(Finance) – Intesa Sanpaolo increased the target price on Finnat Bankcontrolled by the Nattino family and listed on Euronext STAR Milan, bringing it to € 0.50 (from € 0.47) and confirmed the judgement on the title to “Buy”. The review came after the bank published preliminary financial statements relating to the consolidated data as at 31 December 2021which showed a net profit up to € 6.1 million from € 5.1 million and an operating margin down to € 67.5 million from € 68.2 million at 31 December 2020.
“The 2021 results showed a stable profit margin and a solid net profit, which grew by more than 20%, thanks to lower write-downs net on credit risk and alower tax rate – wrote the analysts – No changes were made to industrial strategies. We remind you that the 2021-23 plan is focused on regular growth, safeguarding the soundness of the budget “.
Intesa Sanpaolo expects the company closes 2021 with an intermediation margin of € 67.52 million and a net profit of € 6.13 million. These values should pass into the 2022, respectively, at € 70.74 million and € 5.67 million. The forecasts are then for an increase in 2023 to an intermediation margin of 72 million euros and a net profit of 5.99 million euros.