(Finance) – The BCC Iccrea groupwhich includes 123 Cooperative Credit Banks (128 mutual banks as at 31 December 2021), closed 2021 with a profit for the year equal to 461 million euros, a strong increase compared to 202 million euros in 2020, with a ROE of 4.3% and a Cost / Income of 64%. The capital strength is well above the regulatory requirements and among the highest in Italy, with a CET1 ratio equal to 17.7%, while the TC ratio was 18.9%.
The group has disbursed customer loans for a total of 88.8 billion euros, up by 1.5 billion euros over 2020, with an improvement in general credit quality. The derisking program continued, leading to a Net NPL ratio by 2.7%, compared to that of December 2020 equal to 4.3%, and a gross NPL ratio of 6.9% and an increase in coverage of non-performing loans to 62.7%, 7 percentage points higher than the 2020.
“Despite the persistence of the coronavirus pandemic, 2021 was a year of recovery for our economy and the results achieved are the fruit of an intense activity of the mutual banks of our group on the territorywhere we have allocated over 85% of total credit lines to consumer families and small and medium-sized enterprises (SMEs) – commented the DG Mauro Pastore – As evidence of the support, since the beginning of the pandemic we have granted moratoriums for over 20 billion euros, now almost completely repaid, and support loans for almost 9 billion “.
The Rcontribution of net bad debts and unlikely to pay with respect to net loans, it was 0.6% and 1.5% respectively. In particular, coverage stood at 78.8% for non-performing loans (70.4% at 31.12.20) and 53.9% for unlikely to pay (43.6% at 31.12.20).
The total assets consolidated income amounted to 179 billion euros, an increase of 9.7 billion euros (+ 5.7%) compared to 31 December 2020. The deposits from ordinary customers was 122 billion euros, up by 9 billion euros compared to 2020 (+ 7.8%). Consolidated shareholders’ equity rose to € 10.7 billion and own funds to € 12 billion.
“Also in the next three years our group will continue to pursue its mission as a system with a territorial vocation, expanding the range of services offered to the customers of the mutual banks, to combine innovation and safety – added Pastore – Despite the geopolitical tensions, we aim to further improve our asset quality in 2024, with a target of net non-performing loans below 2%, to pursue a robust capital position with a total capitalization indicator above 18% and to maintain a profitability consistent with the cooperative nature of the group with a profitability of around 5% “.