(Finance) – In the first half of the year the BCC Iccrea Groupthe largest Italian cooperative banking group, recorded a positive trend in both the main income statement items and the main equity, financial and liquidity indicators.
THE’net profit for the period amounted to 1,056 million euros (797 million euros in the first half of 2023).
In terms of revenuesthe Group in the first half of 2024 reported a intermediation margin of 2,987 million euros (+10.8% on the first half of 2023) thanks in particular to the positive trend of the interest marginequal to 2,201 million euros (+13% on the first half of 2023). Positive trend also for the net commissions equal to 681 million euros (+1.4% compared to the first half of 2023).
THE funding net loans to customers stood at 93.0 billion euros (90.9 billion euros at the end of 2023). In terms of credit quality, both the gross NPL ratio indicator, equal to
3.9% and a net NPL ratio of 1.1%. The coverage ratio on impaired loans remains particularly high at 72.8% (72.2% at the end of 2023). This figure is particularly relevant also in light 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 impaired portfolio).
There direct collection stands at 137.6 billion euros, up from 134.9 billion at the end of 2023. The main liquidity indicators, with the NSFR at 161% and LCR at 263%, remain well above supervisory requirements and among the highest in the system.
substantially unchanged compared to the end of 2023. The Group’s readily available liquidity reserves amount to 44.9 billion euros.
THE operating costs amounted to 1,576 million euros (+1.2% compared to the first half of 2023). The cost/income of the Group therefore stood at 52.7% (57.7% in the first half of 2023).
The net worth consolidated rose to 14.7 billion euros (13.9 billion at the end of 2023) and equity to 15.2 billion euros (14.3 billion euros at the end of 2023). Risk-weighted assets (RWA) stood at 63.9 billion euros (64.4 billion at the end of 2023).
They remain well above regulatory requirements and are continuing to grow. capital ratios: CET1 ratio at 22.7% and TC ratio at 23.8%.