GROUP RESULTS
1H23
1H23: LOANS GROWTH AND ASSET QUALITY
LOANS GROWTH
Loans to customers stood at 34.8 billion, up by 3.7% YoY, more than almost 6 p.p. compared to the Industry, down by 2.2% YoY. Direct funding up more than 6% YoY, in sharp contrast to the Industry, down by 2.3% YoY
Loans | Direct Funding |
+3.7%+6.2%
-2.2%-2.3%
1H23
ASSET QUALITY
Gross NPL Ratio at 2.0%, lower than the EU average (2.2%) and well below the average of the Italian
Banking Industry (2.9%). Net NPL Ratio < 1%
Gross NPL Ratio
Net NPL | 2.9% | |
2.2% | ||
Ratio | 2.0% | |
0.9% |
Industry loans: source ABI Monthly Outlook July 2023, Private sector and PA
Source Italian and European NPL ratio average, NPL Ratio calculated excluding cash balances at central banks and other demand deposit2 ECB, Supervisory Banking Statistics 1Q23. https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.supervisorybankingstatistics_first_quarter_2023_202307~43c5bf1395.en.pdf
1H23: PROFITABILITY AND CAPITAL SOUNDNESS
PROFITABILITY | |||
Strong growth of Net profit, up by more than 90% | 298.7 | ||
vs 1H22 | MLN | 20.8% | 17.9% |
Profitability ratios at the highest level in the | |||
Industry, ROTE and ROE at 20.8% and 17.9% | |||
respectively | |||
1H23 | UTILE NETTO | ROTE | ROE |
CAPITAL SOUNDNESS | 14.4% |
Capital soundness confirmed at the highest level | CET1 | 6.80% | |
in the Industry, CET1 Ratio at 14.4% and 680 bps | Ratio | ||
of buffer on the SREP 2023 requirement | 1H23 | 7.56% | |
*% YoY on Net Profit 2022 data were restated incorporating the effects of the application of the new accounting standards IFRS9 and 17 for insurance companies | |
CET1 Ratio calculated at Credemholding level (prudential perimeter). Lowest P2R among banks directly supervised by the ECB that published the requirement | 3 |
BUSINESS DIVERSIFICATION
Operating Income
Core Operating Income**
€/million
357.6 | 331.1 | 352.5 | 437.3 | 475.6 | 478.7 | |||||||||||||
318.6 | 329.0 | 345.4 | 429.5 | 425.5 | 463.6 | |||||||||||||
0.0% | 0.3% | 0.5% | 0.2% | 2.0% | 0.3% | |||||||||||||
1.6% | 2.9% | |||||||||||||||||
10.9% | 0.4% | 1.6% | 8.5% | |||||||||||||||
36% | 44% | 47% | 51% | 56% | ||||||||||||||
49% | ||||||||||||||||||
53% | 55% | 51% | 47% | 40% | 41% |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 |
Core NIM on Operating Income | NII on Operating Income | ||||
Income from Financial Activities on Operating Income | Performance Fees on Operating Income |
Operating Income kept growing, driven by the rise in NII, that in 2Q23 contributed for more than 56% of total revenues, and by the excellent resilience of the fee components. Core Non Interest Margin* was still more than 40% of operating income, confirming the efficiency of the Group's business model and the high diversification of revenue sources. The strong growth of recurring revenues (Core Operating Income) was confirmed: more than 463 million in 2Q23, +41% vs 2Q22
*Core NIM: Non Interest Margin net of non-recurring items (Income from Financial Activities, Performance Fees) ** Core Operating Income: Net Interst Income + Core Non Interest Margin. 2022 data were restated incorporating the effects of the application of the new accounting standards IFRS9 and 17 for insurance companies; the detail of 2022 4 banking fees and AUM fess was also restated in order to incorporate in a more analytical way the fees related to the payment service components, current accounts and other residual commissions
CONTRIBUTION | TO CONSOLIDATED NET PROFIT | ||||||||
Commercial banking | €192.1 mln | ||||||||
Credem Banca | Private Banking | ||||||||
€24.7 mln | |||||||||
Credem Euromobiliare | |||||||||
Private Banking | |||||||||
Extended Banking Services, Consumer Credit & Other | €35.6 mln | ||||||||
Credem Factor | Credemtel | ||||||||
Credem Leasing Avvera | Blue Eye | ||||||||
MGT | SATA | ||||||||
Wealth Management | €56.3 mln | ||||||||
Euromobiliare SGR | |||||||||
Euromobiliare Advisory SIM | Wealth & | ||||||||
Euromobiliare Fiduciaria | |||||||||
Private | |||||||||
Credem Private Equity | |||||||||
€81.0 | |||||||||
Asset Management | |||||||||
CredemVita | Consolidation adjustments | mln | |||||||
Credem Assicurazioni | -€10.0 mln | ||||||||
Insurance | |||||||||
Network | NET PROFIT €298.7 mln | ||||||||
Factories | |||||||||
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CREDEM - Credito Emiliano S.p.A. published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2023 16:26:02 UTC.