(Alliance News) - Banco di Desio e della Brianza reported Thursday that it ended 2023 with a net profit of EUR240.4 million, nearly tripling from EUR81.5 million in the previous year, exceeding its business plan target.

The bank's operating income rose to EUR581.1 million from EUR486.1 million and net interest income improved to EUR358.5 million from EUR273.9 million, with net fees and commissions increased to EUR206.6 million from EUR198.1 million.

Pre-tax income is EUR111.3 million from EUR90.6 million and gross income is EUR166.2 million from EUR134.8 million while operating income rose to EUR260.2 million from EUR213.1 million.

Direct deposits rose to EUR14.8 billion and indirect deposits increased to EUR20.1 billion. The proportion of impaired loans was stable at 3.3 percent, while coverage on impaired loans was 48.8 percent and coverage on performing loans was 0.97 percent,

CET 1 ratio is 18.64% at the end of 2023, TIER 1 ratio is 18.64%, and Total Capital ratio is 19.49%.

The bank's board proposed the distribution of a dividend of EUR0.2634, which compares with the dividend of EUR0.1969 paid last year.

Banco di Desio e della Brianza's stock closed Thursday up 2.2 percent at EUR4.14 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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