Home Business Cassa Centrale: net profit jumped to 446 million (+ 45.7%) in the first half of 2022

Cassa Centrale: net profit jumped to 446 million (+ 45.7%) in the first half of 2022

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The Cassa Centrale Cooperative Banking Group announced that it had closed the first six months of 2022 with a group net profit of 446 million euros, up from 306 million in the first half of 2021 (+ 45.7%). The interest margin, as at 30 June 2022, was 943 million compared to 665 million in the first half of 2021 “thanks on the one hand to the contribution of the securities sector (+148 million), on the other to the contribution of credit intermediation (+16 million), a consequence of the growth in the amount of credit disbursed and the average yield of credit assets, both above expectations “. The commission margin also increased compared to the first half of 2021 (+ 7.1%), going from 337 million in the first half of 2021 to 361 million at 30 June 2022. Direct deposits were essentially stable compared to 31 December 2021 at 65 billion. Gross loans increased by 2.84% compared to the end of the year and amounted to over 50 billion.

As for non-performing loans, the gross NPL ratio fell further to 5% (it was 5.5% at the end of 2021) with a net NPL ratio of 1.4% thanks to hedging to 76% (from 74% at the end of 2021).

The Cet1 ratio is equal to 22.3%, “confirming the solidity and ability to generate revenues of the Group, despite the difficult economic context”, reads a note.

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