Draft financial statements for period as at 30 June 2008 and proposed changes to Articles of Association approved
Net profit over €1bn Innovative governance model adopted
- Net profit up 7% to €1,015m, despite crisis on financial markets.
- Total income up 8% to €1,735m, driven by net interest income (up 12% to €745m), net fee and commission income (up 7% to €398m), and profit from equity-accounted companies (up 14% to €478m); reduced contributions from dividends and net trading income (together down from €155m to €114m).
- Efficiency maintained (cost/income ratio: 31%) despite significant investments in distribution structures (non-Italian branches and launch of CheBanca!).
- Group liquidity bolstered: €13bn (vs €6bn) in new funds raised for the year; treasury €10 bn (vs €7bn).
- Solid capital base preserved: Tier 1 capital 10.3%.
- Proposals to shareholders in general meeting:
- Dividend: €0.65 per share (stable)
- New corporate governance model.