BANCO Ambrosiano Veneto has reported gross operating income for 1993 of more than 790 billion lire (about HK$3.63 billion), a rise of 11 per cent compared with 1992.
This performance confirms the bank's strong position despite the current adverse conditions.
The results benefitted from the substantial flow of income, particularly following the expansion of services as part of a strategy to develop alternatives to traditional banking intermediation.
Cost containment held growth in payroll and general expenses to little more than five per cent, despite the expense incurred expanding the network.
According to the new format for financial statements effective from December 31, customer assets under administration exceeded 58 trillion lire, comprising deposits of almost 25 trillion lire and securities under administration of about 33.2 trillion lire, while lending topped 20.75 trillion lire.
Following the final conversion of the Crediop six per cent 1987-1993 bond, shareholders' equity prior to provisions and the allocation of income for 1993 amounted to 2.04 trillion lire.
