(Finance) – The Board of Directors of Bank Systemtoday, approved the Bank’s financial statements project and the consolidated budget project of the Banca System Group at 31 December 2024, confirming the results already approved by the Council and made known last February 7.
The group leader closed the 2024 exercise with a net profit of € 22.0 million. At the consolidated level, the exercise ended with a profit of relevance of the group leader of € 25.2 million.
The Board of Directors, to take into account what is requested by the Bank of Italy at the outcome of the inspection assessment notified on 20 December, also approved to propose the shareholders’ meeting, which will meet on April 30, 2025, to allocate the profit of exercise 2024 of Banca System SpA, equal to € 22,018,986.80, entirely reserved for profits brought to new.
The Board of Directors also has The new corporate government project approvedpart of the initiatives adopted by the Bank, at the request of the Supervisory Authority, in relation to the results of the aforementioned inspection assessment. The new corporate government project, which provides for the integration of the corporate government bodies through the establishment of an executive committee, will be subjected to the approval by the shareholders’ meeting of 30 April 2025. The same assembly will also be called to deliberate in order to run the acceleration of the replacement of a part of the members of the Board of Directors and of the college of the Union, according to what I requested by Banca d’Italia in the opinion of the to the result of the aforementioned inspection assessment. The agenda of the Assembly will also provide for the resolution on the adaptation of the compensation recognized to the Board of Directors to take into account the establishment of the Executive Committee.
Also today, the Board of Directors approved, on the basis of forecasting data on 31 March 2025, the default reclassification of some credits in order to take into account the findings, contained in the inspection report delivered on 20 December 2024, with regard to rules and practices adopted by the bank deemed by the supervisory authority not compliant with the eba orientations on the application of the application of the
Default definition. About 95% of the Bank’s expired credit portfolio concern exhibitions against the public administration with a limited exposure to credit risk. Therefore, called reclassification does not change the bank’s risk profile.
As a result of the aforementioned reclassification, an estimated total amount of expired credits equal to € 337 million emerges (of which expired pro -soluto Factoring credits of 294 million).
The estimate of consolidated assets consolidated as of March 31, 2025, which takes into account the aforementioned reclassification and non -admissibility of the non -physical gold guarantee for the purpose of the attention of credit risks following the application of CRR III, is the following: 12.0% for CET1 and 14.4% for T1 and TCR.
The values indicated above, explains the bank in a note, highlight that the estimate of all the coefficients, already at 31 March 2025, is located above the SREP requirement, with the provision of reaching, by the end of the 2025 year, levels of asset rationale in line with those recorded before the reclassification required by the supervisory authority.
The Board of Directors, following the specific request of the Bank of Italy, also has A capital plan approved Updated for the three-year period 2025-2027, whose results highlight the substantial confirmation of the targets of profits and capital ratios outlined in the industrial plan 2024-2026 approved in May 2024. The capital Plan also takes into account the expected synthetic (SRT) and traditional securities and recent judgments of the EDA court and further managerial initiatives. The Capital Plan will be sent to the Bank of Italy, by the end of the current month of March, together with a descriptive report of the main interventions required by the supervisory authority for exceeding the findings communicated on 20 December last, accompanied by the assessments of the Board of Statutory Auditors and the control functions.