Italease closed the first half with a net profit of € 80.1 million, posting a +79.4% compared to June 30, 2005. But the really good news is that the good result depends entirely on the trading, which saw an increase in loans to customers of 16.5%. Total revenues exceeded the 215.5 million euro (because the margin of interest, flew more than 107 million, an increase of 34.6%, and net commissions rose 47% to 104.7 million ).
ROAE on an annual basis is equal to 23.5% while operating costs amounted to EUR 58.2 million, grew by 17.2%. Leases were signed in the first half with a value exceeding € 3.7 billion (+14.1%), with a market share of 15.9% (against 14.3% at end 2005). +75.3% Loans, worth 350 million euro. The tier 1 ratio stood at 6.32% and total capital ratio at 9.39%, with a total risk-weighted assets amounted to 11.9 billion euro.Altra important note, the board of directors has approved the merger with Leasimpresa of Banca Popolare di Verona e Novara, with an exchange ratio of 0.1127 shares of Italease against any of Leasimpresa.
Regarding the outlook, the board of directors approved a capital increase with a ceiling of EUR 300 million. The decision, which must be approved by the next meeting, should bring fresh cash into the coffers of the business plan for 2006-2008. The target for the end of this period defined by this plan are to € 351.6 million of net income and operating income of 839.4 million.
Another possibility being studied is a further capital increase, this time with a roof of € 2.58 million, for the issuance of stock options in favor of management. At 15.30 the title
traveling around with a 37.9 share growth of 0.80%, after a higher momentum that had led up to +1.8%.
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