Credem closed 2022 with a consolidated net profit of 317 million euros, after spending over 60 million in contributions to funds for the management of banks in difficulty. The figure is up by 23.4% y/y without considering the accounting contribution of the acquisition of Cassa di Risparmio di Cento (badwill) which had positively influenced the 2021 result by 95.6 million euros.
The Group confirmed the capital solidity and quality of the assets which, together with the high profitability achieved, make it possible to envisage the distribution of a dividend of €0.33 per share (+10% compared to 2021). The total amount of dividends therefore amounts to 112.3 million euro, equal to a coupon of approximately 4.18% of the current valuation of the share.
The return on capital (ROE) is 9.8%, the ROTE (return on tangible equity) is 11.5%.
The intermediation margin is up by 10.2% compared to 2021 to approximately €1.5 billion, driven by the positive contribution of the financial margin (+33.5% y/y) and by the performance of commissions on banking products (credit cards credit and debit, current accounts, receipts and payments, loans).
The growth in customers (about 130,000 new customers) and in loans to customers (+4% to 34.5 billion, compared to +1.1% in the system) should be noted.