The 2023 budget approved with a record consolidated net profit of 461.162 million euros; the distribution of a gross unit dividend of 0.56 euros has been established; the new members of the Board of Directors were elected. These are, in extreme summary, the central points of the ordinary shareholders’ meeting of Banca Popolare di Sondrio which took place today, Saturday 27 April 2024.
BPS Assembly, record 2023 budget and dividend approved
Over 4,800 members, representing approximately 52% of the share capital, participated in the meeting, chaired by the president Francesco Venosta, through the proxy of the representative.
“The Administration’s proposals – states President Professor Venosta – were widely shared, with almost unanimous approval of the budget and the remuneration system. The Board of Directors’ list received the important support of both the Unipol Group and a very large community of small investors, an expression and confirmation of the liveliness of our social base and the territories in which we are rooted. On behalf of the entire Administration, I welcome with satisfaction the reconfirmation of Loretta Credaro and Pierluigi Molla, outgoing directors, and the entry into our governance team of profiles of evident professional quality such as Roberto Giay, Séverine Neervoort and Giuseppe Recchi”
And again: “The thus renewed Board will have to guide the bank in its path of further strengthening and growth, reiterating the values of attention to customers and to the production systems of the territories of a “bank that does banking” and which intends to do it increasingly better, in in harmony with stakeholders, facing the important challenges that the market and our times pose to us. Sure that I am interpreting the sentiments of all my fellow directors, I thank the directors Alessandro Carretta, Donatella Depperu and Attilio Ferrari for the constant contribution offered in recent years and. I welcome the new elected officials, with the hope that we will all continue together, providing ideas and stimulating action, in the best interests of the company, in a necessary climate of harmony. I also thank Dr. Serenella Rossano, who has led in the last three exercises the now renewed Board of Statutory Auditors, and a cordial greeting to the new president of the Board, Dr. Carlo Maria Vago”.
The comment of the managing director Mario Alberto Pedranzini
“The outcome of the Meeting, with which we are very satisfied – declares Mario Alberto Pedranzini, Managing Director and General Manager of Banca Popolare di Sondrio -, once again this year establishes harmony between Shareholders and trust in the Bank’s Top Management, giving us back in terms of governance that solidity that we find quarter after quarter in the business and in the numbers. It is the result of a growth path that distinguishes us, based on a medium-long term vision, with a particular focus on the interpretation of the changes taking place, to improve our ability to adapt, taking advantage of the great opportunities offered to us by technological and IT innovations. We will put all our effort, with enthusiasm, to repay those who have always placed their trust in us.”
The decisions of the assembly
The Assembly approved the directors’ report on management, the financial statements as at 31 December 2023, closed with a net profit of €392.766 million, and the distribution of the profit itself, which provides for the distribution of a gross unit dividend of €0, 56, coupon no. 46. The payment of the dividend, considering that the detachment will take place, according to the current provisions, on May 20th, will take effect from May 22nd 2024. The aforementioned net profit is therefore allocated as follows: dividend €253.896 million; reserves €138.370 million; charity fund €0.5 million. The consolidated financial statements for the 2023 financial year of the Banca Popolare di Sondrio banking group show a net profit of €461.162 million.
At a consolidated level, direct deposits from customers amounted to €42,393 million, +1.5%. Indirect collection stands, at market values, at €46,318 million, +18.6%; the insurance sum amounted to €2,067 million, +5.6%. Overall customer deposits therefore stood at €90,778 million, +9.7%. Loans to customers total €34,480 million, +4.4%.
Consolidated shareholders’ equity, including profit for the year, amounted to €3,809 million at 31 December 2023, with an increase on 31 December 2022 of €422 million, +12.5%, determined by the accounting of the profit of year under review, as well as by the increase in reserves. As for the capital requirements (phased-in), as of 31 December 2023 the CET1 Capital Ratio was 15.37%, the Total Capital Ratio 17.73%. The Texas Ratio, calculated as the ratio between total net impaired loans and tangible net worth, stands at 14.91%.
The renewal of the Board of Directors
The Board of Directors, made up of fifteen members, is renewed by one third every financial year. For the election of five directors for the three-year period 2024-2026, two lists had been duly filed within the legal deadlines: “List no. 1” – presented by the Board of Directors – and “List no. 2” – presented by n. 12 shareholders for a total percentage of participation held in the capital of Banca Popolare di Sondrio equal to 1.22727%.
At the end of the voting, the list that obtained the highest number of votes was List no. 1 with n. 184,366,117 votes equal to 79% of the capital present at the meeting. List no. 2 got no. 48,802,507 votes equal to 20.9% of the capital present at the meeting. The following were therefore elected for the three-year period 2024-2026, pursuant to the statute: Giay Dr. Roberto, Credaro Mrs. Loretta (executive director), Recchi cav. work Dr. eng. Giuseppe (independent director), Molla Dr. Pierluigi (independent director) – taken from «List no. 1» presented by the Board of Directors -, Neervoort Dr. Séverine Melissa Harmine (independent director), taken from «List no. 2″ presented by n. 12 shareholders.
The election of the board of auditors
For the election of the Board of Statutory Auditors for the three-year period 2024-2026, two lists had been duly filed within the legal deadlines: “List no. 1” – presented by n. 4 shareholders for a total percentage of participation held in the capital of Banca Popolare di Sondrio equal to 1.136% – and the “List no. 2” – presented by n. 12 shareholders for a total percentage of participation held in the capital of Banca Popolare di Sondrio equal to 1.22727%.
At the end of the voting, the list that obtained the highest number of votes was List no. 1 with n. 216,614,485 votes equal to 93.1% of the capital present at the meeting. List no. 2 got no. 14,285,702 votes equal to 6.1% of the capital present at the meeting.
The following were therefore elected, pursuant to the statute, for the three-year period 2024-2026: Messrs. Vitali, Dr. Laura (standing auditor), De Buglio, Dr. Massimo (effective mayor), and Vido Dr. Paolo (substitute auditor), taken from «List no. 1″ presented by n. 4 shareholders; Furthermore, Vago Dr. Carlo Maria (who takes on the role of president of the Board of Statutory Auditors) and Capitanio Dr. Marco Fabio (substitute auditor) taken from «List no. 2», presented by n. 12 shareholders.
(photo Paolo Rossi)
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