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Popular Puglia and Basilicata, profit grows by over 60%

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Popular Puglia and Basilicata, profit grows by over 60%

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Net profit of 12.7 million euros in the first half of the year for the popular one in Puglia and Basilicata (109 branches in 11 regions and 1024 employees), up by over 60% compared to the same period last year, when it reached 7.6, up 37% on the first half of 2021.

From the interim report approved on 30 September by the bank’s board of directors, chaired by Leonardo Patroni Griffi, it emerges that the positive result is linked, in particular, to the 17.8% growth in the financial management margin, equal to 92.3 million euros , supported by the net increase in the interest margin, mainly due to the increase in market rates; to operating expenses of 60 million euros, slightly increasing due to the inflationary trend which affected the main items.

Finally, the cost of credit had a positive impact, increasing slightly, with the quality of the loan portfolio remaining in line with the levels recorded at 31 December 2022, with the “net impaired loans/loans to customers” indicator being equal to 2, 1%, while the «Texas Ratio» is improving and stands at 18.7% as of June 30, 2023, compared to the 19.4% recorded at the end of 2022.

Global funding came close to 7 billion euros (6.939), compared to 7.5 in the same period of 2022, while loans to customers, net of securities at amortized cost, remained stable, at 2.519 billion, while the coefficients capital ratios, calculated by taking into account the income statement result for the first half of the year, are CET1 at 14.9%, TIER1 at 14.9% and TCR at 15.8%.

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The approved results do not discount the effects of the tax on so-called extra profits because the board of directors deemed it appropriate to wait for the conclusion of the parliamentary work, and then adopt the most appropriate measures when approving the financial statements.

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