(Finance) – Believe me ended the first nine months of 2024 with a consolidated net profit to 485.9 million euros (+10.7% compared to the same period of the previous year), after having spent 33 million euros in contributions to funds for the management of banks in difficulty and more
4 million euros of provisions for the Guarantee Fund for life insurance policies.
Return on capital (annualized ROE) 17.1%, annualized ROTE 19.5%.
The intermediation margin it stands at 1,509.6 million euros (+7.2% compared to the end of September 2023).
The cost/income ratio stood at 42.8% compared to 42.7% at 30 September 2023.
The gross operating profit is equal to €863.5 million compared to €806.8 million in the same period of the previous year (+7.0%). Depreciation and amortization amounted to €80.1 million compared to €78 million at the end of September 2023 (+2.6% y/y). The operating result stands at €783.4 million compared to €728.8 million at 30 September 2023 (+7.5% y/y).
Overall, 57.3 billion euros were reached collection (+8% compared to the end of September 2023) and 25.8 billion euros in loans (+0.02% y/y). The strategy of accelerated customer growth continues: in the first nine months of the year, Credem Banca’s network of branches and company centers acquired approximately 79 thousand new customers, with an acquisition rate of 6.2%.
Common Equity Tier 1 Ratio at banking group level at 17.2%, Common Equity Tier 1 Supervisory Ratio at 15.8% (compared to the minimum 7.6% assigned by the ECB).
“We are entering the final part of the year which is once again proving to be extremely challenging for the banking system with an evolving market context and an increasingly uncertain global scenario,” declared Angelo Campani, Credem General Manager. “For our part, we are continuing to generate value, developing all the main aggregates and once again confirming the solidity and profitability of the Group,” continued Campani. “We are equipped to face the next few months in the best possible way, thanks to the quality and commitment of our people and thanks to a business model in which we strongly believe, based on the breadth and diversification of the offer, as well as on constant investments in innovation and digitalisation, always maintaining high attention to the sustainability of our work”, concluded Campani.