Milano, 25 July 2003
Banca Popolare FriulAdria confirms its mission as Bank for the local territory and closes the first half of 2003 with a 22% rise in net income
Alfonso Desiata appointed Deputy Chairman
Loans to customers increase (+9%) and medium and long - term loans surge (+15%)
Achieved significant cost containment. Shareholders' equity rises to 406 million euro
Giuseppe Campeis, eminent lawyer from Udine joins the Board of Directors
The Board of Directors of Banca Popolare FriulAdria met today in Pordenone, chaired by Angelo Sette, and approved the results for the first half of 2003. The Board also appointed Deputy Chairman Alfonso Desiata, who already served in the Board, and asked Giuseppe Campeis, eminent lawyer from Udine, to join the Board.
Banca Popolare FriulAdria closed the first half of 2003 with a net income exceeding 19 million euro, with a 22.2% increase with respect to the same period of the previous year.
Net interest and other banking income (105 million euro) rose, despite the decline in interest margin, attributable to the generalised decrease in interest rates. Particular attention was paid to the vast range of services, consequently their margin increased by approximately 4%.
In line with the orientation which had emerged towards the end of 2002, the Bank continued to implement the actions aimed at containing operating costs, which recorded an overall 8.2% drop.
Income from operating activities exceeded 41 million euro, +16% with respect to June 2002.
Loans to customers, net of financial operations, recorded an overall 9% growth rate to over 2,724 million euro, and were granted mainly to small and medium-sized companies which represent the back-bone of the economy of North-East Italy. Medium- and long-term mortgages recorded a significant acceleration, up by 15%, with approximately 4 thousand transactions of which 50% destined to finance household housing.
Direct customer deposits reached 2,576 million euro. Indirect customer deposits almost totalled 4,500 million euro, with an improvement on December 2002, marking growing customer propensity for specialised and more professional forms of asset management.
As concerns managed assets, mutual funds increased, with net deposits of approximately 170 million euro from the beginning of the year. The rise in insurance products continued, with new subscriptions exceeding 65 million euro.
Shareholders' equity exceeded 406 million euro.
“We further strengthened our role as reference bank for the companies in the Friuli Venezia Giulia and Eastern Veneto regions – commented the Managing Director Luigi De Puppi – We achieved this result by improving customer service with our direct presence in Slovenia and Romania and, through the Parent Company, in Hungary, Croatia, Slovakia and Russia”.
Following the resignation of Augusto Antonucci, recently appointed Assessore alle Finanze e al Bilancio (County Councillor for Finance) of the Friuli Venezia Giulia Region, Giuseppe Campeis was asked to join the Board.
Alfonso Desiata, serving in the Board of Banca Popolare FriulAdria as of 1998, accepted the appointment as Deputy Chairman.
Last updated 25 July 2003 at 11:23