(Tiper Stock Exchange) – Popular Agricultural Bank of Ragusa (BAPR), the largest independent bank in Sicily, closed the first half of 2023 with a Net income equal to 19.1 million euros, up by 224.8% compared to the same period of 2022. The intermediation margin amounted to 98.1 million euros (+43% y/y). Within the aggregate, the net interest income amounted to 67.8 million euros, compared to 48.7 million euros in the first half of 2022 (+39.4% y/y). Net commissions amounted to 25 million euros (+3.2% y/y).
“The profitability expressed by the bank, even net of the increase in the interest margin, exceeds the economic targets set by the Business Plan Back to Bank – commented theCEO Saverio Continella – The transformation process will continue in various areas to give ever greater speed and efficiency to the service model offered. In this context, among others, the renewal of the governance structure and the simplification of the organizational structure are included. The growing profitability produced, the consolidated asset quality and the solid balance sheet make BAPR ready to seize all market opportunities to support local development”.
As at 30 June 2023 i total loans to customers, net of value adjustments, show a balance of 3,972.5 million euro, up by 0.7% compared to the aggregate recorded in December 2022, with performing loans to customers up by 1.4 % over the same reference period. Net non-performing loans amounted to 90.4 million euro.
The Cost to Income Core stands at 52.9%, compared to 61.4% in December 2022, the CET 1 ratio settles at 19.8%, versus 13.2% expected by SREP 2023, and liquidity sees LCR at 211% and NSFR above 130%