(Alliance News) - The board of directors of Banca Popolare di Sondrio Spa, meeting Tuesday, reviewed and approved the consolidated interim report as of March 31, reporting a net profit of EUR145.2 million compared to EUR94.4 million last year. The figure sets the best quarter in the bank's history.

Net banking income is EUR409.2 million from EUR331.7 million in the same period last year, registering an increase of more than 23 percent.

Net income from financial operations is EUR36.5 million compared to EUR30.5 million last year.

Profit from ordinary operations is EUR373.9 million from EUR288.5 million last year.

Direct customer deposits amounted to EUR41.98 million, down 1 percent from the end of 2023. "The component coming from institutional investors has been increasing since the beginning of the year, mainly due to the placement of new bonds, in line with the funding plan," the company's note reads.

The incidence of gross impaired loans-summarized by the gross NPL ratio indicator-reduced to 3.8 percent from 4.3 percent in March 2023. The incidence of net impaired exposures, reflecting high provisions, stands at 1.6 percent.

As for liquidity indicators, both short-term - Liquidity Coverage ratio - and medium-term - Net Stable Funding ratio - are well above the minimum regulatory requirements.

The Liquidity Coverage ratio stood at 171% from 188% last December 31, even incorporating the repayment of the TLTRO tranche maturing on March 27 amounting to EUR806 million while the Net Stable Funding ratio stands at 118%.

Consolidated shareholders' equity, including net income for the period, amounted to EUR3.93 billion, up EUR124 million on the value at the end of 2023 and amounting to a positive delta of 3.3%.

As for capital ratios, these are shown to be higher than regulatory requirements. The fully loaded ratios mark 15.1 percent with reference to the CET 1 ratio and 17.9 percent for the Total Capital ratio.

Banca Popolare di Sondrio on Tuesday trades in the green by 0.9 percent at EUR8.06 per share.

By Maurizio Carta, Alliance News reporter

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