UBI Banca Group

BANCA CARIME SPA
Figures in thousands of euro
31.12.2011 31.12.2010 Change
% change
Balance sheet
Loans to customers 4,865,871 4,765,224 100,647 2.1%
Direct funding 7,552,126 7,562,665 -10,539 -0.1%
Net interbank debt 3,555,824 3,670,923 -115,099 -3.1%
Financial assets held for trading 3,395 2,698 697 25.8%
Available-for-sale financial assets 27,661 27,793 -132 -0.5%
Equity (excluding profit for the year) 1,548,395 1,551,681 -3,286 -0.2%
Total assets 9,684,175 9,784,297 -100,122 -1.0%
Indirect funding from customers (including insurance) 5,375,500 5,753,026 -377,526 -6.6%
of which: assets under management 2,894,381 3,688,062 -793,681 -21.5%
Income statement
Net interest income 250,208 237,036 13,172 5.6%
Dividends and similar income 122 107 15 14.0%
Net commission income 112,158 109,737 2,421 2.2%
Net income (loss) from trading, hedging and disposal/repurchase activities (928) 2,018 (2,946) n.s.
Other net operating income/(expense) (*) 9,955 4,618 5,337 115.6%
Operating income 371,515 353,516 17,999 5.1%
Personnel expense (**) (144,902) (153,219) (8,317) (5.4%)
Other administrative expenses (94,708) (94,309) 399 0.4%
Net impairment losses on property, equipment and investment property and intangible assets (14,082) (14,582) (500) (3.4%)
Operating expenses (253,692) (262,110) (8,418) (3.2%)
Net operating income 117,823 91,406 26,417 28.9%
Net impairment losses on loans (22,778) (22,875) (97) (0.4%)
Net impairment losses on other assets/liabilities (488) (434) 54 12.4%
Net provisions for risks and charges (2,676) 862 (3,538) n.s.
Loss on the disposal of equity investments and impairment of goodwill (***) (11,392) (2) 11,390 n.s.
Pre-tax profit from continuing operations 80,489 68,957 11,532 16.7%
Taxes on income for the year from continuing operations (34,508) (31,305) 3,203 10.2%
Profit for the year 45,981 37,652 8,329 22.1%
Other information
Number of branches 294 294 -
Total work force (actual employees+personnel on leasing contracts) 2,183 2,224 -41
Financial ratios
ROE [profit for the year/equity (excluding profit for the year)] 2.97% 2.43%
Cost:income ratio (operating expenses/operating income) 68.29% 74.14%
Net non-performing loans/net loans to customers 1.93% 1.24%
Net impaired loans/net loans to customers 3.34% 2.27%
(*) In 2011 the item included insurance compensation of approximately €4 million following a decision by the Court of Appeal of Catanzaro.
(**) In 2011 the item included the release of a provision made previously of €3.7 million.
(***) In 2011 the item included an impairment loss of €12.1 million on the goodwill of the Bank.
As at 31 st December 2011, UBI Banca held 92.8332% of the share capital of Banca Carime, Aviva Spa held
7.1476% and the remaining 0.0192% was held by non controlling shareholders.
Banca Carime ended 2011 with a profit of €46 million an increase compared to €37.7 million
2010, even though it incurred an impairment loss on goodwill of €12.1 million.
Net operating income recorded growth of 28.9% to €117.8 million, as a result of increased
operating income (+€18 million to €371.5 million) and a decrease in operating expenses at the
same time (-€8.4 million to €253.7 million).
In detail, income performed as follows:
- net interest income of €250.2 million rose by 5.6% (+€13.2 million), principally as a result of
higher interest rates combined with larger volumes of medium to long-term lending;
- net commissions amounted to €112.2 million (+2.2%; +€2.4 million) due in particular to
current account commissions, inclusive of commitment fees, which more than compensated
for the reduction in commissions on the placement of securities, on loan origination for
B@nca 24-7 (due to a decrease in loans) and on insurance;
- the net result on trading, hedging and disposal and repurchase of financial assets/liabilities
fell from a profit of €2 million to a loss of €0.9 million, due to the negative impact of fair
value changes in hedges on bonds (-€0.6 million), hedges on fixed rate mortgages (-€0.3
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