Increase in profit and 323 thousand euros in aid and charity for the Cassa Rurale della Val di Sole

Despite the Covid-19 numbers up for the institution, which in 2020 reached a profit of 3.3 million euros

The mid-May appointment voted in favor of the 2020 budget of the Cassa Rurale. Profit of 3.3 million euros, 323 thousand euros for charity and aid. The cooperative credit institution also disbursed 101 thousand for interventions for the Covid emergency to hospitals and nursing homes, mortgage moratoriums (566 for 145 million euros), subsidized loans (154 cases for 14 million), personalized advice and shopping vouchers. The shareholders approved the 2020 budget of the Cassa Rurale Val di Sole chaired by Claudio Valorz. The annual meeting, in the manner of the designated representative (the notary Alfredo Dondi), was held in recent days with 1154 members out of 5178 entitled. It was not an easy year that was delivered to the archives that saw the cooperative credit institution at the forefront of the resistance of the territory afflicted by the Covid19 pandemic. In addition to the inestimable cost in terms of human lives, the virus is causing a strong impact on the economy of households and businesses.

Healthy balance sheet

The balance sheet of the Cassa Rurale, directed by Marco Costanzi at the head of a staff of collaborators on daily service in the headquarters and in the network of branches, highlights the positive results achieved in 2020. The assets under administration grew by 45 million, reaching the total 720 million (+ 6.7%). Direct deposits increased by 6.6%, reaching 465 million, and indirect deposits by 7%, exceeding 255 million. The pandemic crisis has led shareholders and customers to increase liquid stocks (liquidity on accounts and savings deposits) by 11.9%, exceeding 350 million. Gross loans to customers decreased slightly, amounting to € 345 million (-1%), due to the sharp decrease in impaired loans contrasted by a recovery in performing loans (+ 10.8%). Good news also on the income front, with a brokerage margin exceeding 16 million (+ 12.6%), an interest margin of over 9.4 million (+ 3%) and a net profit of 3.3 million, which is very close to that of the 2019 budget. A result that allows to further strengthen the already good situation of the Cassa Rurale, bringing own funds to 75 million, and to reach a CET1 solidity index among the highest, equal to 25, 1%.

The Cassa Rurale is there: the tools available

The one linked and caused by the pandemic was, unfortunately, a blow to this area strongly suited to tourism and hospitality. Cassa Rurale has tried and is trying to support with all the tools at its disposal. In addition to the moratoriums on mortgages (566 for 145 million euros), subsidized loans (154 for 14 million euros) and the renegotiation of many positions were added. La Rurale has also invested 323 thousand euros in charity and sponsorships, and over 100 thousand euros in healthcare: 40 thousand euros at the Cles hospital, 20 thousand euros each at the Malè and Pellizzano nursing homes, 10 thousand at the Edolo hospital and then again. at the Red Cross of Dimaro, at 118, at the Ugo Silvestri Foundation. Funds that have been added to the traditional interventions in favor of members, such as free insurance (110 thousand euros), study awards (38 thousand), support for sport (73 thousand), events to promote the territory (56 thousand) and many other chapters. An economic aid quantified in total at 700 thousand euros.

Community bank for the community

Cassa Rurale Val di Sole has also made available to the community some spaces it owns, to host the headquarters of the Alpini di Vermiglio and the bar in Caldes. To these initiatives, in 2020, the headquarters of the Friends of Sierra Leone di Rabbi and the Coworking in Mezzana were added, an innovative project that allows all workers in the area to be able to take advantage of equipped and connected offices to work remotely without the need to go out of the valley.

Those elected by the assembly

A further significant moment was dedicated to the election of the directors who will remain in office for the next three years. The directors have been confirmed: Cristina Rizzi, Lodovico Magnini, Flavio Chiesa.