Intesa Sanpaolo: Results as at 31 March 2008
Torino, Milano, 13 May 2008 – Today, Intesa Sanpaolo’s Management Board, chaired by Enrico Salza, met and approved the consolidated quarterly statement as at 31 March 2008 (*).
Extract on
International Subsidiaries Banks Division (to which belongs the American Bank of Albania)
The
International Subsidiary Banks Division is responsible for activities in foreign markets where the Group is operational through commercial banking subsidiaries and associates. The Division provides guidelines, coordination and support to subsidiaries abroad mainly active in retail banking; it is responsible for defining the Group’s development strategy related to its direct presence abroad as well as exploring and analysing new growth opportunities in markets where the Group already has a presence and in new markets. This Division also coordinates operations of international subsidiaries and their relations with the Parent Company’s centralised functions and the Corporate & Investment Banking Division’s branches and offices abroad. The Division is made up of the three following Departments which are in charge of the different geographical areas of the Group’s international presence:
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the CEE & SEE Banking Area which includes the banking subsidiaries in Central-Eastern Europe, Banka Koper in Slovenia, Vseobecna Uverova Banka in Slovakia, Central-European International Bank in Hungary, and in South-Eastern Europe, Privredna Banka Zagreb in Croatia, Banca Intesa Beograd in Serbia, UPI Banka in Bosnia and Herzegovina, American Bank of Albania in Albania and Intesa Sanpaolo Bank Romania;
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the CIS Banking Area, which includes the subsidiary KMB Bank in the Russian Federation;
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the South Mediterranean & Asia Banking Area, in charge of developing, in particular, relations in the Mediterranean basin where the Group has a presence through Bank of Alexandria.
In the first quarter of 2008, operating income of the International Subsidiary Banks Division totaled 497 million euro with a 12.2% increase from the 443 million in the first quarter of 2007, accounting for 11% of consolidated operating income (9% in the same period of 2007). Operating costs grew by 12.2% from 229 to 257 million euro due to the extension of the commercial network; as a result, operating margin rose by 12.1% from 214 to 240 million euro and the cost/income ratio was unchanged at 51.7%. Net provisions and adjustments increased from 26 to 43 million euro; after profits on investments held to maturity and on other investments of 2 million, income before tax from continuing operations amounted to 199 million euro, with a 4.2% increase compared to the 191 million in the first quarter of 2007. |
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