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In the first quarter of 2023, the Italian banking sector saw a remarkable growth in profits, with an increase of 182.3% compared to the same period of 2022. According to an analysis conducted by the UILCA study center of Orietta Guerra, the nine largest institutions credit banks recorded profits totaling 5.3 billion euros, a good 3.4 billion more than in the first quarter of 2022.
This significant growth was mainly driven by the increase in interest rates operated by the European Central Bank (ECB). In fact, the interest margin grew by 55.2%, positively influencing the revenues of Italian credit institutions. In general, revenues increased by 17% compared to the same period of the previous year.