(Finance) – Il Sella Group closed i first nine months of 2023 with positive results that highlight the “good performance in all business sectors and the effectiveness of its growth strategy” based on a diversified business model.
The consolidated results as of 30 September 2023, approved today by the parent company’s Board of Directors Banca Sella Holdingin fact, they recorded a Net income of 105.1 million euros, up compared to 88.9 million euros in the same period of the previous year.
Without considering the non-recurring component deriving from the strategic partnership with the Sesa Group, which led to the establishment of Nivola, controlled by Sella through Centrico, and of BDY, 49% owned by Centrico and to which a business unit was transferred , net profit was 88.9 million euros. Compared to the same period last year, a higher cost of credit risk and some prudential write-downs on equity investments were recorded. From an industrial point of view, however, the trend was growing, as evidenced by the operating result of 251.7 million euros (+41.3%).
There collection global market value stood at 53 billion euros (+9% compared to the end of 2022), with positive global net inflows of 3.6 billion euros, confirming customer confidence. The jobs to support the activities of families and businesses, net of repurchase agreements, increased to 10.9 billion euros (+3.4%).
THE Net revenues from services increased by 7.1% to 311 million euros and the interest margin by 60.3% to 396.7 million euros, mainly thanks to the commercial component and the dynamics of interest rates. The intermediation margin it therefore reached 746.8 million euros (+20.4% compared to the same period of the previous year), allowing the group to continue investments, development initiatives and employment growth consistently with the strategic plan. The net result of financial activity it was reduced to 39 million euros (-52.7% due to the non-recurring transactions last year involving the sale of securities and tax credits to third parties).
There credit quality is confirmed at optimal levels. The annualized cost of credit risk stood at 32 bps (it was 37 bps at the end of 2022). L’Npl Net ratio was 1.7% (was 1.8%) and gross ratio was 3.1% (was 3.5%). The coverage rate on impaired loans stood at 45.5% (was 49.5%), that on bad loans at 63.7% (was 65.7%), mainly due to some disposals of bad loans with a high degree of coverage and a greater presence of guaranteed credits. The Texas Ratio was 22.9% (was 27.2%).
There solid financial position, well above the required standards, grew further with the Cet1 at 13.53% and the Total Capital Ratio at 15.40% (they were 13.21% and 15.12% respectively at the end of 2022). The liquidity indicators are also well above the minimum limits: LCR at 218.95% and NSFR at 137.29% (the threshold required for both is 100%).
Banca Sella’s results
Banca Sella as of 30 September 2023 recorded a net profit of 132.5 million euros, up compared to 69.1 million in the same period of the previous year. The bank’s ROE stood at 20.7% (it was 11.4% in September 2022). The traditional capital solidity was confirmed with the CET1 at 19.31% and the Total Capital Ratio at 21.64% (they were 18.63% and 21.16% at the end of 2022). The liquidity indicators are well above the expected limits: LCR index at 260.4%, NSFR index at 156.3% (the threshold required for both is 100%).