(Alliance News) - Banca Sistema Spa reported Friday that it reported a profit of EUR4.4 million in the first quarter of the year from EUR3.8 million as of March 31, 2023. Net income was EUR4.1 million from EUR3.7 million.

Net interest income for the period was EUR11.8 million from EUR20.6 million in 2023.

Net interest and other banking income stood at EUR26.8 million from EUR25.3 million as of March 31, 2023.

On the capital front, the CET 1 ratio is 12.7 percent, the TIER 1 ratio is 15.7 percent, and the total capital ratio is 15.8 percent. CET 1 ratio and TCR up 64bps and 51 bps respectively.

Looking ahead, the company confirms its expectation of a gradual increase in the cost of funding in 2024 as well, compared to previous quarters, as a consequence of the rise in market rates and also as a result of a repositioning on more stable and/or long-term technical forms, according to a note.

Banca Sistema trades in the green by 5.7 percent at EUR1.49 per share.

By Claudia Cavaliere, Alliance News reporter

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