UBI Banca Group

BANCO DI BRESCIA SPA
Figures in thousands of euro
31.12.2011 31.12.2010 Change
% change
Balance sheet
Loans to customers 13,561,110 15,078,204 -1,517,094 -10.1%
Direct funding (*) 12,732,715 12,118,974 613,741 5.1%
Net interbank debt 167,426 -2,490,173 2,657,599 n.s.
Financial assets held for trading 64,158 100,954 -36,796 -36.4%
Available-for-sale financial assets 26,690 20,913 5,777 27.6%
Equity (excluding profit for the year) 1,373,992 1,388,125 -14,133 -1.0%
Total assets 15,752,411 17,621,805 -1,869,394 -10.6%
Indirect funding from customers (including insurance) 12,893,350 14,849,800 -1,956,450 -13.2%
of which: assets under management 6,488,943 7,569,511 -1,080,568 -14.3%
Income statement
Net interest income 324,449 325,858 (1,409) (0.4%)
Dividends and similar income 1,280 1,249 31 2.5%
Net commission income 199,666 196,007 3,659 1.9%
Net income (loss) from trading, hedging and disposal/repurchase activities 1,426 (1,477) 2,903 n.s.
Other net operating income/(expense) 14,920 14,845 75 0.5%
Operating income 541,741 536,482 5,259 1.0%
Personnel expense (173,677) (172,843) 834 0.5%
Other administrative expenses (128,828) (133,321) (4,493) (3.4%)
Net impairment losses on property, equipment and investment property and intangible assets (10,255) (11,101) (846) (7.6%)
Operating expenses (312,760) (317,265) (4,505) (1.4%)
Net operating income 228,981 219,217 9,764 4.5%
Net impairment losses on loans (**) (65,704) (97,859) (32,155) (32.9%)
Net impairment losses on other assets/liabilities (***) (2,493) (849) 1,644 193.6%
Net provisions for risks and charges (5,718) (2,875) 2,843 98.9%
Profit on the disposal of equity investments 184 1,296 (1,112) (85.8%)
Pre-tax profit from continuing operations 155,250 118,930 36,320 30.5%
Taxes on income for the year from continuing operations (60,298) (46,951) 13,347 28.4%
Profit for the year 94,952 71,979 22,973 31.9%
Other information
Number of branches 364 362 2
Total work force (actual employees+personnel on leasing contracts) 2,584 2,634 -50
Financial ratios
ROE [profit for the year/equity (excluding profit for the year)] 6.91% 5.19%
Cost:income ratio (operating expenses/operating income) 57.73% 59.14%
Net non-performing loans/net loans to customers 1.62% 1.23%
Net impaired loans/net loans to customers 2.84% 2.11%
(*) Inclusive of bonds subscribed by the Parent amounting to €752.3 million as at 31 st December 2011 (€382.2 million as at 31 st December
2010).
(**) The item for 2010 included an impairment loss of €1.4 million relating to the Mariella Burani Group.
(***) The item included impairment losses in 2011 on the available-for-sale companies Immobiliare Fiera di Brescia (€1 million) and Risparmio e
Previdenza (€0.6 million).
The share capital of Banco di Brescia as at 31 st December 2011 was wholly owned by UBI Banca.
Banco di Brescia ended 2011 with a profit of €95 million, an increase compared to €72 million
earned in the year before.
Net operating income rose to €229 million from €219.2 million before, due to the combined
effect of an increase in operating income (+€5.3 million) and a reduction in operating expenses
(-€4.5 million).
The main items of revenues, which totalled €541.7 million, performed as follows:
- net interest income remained fairly stable at €324.4 million (-€1.4 million), the aggregate
result of the following: higher funding costs even though average volumes fell; on the
lending front, the effect of repricing action with a fall in volumes of short-term loans was
only partially offset by growth in medium to long-term lending; the absence of net interest
income from the business of the foreign branch (contributed in December 2010);
- net commission income reached almost €200 million (+€3.7 million), a reflection of income
earned on insurance products (+€3.9 million), collection and payment services (+€1.9
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