The shareholders' meeting of Cherry Bank, a Venetian bank led by the CEO John Bossi, approved the 2022 budget and the remuneration and incentive policy for 2023. During the meeting, Bossi also updated the shareholders on the integration project with the Banca Popolare Valconca under extraordinary administration.
Cherry Bank: green light for the 2022 budget
For Cherry Bank, 2022 ended with a profit of 10,9 million euros which compares with the loss of 756 million in 2021. Operating income amounted to 54,2 million (+81,5% compared to the 2021 proforma figure), Roe as at 31 December 2022 was 22,18%, the Cet1 ratio at 14,34. Total assets amounted to 1,1 billion euros (+8,1% compared to 2021).
On the proposal of the Board of Directors, the shareholders' meeting resolved the allocation of profit for the year: 546 thousand euros will go to the legal reserve; €1,092 million to the statutory reserve and the remainder to the extraordinary reserve.
“The assembly also approved the remuneration and incentive policy for the year 2023 in favor of the members of the Bodies with strategic supervision, management and control functions, of the remaining personnel and of the collaborators not bound by an employment relationship, confirming the resolutions of the Shareholders' Meeting of 10 November 2021 regarding the remuneration of corporate representatives for the entire mandate”, says Cherry Bank in a note.
Updates on the Banca Popolare Valconca project
During the proceedings, Bossi also updated the shareholders on the integration project with Banca Popolare Valconca in extraordinary administration. Banca Valconca, noted Bossi, is a bank with much more traditional operation of Cherry Bank, with a network of branches in a rich territory, a good base of bank deposits, loans and customers. As a result of the possible integration, "the territoriality of Banca Valconca would be preserved and, indeed, enhanced, just as all the development initiatives and presence of Cherry Bank in the reference area would remain present". Both post-integration realities, therefore,"they would therefore increase their respective development potential”, concluded the CEO.
