(Finance) – Banca Valsabbina closes the first half of the year with a Pre-tax profit of 43 million (+3.4%) and a Net income of 31 million, up 1.74 million (+6%), compared to the same period of the previous financial year. The net result, explains the bank in a note, “confirms the progressive and continuous growth of the Bank, within an effective development strategy, which translates into a consolidated and growing profitability (annualized “ROE” equal to 15%)”.
“The main numbers, values and results of the semester they represent a dynamic and independent realitywith growing masses, within the framework of a well-defined strategic development path of the Group”, he began Renato Barbieri, President of Banca Valsabbina. “The broad financial solidity, achieved through the capitalization of part of the profits of recent financial years, as well as the trend of the main indices, allow us to continue with further investments, functional to the continuous growth in size and income”, added Barbieri.
At the end of the semester the Direct Collection stood at € 5,446 million, up 12.3% compared to June 2023, mainly due to the growth of time deposits and bond loans. Liquidity ratios are confirmed at more than adequate levels and largely above regulatory obligations.
There Indirect Collection stood at €3,359 million, up €465 million with a growth of 16.1%, also the result of the consultancy activity for the professional management of savings (+10% the stock of mutual funds and policies). The Total Collection therefore amounts to €8,805 million, up 13.7% (ex €7,744 million).
The Customer service jobs are equal to € 3,600 million, taking into account the trend in interest rates which has led to a lower recourse to credit by customers. Total assets (sum of direct and indirect collections and loans) amount to € 12,405 million, up 6%, confirming the important development of the activity and the trust received from customers.
The Bad Loans Stock gross (“NPL”) stands at € 184 million, with a “Gross NPL Ratio” of 4.97%, a physiological increase due to the reduction in the volume of loans. The average “coverage” of NPLs is 45%, which however increases to 64% net of the public guarantees that assist the portfolio, with a total of net impaired loans of € 101 million. The Net NPL Ratio indicator therefore stands at 2.8%, with the “Texas Ratio” – a summary of the “capital absorption capacity of NPLs” – further improving to 22.7%.
THE Capital Ratios testify to the Bank’s broad solidity, expressing a Cet 1 Ratio of 14.93% and a Tier Total Ratio of 17.46%, well above the Supervisory requirements. Net Equity is equal to € 457 million, significantly increasing (+12%) also due to the effect of self-financing connected to the positive results achieved.
The Margin of interest reaches € 76 million (+3%), due to the increase in “interest income” and the positive performance of the securities portfolio, despite the increase in the cost of collection. Net commissions stand at € 27.1 million, down compared to the first half of last year; this result was however influenced by positive non-recurring components for approximately € 8 million, without which the net commission aggregate would have grown by 4%.
The Intermediation margin amounts to €126.3 million, an increase of 8% (+€9.4 million), also taking into account the contribution of dividends, financial management of the securities portfolio and “trading” activities.