Home » Bcc Iccrea, 2023 profit rises to 1.85 billion

Bcc Iccrea, 2023 profit rises to 1.85 billion

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Bcc Iccrea, 2023 profit rises to 1.85 billion

In 2023 the Group Bcc Iccreathe largest Italian cooperative banking group, recorded a positive trend in the main indicators of both the income statement, equity, financial and liquidity, confirming the strong roots in the territories in which its affiliated banks are established, with customer loans for a total of 91 billion euros – including new financing of 15.6 billion euros – substantially stable compared to 2022, direct collections of approximately 135 billion euros, approximately +5% compared to the 128 billion euros at the end of 2022, and 218,000 new customers out of a total of 5.2 million.

Improves asset quality

There is also a strong improvement quality of assets, thanks both to the careful management of the loan portfolio and to the derisking initiatives undertaken during the year which brought the gross NPL ratio to 3.9% (4.5% at the end of 2022) and the net NPL ratio to ‘1.1% (1.5% at the end of 2022). The coverage ratio on impaired loans improved further, amounting to 72.2%, over 4 percentage points more than in 2022 (67.8%). This data is particularly relevant also in consideration of the high component of non-performing loans backed by real guarantees and the increasingly limited share of bad loans in the portfolio (less than approximately 1/3 of the total NPEs).

The main ones remain well above the supervisory requirements liquidity indicators: LCR at 265% and NSFR at 157%. The Group’s readily available liquidity reserves amount to 40.1 billion euros.

Revenues are growing

In terms of revenues, in 2023 the Group reported a banking margin of 5,590 million euros (+9.5% on 2022) thanks mainly to the positive dynamics of the interest margin, equal to 4,095 million euros (approximately +11% on 2022), which benefited from the favorable market context (rise in interest rates). Good performance also for net commissions which stood at 1,348 million euros (+0.7% compared to 2022).

Net worth at 13.9 billion

I operating costs they amounted to 3,095 million euros (+2.5% compared to 2002); the increase is mainly linked to the increase in personnel expenses related to the renewal of the national collective agreement. The cost/income of the Group therefore stood at 55.4% (59.2% in 2022).

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Net adjustments for credit risk amounted to 408 million euros (479 million euros in 2022) aimed at maintaining prudent and significant control of credit risk. The cost of risk (annualized) is 45 bps[1].

Net profit of the Group amounted to 1,858 million euros, up 3.4% compared to 2022.

Il consolidated net worth rose to 13.9 billion euros (11.9 billion in 2022) and own funds to approximately 14.3 billion euros (13.0 billion in 2022).

Risk-weighted assets (RWA) stood at €64.4 billion, up slightly compared to the end of 2022 (€63.9 billion).

The Group’s Cet1 ratio was 21.1% (19.2% at the end of 2022), while the TC ratio was 22.2% (20.4% at the end of 2022), well above the regulatory requirements.

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