(Finance) – Bank Systemlisted on Euronext Star Milan and specialized in the purchase of commercial credits towards the PA and tax credits, closed the 2024 with a net profit equal to 25.2 million euros, compared to the 16.5 million of the same period of 2023, +53% A/A (i.e. +20% A/A excluding 8 million resumption of value on a position referred to a territorial body in instability).
The Margin of Interest Adjusted (interest margin +superbonus trading), highlights an A/A increase (+12.9 million euros a/a or +18% A/A). The Net commissionsequal to 26.7 million euros, 36% A/A are growing (19.6 million to 31 December 2023) thanks above all to the factoring component (+6.1 million a/a).
The titles portfoliowhich presents investments almost exclusively in Italian government bonds, is equal to 1,179 million euros (647 million to 31 December 2023). The stock of gross deteriorated credits equal to 333 million euros is growing compared to 31 December 2023 (297 million) due mainly to the increase in expired credits (from 64 to 101 million) while the probable defaults (52 million) have fallen Compared to the end of 2023 (59 million) and the suffering (180 million) were slightly grown compared to the end of 2023 (174 million).
There collectionat 31.12.2024, confirmed the recent trends with the retail collection which represents 70% of the total (78% at 31.12,2023)
Banca System states that i trend recorded in the last period are expected to consolidate during 2025 Thanks to the lower cost of funding and a solid commercial activity. The acquisition in Portugal by KK will produce full effects during 2025 while the CQ division is expected to further reduce the Legacy portfolio in favor of the new production that takes place at decidedly higher rates.
The bank, within the administrative procedure, has the preparation of the counter -deductions to the inspection report of the Bank of Italy. The Bank will incorporate the request of the Bank of Italy to reclassification of credit positions with the consequent recalculation of the RWAs on the occasion of the results of the first quarter 2025.