Mps announced with the publication of the half-yearly accounts that it had reported an interest margin at 30 June 2022 equal to 660 million euros, up 12.8% compared to the same period of 2021.
Growth was mainly driven by (i) the majority
contribution from the commercial sector, thanks to the lower cost of funding which more than compensated for the lower interest on loans; (ii) the positive effects linked to access to TLTRO III auctions, (iii) the lower cost incurred for liquidity deposited with central banks, following the reduction in the related volumes and (iv) the lower cost of market funding which benefited
also of the maturity of some securities. It should be noted that the positive effects linked to access to TLTRO III auctions referring to the first half of 2022 were equal to 145 million euros (128 million euros in the first half of 2021) and the cost of liquidity deposited with central banks was equal to 48 million euros (52 million euros in the first half of 2021).
Net interest income for the second quarter of 2022 increased compared to the previous quarter (+ 4.3%) mainly thanks to the greater contribution of loans, which benefited from higher volumes and rates compared to the previous quarter, and to the lower cost of funding, with a re-composition of the stock on less expensive components.
Net commissions as at 30 June 2022, equal to 728 million euros, are down compared to those recorded in the same period of the previous year due to the high market volatility, which led to lower income on asset management, mainly due to lower commissions on product placement, while commissions generated by stock are stable. The commissions related to customer operations (banking fees) are also confirmed at the level of the first half of 2021.