Each district now has its District CouncilThe balance of the Executive Board is more than honourableIt will act on complaint of right holdersBut in what proportion 35 appears as a featThree times more expensive than its price in commandIn fact the thirtynine years of political career of MrShe rereads regularly JeanJacques Rousseauwould increase speed in its strategy of conquest of the InternetTrading timeIt is the heart of the problemThe replica of the tenors of the PS was however soonThe great Italian banking groups who have recently completed a merger appear some healthy in their quarterly accounts. This is the case for Intesa Sanpaolo, the merger is effective since 1 January, as for UniCredit-Capitalia, United since October 1.
Intesa Sanpaolo presents a net result increased by 80, to EUR 6.86 billion, over nine months. This performance owes much to the gains recorded by the sale of Cariparma and FriulAdria to Crédit Agricole and those of the exchange offer of the Milan Stock Exchange with the LSE. Excluding exceptional items, the net result of the Bank increased by 3.7, to 3.76 billion. Operating income amounted to 7.1 billion ( 15.8) and the coefficient of operation improves, from 53.2 to 48.6.
The bank notes that it is a dynamic which allowed him to acquire new 150,000 customers in the first 9 months of the year. On the other hand, obtained NET commissions are receding 2.3 because of the policy of alignment of costs charged to customers on the best price applied either by Intesa, Sanpaolo.
The staff, for their part, decreased 2.273 people during the first 9 months of 2007. Intesa Sanpaolo confirms its objective to distribute in 2008 the same dividend in 2007. In addition, the Bank announced the creation of a publicly traded real estate investment Corporation, to manage a portfolio of non-strategic group.
On the side of UniCredit, the accounts of the third quarter are still presented separately, the merger with Capitalia is very recent. According to Alessandro Profumo, CEO of the group, the operation takes place "at an impressive speed. It confirms 2009. For the time being, the Bank of Milan displays a net result of 4.73 billion over nine months, an increase of 26.8. The ratio of cost income remains stable, to 57.6, 1.1 higher operating costs, to 3.3 billion in the quarter.
Integration costs
Roman group Capitalia poster, on the other hand, a net result of 82 million, down 66 because of the attribution of the integration costs, $ 67 million. The net result before tax reached 1.045 billion over the first nine months of 2007, down by 18. Operating income amounted to 402 million for the quarter and to EUR 1,440 billion over the first 9 months of the year, or 15.9 growth. Proforma net result two banks merged 5.3 billion EUR for the first nine months of the year. Integration costs are EUR 204 million.
UniCredit has confirmed its target to achieve a result by action of 0.56 euro and reassured investors with respect to its exposure to derivatives, which had worried in recent weeks. It is "marginal", says the group, because it was reduced to EUR 246 million end of September, after 354 million end of June.
After these details, as UniCredit has rebounded more than 3 in a meeting at the Milan Stock Exchange to finally complete the equilibrium ( 0.02). Conversely, the Intesa Sanpaolo figures disappointed analysts, who expected a greater than 1.5 billion net income. The title has lost ground on the stock exchange, ending on a decline of 1.80.
