs decrease further (-1.9%).
Direct customer deposits and loans to customers increase (+6.4% and +8.6% respectively)
In the last few days the Executive Committee of Cassa di Risparmio Parma e Piacenza, chaired by Giancarlo Forestieri, examined the results for the first half of 2003.
The main operating results all showed great improvements with respect to the already positive results of 2002; profitability and efficiency indicators confirm outstanding levels.
Net income is forecasted at 83 million euro with an 11.4% growth rate with respect to the first half of 2002; annualised ROE therefore reaches 22.6%.
The Bank’s profitability particularly benefited from net income from services which recorded a 9.4% growth rate; this reflected the competitiveness of Cassa di Risparmio Parma e Piacenza in the retail market, especially in asset management, and the significant increase in activities in interest rate derivatives.
Particularly prudent criteria continued to be applied in lending policy. Net adjustments to loans forecasted at 17.5 million euro lead to a 63% coverage of doubtful loans.
The cost-income ratio - the main indicator of operating efficiency – improved further and dropped under 50%.
Financial results are also satisfactory. The Bank continued to develop volumes of business, customer deposits under administration and in custody exceeded 33.4 billion euro and loans to customers rose to over 9.5 billion euro.
In particular as concerns retail customers, the Bank significantly increased home mortgages: in the first half new disbursements amounted to 262 million euro (+ 22.31% on an annual basis) for a total of 2,806 transactions.
In addition to the positive results it has already achieved, the Bank has already programmed other actions aimed at supporting further growth. In the second half, particular attention will be dedicated to the segment of small and medium-sized companies, which continue to represent the main component of the economy in the reference provinces.
“Progetto Agricoltura” will be the first of these initiatives. Commercial planning, dedicated products and development of market shares in the agricultural sector will be carried out with full collaboration with the local provincial agricultural associations.
In the last few months the Bank continued its geographic expansion in the provinces bordering the Emilia region: new branches were opened in Reggio Emilia (3) and in Fiorano, Maranello and Nonantola, in the Modena province.
The results indicated above will be presented by the Chairman together with the General Manager Guido Corradi and the Deputy General Manager Giampiero Maioli, to the Board of Directors at the next meeting scheduled for the first days of August.
Last updated 23 July 2003 at 15:00