(Tiper Stock Exchange) – Popular Bank of Cortona closed the first half of 2023 with a Net income equal to 2.15 million euros, the highest that the bank has achieved in its 142-year history and clearly higher than the 321 thousand euros of the same period last year.
Compared to the first half of 2022 the interest margin records a very substantial increase, equal to 81.3% to 7.75 million euro, by virtue of the increases in the reference rates; also in progress net commissions (+2.6% to 2.40 million euros). The growth of the is also robust intermediation margin (+69.2% to 10.63 million euros).
The banking product (the sum of loans, direct and indirect deposits), which for the first time exceeds 850 million euros, grew by 3.44% in the first half of 2023; compared with the first half of 2022, the increase is 4.80%.
The aggregate of operating costs recorded a substantial increase, equal to 18.8%, largely attributable to the investment in human resources envisaged in the 2022-2024 Business Strategic Plan, with the number of employees increasing from 73 to 84 in the 12 months. cost/income ratio recorded a significant improvement, passing from 72.32% to 50.76%; as at 31 December 2022 it had been 66.40%.