(Finance) – The BCC Iccrea Groupthe largest Italian cooperative banking group, closed the 2022 with a net profit for the year equal to 1,795 million euros, up compared to 461 million euros in 2021 both due to the positive dynamics of the net interest income and the presence of non-recurring items (extraordinary income of 442 million deriving from the sale of e-money/BCC Pay).
In terms of revenues, it reported a intermediation margin of 5,104 million euros (+12.6% on 2021) mainly thanks to the positive dynamics of the interest margin, equal to 3,694 million euros (+34% on 2021), which benefited from the market context (rise in interest rates and an increase in the yields of inflation-linked bonds in the portfolio). Positive trend also for net commissions which stood at 1,338 million euros (+4.1% compared to 2021).
The Group has disbursed jobs to customers for a total of 90.9 billion euro, up 2.4% on 2021 equal to over 2.1 billion euro, with a general improvement in credit quality. There collections from ordinary customers amounted to approximately 120.8 billion euros, substantially in line with the data at the end of 2021
There was an improvement in credit quality which at the end of the year showed a gross NPL ratio of 4.5% (6.9% in 2021) and a Net NPL ratio by 1.5% (2.7% in 2021). In further improvement the covers (coverage ratio) on non-performing loans equal to 67.4%, 5 percentage points more than in 2021 (62.7%) and around 12 points more than in 2020 (55.7%).
The CET1 ratio Group ratio was 19.2% (17.7% at the end of 2021) while the TC ratio was 20.4% (18.9% at the end of 2021), well above the regulatory requirements.