(Finance) – Cherry Bankborn from the merger by incorporation of Cherry 106 into Banco delle Tre Venezie, closed 2021 with a total assets of over € 1 billion, of which € 406 million deriving from financial assets designated at fair value, which include proprietary securities – mainly referring to government bonds – and € 504 million from loans to customers. On the passive side, i payables to banks at the end of 2021 they amounted to 248 million euros, referring entirely to the TLTRO tranches signed with the ECB, while the customer deposits amounted to 695 million euros, an increase of 26% compared to 551 million euros at the end of the previous year.
The net assets stands at 44.2 million euros, up 9% compared to the 40.6 million euros of the previous year, with CET1 at 13.10% compared to 13.17% at the end of 2020 and 12.23% pre-merger. L’useful at the end of 2021 it was equal to 11.7 million euros, however, net of the accounting entries relating to the business combination with Cherry 106, the result for the year recorded a loss of approximately 1.2 million euros.
“The merger between Cherry 106 and BTV has given rise to a new banking entity, stronger and with greater skills to be able to stay on the market – commented Giovanni Bossi, CEO of Cherry Bank – From an economic point of view, the integration will allow to concentrate the Bank’s action in segments with high profitability and controlled risk, or in sectors with lower profitability but with minimal regulatory capital absorption and risk (of credit or operating) particularly low “.
The 2021 budget was approved today unanimously by the 41 shareholders present at the meeting, representing 81% of the bank’s share capital, 49.6% held by Giovanni Bossi.