Bnaca Finnat, 9-month profit drops to 3 million euros

Banca Finnat Intesa Sanpaolo raises target price and confirms BUY

(Finance) – Finnat Bank reports in the first 9 months of the year a net profit down to 3 million euros from 4.3 million in the same period of 2021. The intermediation margin stood at 48.05 million from 48.56 million in 2021 (-1.05%).

The decline is attributable to one 16.2% decrease in the interest margin which stands at 6.68 million and the lower net result from trading activities, which at 30 September 2022 had a negative balance of 500 thousand euros, while the Net commissions are up by 5.8% to 40.7 million.

Also noteworthy is a worsening in the net result of other financial assets mandatorily measured at fair value (negative balance of 251 thousand at 30 September 2022) and lower Dividends and similar income for 168 thousand, offset by higher Profits (for 761 thousand) from the Sale of financial assets valued at amortized cost and financial assets valued at fair value with impact on comprehensive income.

The Total Masses of the Group stand at 17.1 billion, down 5% compared to the end of the previous year, mainly due to the negative performance of equity and bond indices.

The Consolidated net equity it amounts to 214.6 million compared to 227.2 million at 31.12.2021, with a regulatory capital of 177.9 million and a Cet 1 Capital Ratio of 33.1% (31.1% at 31.12.2021).

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