(Finance) – The Group’s first quarter of the year believe closed with a consolidated net profit up 68.9% compared to the first quarter of 2022 and equal to 134.8 million euros, after having spent over 34 million euros of contributions to funds for the management of banks in difficulty.
The Group continued to support the economic fabric with i customer loans which reached 33.8 billion euros, an increase of 3.2% compared to the same period of 2022 (more than 1 billion euros in absolute value), in decisive contrast with the system average (-0.4%) and constant attention to asset quality.
The ratio of net non-performing loans (net NPLs) to net loans stands at 0.94%. The annualized cost of credit is equal to 5 bps.
Always high the solidity of the Group, to protect all stakeholders, with a CET1 Ratio of the Banking Group at 15.51% despite the strong activity in support of the economy and customer needs. The Supervisory CET1 Ratio, calculated on the Credemholding perimeter, stands at 13.99% with a margin of 643 bps compared to the minimum regulatory level (including the additional requirement
SREP assigned by the European Central Bank) equal to 7.56% for 2023. The annualized ROTE is equal to 19%, the annualized ROE stands at 16.3%.
At the end of March 2023 the intermediation margin it stands at 475.6 million, compared to 357.6 million in the previous year (+33% y/y). Within the aggregate, the financial margin amounted to €234.8 million compared to €129 million in the first quarter of 2022 (+82% y/y). The service margin it stands at 240.8 million compared to 228.6 million in the same period of the previous year (+5.3% y/y).
The gross operating result it is equal to 265.3 million compared to 157.8 million in the same period of the previous year (+68.1%).
The Operating income it stands at €240.4 million compared to €133.3 million in the first quarter of 2022 (+80.3% y/y). L’pre-tax profit amounted to 199.2 million, +72.8% compared to 115.3 million in the first quarter of 2022, while income taxes amounted to 64.4 million (35.4 million at the end of March 2022, +81.9% y/y).
“The excellent results that the Group is able to generate with constancy and continuity – he has declared Angelo Campani, Credem General Manager – demonstrate that our diversified service model, calibrated on the basis of customer needs, is one of the key elements for continuing to grow and generate value for all stakeholders, in an external context characterized by ongoing uncertainty. All this – continued Campani – is possible thanks to the commitment and professionalism of the people
who work in the Group, who represent an invaluable asset and in which we will continue to invest decisively. In the next months serious challenges await usbut I am convinced that we will once again be able to face them with confidence and serenity to continue to be a point of reference for families, businesses and the community”, concluded Campani.