The first quarter of 2021 saw an all-time high recorded for cash collections on Npl portfolios acquired, which came to 81 million Euro (+24%) coupled with excellent performance in revenues from commercial and corporate banking (+21%) on the same period of last year. Faced with an improving macroeconomic context, positive signs are recorded by customers: more than a third have chosen to resume payments of the instalments that had benefited from moratoriums, early. Concrete commercial contributions from the digitisation of business. Capital ratios have improved further; liquidity position and quality of assets are amongst the best in class.
- Equity position strengthened with CET1 at 11,77%, (+0,48% on 31 December 2020)
- Net banking income totalled 137,7 million Euro, up 30% from the first quarter of 2020
- Cost of credit of 16 million Euro, including 8 million Euro in additional provisions made on performing exposures under the scope of the additional prudence applied in respect of the Covid-19 scenario
- Solid liquidity position: approximately 1,2 billion Euro at 31.03.2021 in reserves and free assets that can be financed by the ECB (LCR above 1.400%)
- Retail funding stable at 4,5 billion Euro
- Dividend of 0,47 Euro per share scheduled for payment on 26 May
First quarter 2021 results
Reclassified data- 1 January 2021/31 March 2021
- Net banking income up to 137,7 million Euro (+30% on 31.03.2020), benefiting from the macroeconomic recovery and progressive normalisation of the Npl business.
- Operating costs at 91,3 million Euro (+24,2% on 31.03.2020) due to higher variable costs linked to the legal business of the Npl Segment, the entrance of Farbanca into the scope and new ICT projects.
- Net profit of 20,1 million Euro, up 10 million Euro on the first quarter of last year (excluding the extraordinary capital gain of 24,2 million Euro from this and the related tax effect due to the sale of the Milan property in Corso Venezia).
Capital requirements with the consolidation within La Scogliera
- CET1 up to 11,77% (11,29% at 31 December 2020) with respect to an SREP requirement of 8,12%; TCR: 15,47% (14,85% at 31 December 2020) with respect to an SREP requirement of 12,5%. These results are calculated without including the profits generated by the Banking Group during the first three months of 2021.
Capital requirements without the consolidation within La Scogliera
- CET1: 15,97% (15,47% at 31 December 2020); TCR: 20,51% (19,87% at 31 December 2020). These results are calculated net of the profits generated by the Banking Group during the first three months of 2021.