Press release
The Board of Directors of Intesa Sanpaolo Private Banking approved the 2011 Draft Financial Statements.
Milan, 22 March 2012 - The Board of Directors of Intesa Sanpaolo Private Banking (ISPB) approved the 2011 Draft Financial Statements, with a net income of 86.6 million euro. The drop compared to the figure for 2010 (-20.3%) was due to extraordinary and non-recurring items . Excluding these items, there would be a 6% increase versus the previous year. Customer assets under management recorded a drop of approximately 2 billion euro - from 73 to 71 billion euro at the Italian Network-Private Segment level and from 68.3 to 66.4 billion euro (- 3%) at ISPB level. The decrease was due to the combined effect of new assets equal to 3 billion euro and the market downturn amounting to 5 billion euro and was in line with that recorded in the sector as a result of the severe financial market crisis.
- Net income of 86.6 million euro, on the rise net of extraordinary and non-recurring items
- Customer assets of 71 billion euro as at 31/12/2011,including the Private Segment of the Italian Network Banks (66.4 billion euro at ISPB level), affected by market downturn
- 2011 net deposits of 3 billion euro
- Leading bank in the sector with a market share of 17.3%
- Operating income of 327.2 million euro (+2.1%) and operating margin of 155.2 million euro(+2.5%)
- Operating costs among the lowest in Europe, with an impact on average assets under management equal to 26 bps
- Cost/income ratio at 53%, one of the best ratios in Europe in the sector
- Tier 1 ratio at 17.6%
Attached is the full press release.