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23
Financial Statements and Reports
at 31 December 2023
This document is a courtesy translation into English, for the convenience of international readers, of the "Relazione Finanziaria Annuale 2023" of Banco Desio Group in PDF format; this PDF document, prepared in Italian language, is a courtesy copy which is not compliant with the provisions of the Commission Delegatebd Regulation (EU) 2019/815 (European Single Electronic Format - ESEF) but consistent with the official annual consolidated financial Statements prepared in compliance with the Directive 2004/109/EC (so-called Transparency Directive) in Italian language and published in the new format (ESEF) within the legal deadlines. In case of any discrepancies or doubts between the English and the Italian versions of the Report, the Italian version prevails
Consolidated Financial Statements
of the Banco Desio Group
at 31 December 2023
Financial Statements of
Banco di Desio e della Brianza S.p.A.
at 31 December 2023
Banco di Desio e della Brianza S.p.A.
Registered office: Via Rovagnati, 1 20832 Desio (MB)
Tel. 0362 613.1
segreteriageneralesocietaria@bancodesio.it
www.bancodesio.it
Share Capital Euro 70,692,590.28 fully paid up
Registered with the Metropolitan Chamber of Commerce of Milan, Monza and Brianza and Lodi
R.E.A. No. MB-129094
Fiscal Code No. 01181770155 - VAT No. 10537880964
Member of Fondo Interbancario di Tutela dei Depositi (Interbank Fund for Deposit Protection) and the Fondo
Nazionale di Garanzia (National Guarantee Fund)
Registered with the Register of Banks Code ABI No. 3440/5
Parent Company of the Banking Group Banco di Desio e della Brianza, registered with the Order of Banking
Groups under No. 3440/5
1
Officers
Board of Directors
Chairman | Stefano Lado | |
Chief Executive Officer and General Manager | Alessandro Maria Decio* | |
Directors | Graziella Bologna* | |
Valentina Maria Carla Casella | ||
Paola Bruno | ||
Agostino Gavazzi* | ||
Tito Gavazzi | ||
Alessandra Maraffini | ||
Laura Tulli | ||
Gerolamo Gavazzi* | ||
* Members of the Executive Committee |
Board of Statutory Auditors
Chairman | Emiliano Barcaroli |
Statutory Auditors | Rodolfo Anghileri |
Stefania Chiaruttini | |
Alternate Auditors | Stefano Antonini |
Silvia Re | |
Erminio Beretta |
General Management
Chief Executive Officer and General Manager | Alessandro Maria Decio | |
Financial Reporting Manager as per Article 154-bis TUF
Financial Reporting Manager | Mauro Walter Colombo |
Independent Auditors
Independent Auditors | KPMG S.p.A. |
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Contents
CONSOLIDATED FINANCIAL STATEMENTS OF THE BANCO DESIO GROUP
Consolidated Report on Operations | 5 |
Consolidated Financial Statements | 81 |
Consolidated Balance Sheet | 82 |
Consolidated Income Statement | 84 |
Consolidated Statement of Comprehensive Income | 85 |
Statement of Changes in Consolidated Equity | 86 |
Consolidated Cash Flow Statement | 88 |
Consolidated Notes | 90 |
Part A - Accounting policies | 91 |
Part B - Information on the Consolidated Balance Sheet | 143 |
Part C - Information on the Consolidated Income Statement | 198 |
Part D - Consolidated Comprehensive Income | 223 |
Part E - Information on risks and related hedging policies | 224 |
Part F - Information on Consolidated Equity | 301 |
Part G - Business combinations involving businesses or business units | 304 |
Part H - Related party transactions | 311 |
Part I - Payment agreements based on own equity instruments | 314 |
Part L - Segment reporting | 318 |
Part M - Lease disclosure | 320 |
Certification of the Consolidated Financial Statements pursuant to Article
154-bis of Legislative Decree 58/98 | 323 |
Report of the Independent auditors to the Consolidated Financial | |
Statements | 325 |
Public Disclosure State by State | 334 |
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FINANCIAL STATEMENTS OF BANCO DI DESIO E DELLA BRIANZA S.P.A. | |
Report on Operations | 336 |
Company Financial Statements | 402 |
Balance Sheet | 403 |
Income Statement | 405 |
Statement of Comprehensive Income | 406 |
Statement of Changes in Equity | 407 |
Cash Flow Statement | 409 |
Notes | 411 |
Part A - Accounting policies | 412 |
Part B - Information on the Balance Sheet | 457 |
Part C - Information on the Income Statement | 515 |
Part D - Comprehensive Income | 540 |
Part E - Information on risks and related hedging policies | 541 |
Part F - Information on equity | 609 |
Part G - Business combinations involving businesses or business units | 612 |
Part H - Related party transactions | 618 |
Part I - Payment agreements based on own equity instruments | 622 |
Part M - Lease disclosure | 626 |
Certification of the Separate Financial Statements pursuant to Article | |
154-bis of Legislative Decree 58/98 | 629 |
Report of the Independent Auditors to the Annual Financial Statements | 631 |
Report of the Board of Statutory Auditors | 639 |
Meeting Resolution | 662 |
4
Consolidated Report on Operations
5
The Banco Desio Group
The scope of consolidation of the Banco Desio Group at 31 December 2023 includes the following companies:
100.00% | 60.00% | |
Also included in the scope of consolidation is the securitisation vehicle Coppedè SPV S.r.l. insofar as through Fides S.p.A., pursuant to IFRS 10 Consolidated Financial Statements, the Banco Desio Group has a position of substantial control of the SPV itself.
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1 - Introduction
The figures and ratios presented in this Report on Operations, as well as comments on the composition of items and changes where applicable, refer to the Balance Sheet in the Financial Statements as well as the Reclassified Income Statement prepared from the Financial Statements.
The balances shown in the financial statements and in the relevant tables for the reporting period include the effects arising from the acquisition of the branches unit from the BPER Group, realised on 20 February 2023, including those arising from the Purchase Price Allocation (PPA) process definitively determined at the reporting date pursuant to IFRS 3 Business Combinations.
In defining the contents of the explanatory notes, account was also taken of the indications contained in the 8th update of 17 November 2022 of the Bank of Italy's Circular 262 "Banks' financial statements: formats and rules for preparation", as well as Consob Note of 27 October 2023 relating to the ESMA document "European common enforcement priorities for 2023 annual financial reports" of 25 October 2023, insofar as applicable.
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2 - Alternative Performance Indicators (APIs)
The alternative performance indicators (APIs) presented in this Report on Operations have been identified to facilitate understanding of the Banco Desio Group's performance. APIs are not required by international accounting standards, represent supplementary information with respect to the measures defined under IAS/IFRS, and are in no way a substitute for them.
For each API, evidence of the calculation formula is provided, and the quantities used can be inferred from the information contained in the relevant tables and/or reclassified financial statements contained in the "Results" section of this Report.
These indicators are based on the European Securities and Markets Authority (ESMA) guidelines of 5 October 2015 (ESMA/2015/1415), incorporated in Consob Communication No. 0092543 of 3 December 2015. Adhering to the indications contained in the update of document "ESMA32_51_370 - Question and answer - ESMA Guidelines on Alternative Performance Measures (APMS)", published on 17 April 2020, no changes were made to the APIs and no new ad hoc indicators were introduced to separately highlight the effects resulting from ongoing war conflicts and the Covid-19 epidemic.
Summary data and relevant balance sheet, income statement, risk and structure ratios
Balance sheet values
31.12.2023 | 31.12.2022 | Changes | ||||||||
Amounts in Euro thousands | abs. | % | ||||||||
Total assets | 18,555,255 | 17,541,324 | 1,013,931 | 5.8% | ||||||
Financial assets | 3,957,354 | 4,018,411 | -61,057 | -1.5% | ||||||
Cash and cash equiv alents | (1) | 1,655,187 | 879,593 | 775,594 | 88.2% | |||||
Loans with banks | (2) | 343,818 | 260,345 | 83,473 | 32.1% | |||||
(2) | 11,653,626 | 11,480,616 | 173,011 | 1.5% | ||||||
Loans to customers | ||||||||||
Tangible assets | (3) | 230,994 | 220,934 | 10,060 | 4.6% | |||||
Intangible assets | 41,619 | 19,963 | 21,656 | 108.5% | ||||||
Non-current assets and groups of assets held for sale | 0 | 1 | -1 | n.s. | ||||||
Payables to banks | 1,950,065 | 3,381,350 | -1,431,285 | -42.3% | ||||||
Payables to customers | (4) (5) | 12,277,411 | 11,110,366 | 1,167,045 | 10.5% | |||||
Securities issued | 2,509,819 | 1,536,151 | 973,668 | 63.4% | ||||||
Equity (including Profit for the period) | 1,354,015 | 1,122,454 | 231,561 | 20.6% | ||||||
Own Funds | 1,366,391 | 1,132,852 | 233,539 | 20.6% | ||||||
Total indirect inflows | 20,075,207 | 17,082,615 | 2,992,592 | 17.5% | ||||||
of which Indirect inflows from ordinary customers | 12,683,669 | 10,135,327 | 2,548,342 | 25.1% | ||||||
of which Indirect inflows from institutional customers | 7,391,538 | 6,947,288 | 444,250 | 6.4% | ||||||
( 1) | ||||||||||
At 31December 2023, Cash and cash equivalents included the current accounts, demand deposits and the amount on demand of Euro 1.5 billion relating to cash in excess of the commitment to maintain | ||||||||||
the compulsory reserve, invested in overnight deposits (Euro 765 million at the end of the previous period). | ||||||||||
( 2) | pursuant to Circular 262, the balance of the financial statements item includes Held- to- collect (HTC) debt securities recognised at amortised cost, which are shown under financial assets in these | |||||||||
summaries, and does not include current accounts and demand deposits recognised under Cash and cash equivalents. | ||||||||||
( 3) | the balance of the item at 31December 2023 includes the right of use (RoU Asset) amounting to Euro 57.3 million in respect of operating leases falling under the scope of IFRS16 Leases, which came into | |||||||||
effect as of 1January 2019. | ||||||||||
( 4) | the balance of the item does not include the liability recognised in the item Payables to customers in the financial statements in respect of operating leases falling within the scope of IFRS16. | |||||||||
( 5) | including inflows repurchase agreements with institutional customers in the amount of Euro 608 million (Euro 503 million at 31December 2022). | |||||||||
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Income statement values (6)
Amounts in Euro thousands Operating income of which Net interest income Operating expenses Result from operations Charges related to the banking system Current result after taxes Non-recurringresult after taxes Profit (loss) for the period
- from Reclassified Income Statement.
31.12.2023
581,073 358,523 320,840 260,233 13,945 111,266 129,095 240,361
31.12.2022 | Changes | |
abs. | % | |
486,100 | 94,973 | 19.5% |
273,855 | 84,668 | 30.9% |
273,016 | 47,824 | 17.5% |
213,084 | 47,149 | 22.1% |
14,481 | -536 | -3.7% |
90,575 | 20,691 | 22.8% |
-9,112 | 138,207 | n.s. |
81,463 | 158,898 | 195.1% |
Equity, economic and risk ratios
31.12.2023 | 31.12.2022 | Changes | |
abs. | |||
Equity/Total assets | 7.3% | 6.4% | 0.9% |
Equity/Loans to customers | 11.6% | 9.8% | 1.8% |
Equity/Payables to customers | 11.0% | 10.1% | 0.9% |
Equity/Securities issued | 53.9% | 73.1% | -19.2% |
Common Equity Tier1 (CET1)/Risk-weighted assets (7) (8) | 17.2% | 14.8% | 2.4% |
Total Tier 1 capital (T1)/Risk-weighted assets (7) (8) | 17.2% | 14.8% | 2.4% |
Total Own funds/Risk-weighted assets (Total capital ratio) (7) (8) | 18.0% | 14.8% | 3.2% |
Financial assets/Total assets | 21.3% | 22.9% | -1.6% |
Loans with banks/Total assets | 1.9% | 1.5% | 0.4% |
Loans to customers/Total assets | 62.8% | 65.4% | -2.6% |
Loans to customers/Direct inflows from customers | 78.8% | 90.8% | -12.0% |
Payables to banks/Total assets | 10.5% | 19.3% | -8.8% |
Payables to customers/Total assets | 66.2% | 63.3% | 2.9% |
Securities issued/Total assets | 13.5% | 8.8% | 4.7% |
Direct inflows from customers/Total assets | 79.7% | 72.1% | 7.6% |
31.12.2023 | 31.12.2022 | Changes | |
abs. | |||
Operating expenses/Operating income (Cost/Income ratio) | 55.2% | 56.2% | -1.0% |
(Operating expenses + Banking-related expenses)/Operating income (Cost/Income ratio) | 57.6% | 59.1% | -1.5% |
Net interest income/Operating income | 61.7% | 56.3% | 5.4% |
Result from operations/Operating income | 44.8% | 43.8% | 1.0% |
Current result after taxes/Equity (9) | 10.0% | 8.7% | 1.3% |
Profit for the year/Equity (9) (R.O.E.) | 21.6% | 7.8% | 13.8% |
Current result before taxes/Total assets (R.O.A.) | 0.9% | 0.8% | 0.1% |
31.12.2023 | 31.12.2022 | Changes | |
abs. | |||
Net bad loans/Loans to customers | 0.4% | 0.5% | -0.1% |
Net non-performing loans/Loans to customers | 1.7% | 1.7% | 0.0% |
% Cov erage of bad loans | 69.6% | 67.3% | 2.3% |
% Cov erage of bad loans before write-offs | 69.9% | 67.6% | 2.3% |
% Total cov erage of non-performing loans | 48.8% | 49.6% | -0.8% |
% Cov erage of non-performing loans before write-offs | 49.0% | 49.9% | -0.9% |
% Cov erage of performing loans | 0.97% | 0.88% | 0.09% |
- Consolidated equity ratios calculated for Banco Desio. The ratios referred to the prudential supervisory scope of Brianza Unione at 31 December 2023 are: Common Equity Tier1 12.3%; Tier 1 13.2%; Total Capital Ratio 15.0%.
- Equity ratios at 31.12.2023 are calculated in application of the transitional provisions introduced by EU Regulation 2017/2395; ratios calculated without application of these provisions are as follows: Common Equity Tier1 17.0%; Tier 1 17.0%; Total capital ratio 17.7%.
- net of the result for the period.
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Banco di Desio e della Brianza S.p.A. published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 17:13:15 UTC.