(Finance) – Sparkasse closed on first half of 2022 with an individual profit of € 43.7 million, which represents best half-yearly result ever, while the consolidated result amounted to 154.8 million euro also including the components deriving from the acquisition of control of CiviBank. The latter, excluding the one-off elements, would amount to 46 million euros.
The results of the first 6 months of 2022 benefit from the increase in core revenues (+ 15.3%), supported by the excellent performance of the interest margin (+ 25.3% to 93.8 million euro), driven by the coupon yield of the proprietary securities portfolio for the component linked to the trend of inflation. The net commissions amounted to 45.5 million euros (-0.9%). L’NPL ratio gross amounted to 5% and net to 1.8% (sum of the two banks).
The total loans to customers it recorded a slight growth, going from 6.65 to 6.70 billion euro (+ 0.7%). The direct customer deposits which goes from 7.77 to 7.91 billion euros, with a growth of 1.7% a. Net flows of new customer investments in forms of managed savings amounted to 120.4 million euros. The asset management stock it amounts to a total of 2 billion euros, with assets under management which contracted by 6.4% due to the volatility of the financial markets and the reduction in the prices of some asset classes.
“The new dimension of the Group is an opportunity to grow further and to exploit the greater economies of scale, thanks to the synergies that can be achieved with the subsidiary CiviBank – commented theCEO Nicola Calabrò – Our clients will also benefit from increased investment capabilities to improve the level of service. Indeed, the relationship with our customers remains as a strong point that more and more will be able to choose whether to use the services at the branches or experiment with the new offers of remote consultancy through online channels or video calls “.