(Finance) – In the first quarter of the year the Group BCC Iccreathe largest Italian cooperative banking group, recorded a positive dynamics both in the main income statement items and in the main equity, financial and liquidity indicators. The volumes brokered with customers remained substantially stable compared to the end of the year, both in terms of credit disbursed and collection, confirming the Group’s support for local economies and its strong presence in the territories in which it is located.
THE net loans to customers they stood at 93.3 billion euros (90.9 billion euros at the end of 2023); during the first quarter, new loans worth over 4.1 billion euros were disbursed. In terms of credit quality, both the gross NPL ratio indicator of 3.7% and the net NPL ratio of 1.1% remained substantially unchanged compared to the pro-forma data at the end of 2023. The levels of coverage (coverage ratio) on impaired loans remain particularly high at 71.7% (72.2% at the end of 2023). This data is particularly relevant also in consideration of the high component of non-performing loans backed by real guarantees and the increasingly limited share of bad loans in the portfolio (less than 1/3 of the total non-performing portfolio).
There direct collection stands at around 136 billion euros, slightly up on the 134.9 billion at the end of 2023. The main liquidity indicators are confirmed to be well above the supervisory requirements and among the highest in the system, with the NSFR at 156 % and LCR at 264% essentially unchanged compared to the end of 2023. The Group’s liquidity reserves, readily available, amount to 42.3 billion euros.
In terms of revenues, in the first quarter of 2024 the Group reported a banking margin of 1,497 million euros (+12.9% on the first quarter of 2023) thanks in particular to the positive dynamics of the interest margin, equal to 1,088 million euros (+13, approximately 7% on the first quarter of 2023), which mainly benefited from the dynamics of interest rates. Stable trend for net commissions equal to 336 million euros (338 million in the first quarter of 2023).
THE operating costs they amounted to 735 million euros (+3.4% compared to the first quarter of 2023).
The cost/income of the Group therefore stood at 49.1% (53.6% in the first quarter of 2023).
Net adjustments for credit risk amounted to 43 million (22 million euros in the first quarter of 2023), defining an annualized cost of credit equal to 18 bps.
L’Net income for the period amounted to 610 million euros (496 million euros in the first quarter of 2023).
The net assets consolidated assets rose to 14.3 billion euros (13.9 billion at the end of 2023) and own funds to 14.8 billion euros (14.3 billion euros at the end of 2023).
Risk-weighted assets (RWA) stood at 64.2 billion euros (64.4 billion at the end of 2023).
They remain largely above regulatory requirements and are growing further, i capital ratios: CET1 ratio at 22.0% and TC ratio at 23.1%.