(Alliance News) - Banco di Desio e della Brianza Spa reported Tuesday that net income for the first quarter soared to EUR158.5 million from EUR32.9 million in the same period a year earlier.

Operating income rose to EUR57.5 million from EUR55.7 million while pretax income improved to EUR25.4 million from EUR24.7 million.

Operating income increased to EUR129.4 million from EUR122.0 million and net interest income improved to EUR78.1 million from EUR65.0 million. Revenue items characteristic of operating income increased by approximately EUR7.4 million compared to the comparison period. The performance is mainly attributable to growth in net interest income of EUR13.1 million and net fees and commissions of EUR3.1 million, partially offset by decreases in net income from financial assets and liabilities of EUR8.1 million and other operating income and expenses of EUR800,000.

Total customer assets under administration as of March 31, 2023 were approximately EUR33.4 billion, up 12 percent from the balance at the end of 2022. This change was affected by the positive effect of the acquisition of business units from the BPER Banca Spa group.

Direct deposits amounted to approximately EUR14.1 billion, up 12 percent compared to December 31, 2022, mainly due to the growth in amounts due to customers of 13 percent; securities outstanding show an increase compared to the end of the previous year of 2.9 percent. Indirect deposits recorded a balance of EUR19.2 billion, up 13%. Ordinary customer deposits stood at EUR12.0 billion, up 18% from the end of the previous year; the increase is attributable to both the performance of the managed segment, up 16%, and assets under administration, up 25%.

As of March 31, 2023, the Common Equity Tier1 ratio, consisting of primary tier 1 capital as a ratio of risk-weighted assets, was 11.4% from 11.0% as of December 31, 2022. The TIER 1 ratio, consisting of total Tier 1 capital as a ratio of risk-weighted assets, was 12.2% from 11.8% as of December 31, 2022, while the Total Capital ratio, consisting of total equity as a ratio of risk-weighted assets, was 13.3% from 12.9% as of December 31, 2022.

Banco di Desio e della Brianza's stock closed Tuesday down 0.6 percent at EUR3.35 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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