(Tiper Stock Exchange) – Bank of Sardinia closed the first half of 2023 with a gross profit which stands at 129.3 million, up sharply compared to 32.3 million in June 2022, the highest ever. Net profit, after deducting taxes of €35.7 million, comes to €93.6 million compared to €28.3 million in 2022.
The gross margin (interest margin and net commissions) rose to 253.1 million, up by 75.9 million (+42.8%). The only interest margin amounted to 147.3 million (+76.6% y/y) and net commissions, at 105.8 million, recorded an increase of 12.8% equal to 12 million.
The contribution of financial asset trading and dividends was positive for €8.5 million, mainly due to the effect of capital gains from the sale of own securities and receivables for €2.2 million and dividends for €4.6 million.
The cost/income it drops to 44.2% from 62.4% in June 2022, while the still improving Texas Ratio stands at a virtuous 25.3% (27.3% at the end of 2022).
There total deposits from customers amounted to 17.4 billion (+1% on December 2022) with direct deposits from customers at 11.4 billion (-2.8%) and indirect deposits at 6 billion, up by 9.1% due to the the transfer of direct deposits towards more profitable forms of indirect deposits.
The President Gianfranco Farre comments: “The structural growth of ordinary profitability together with the strong improvement in asset quality and the maintenance of a solid capital position characterize the results for the first half of 2023. We have developed a business model more oriented towards specialization and customer needs to better serve the needs of the Territory and help support the economic and social development of Sardinia. The process of generational changeover of the workforce continues, with a further 74 hires in this first half-yearconfirming the commitment to valorise the People who represent the true wealth and future of the Bank”.