The estimates of analysts who expected 270 million euros in profits have been beaten
The Montepaschi closes 2021 with a net profit of 310 million after archiving with a Red 79 million in the last quarter of the yeara result higher than consensus of analysts fixed in 270 million euros. In 2020 the bank had closed with a consolidated loss of 1.689 billion. This is thehighest net profit since 2015 (388 million) for the Rocca Salimbeni bank which also builds a net operating profit of 629 million.
Growing i revenues thanks to a improved commission dynamics. Mps records a profitability (Rote) of 5.3% despite the negative impact on system charges equal to approximately 3 percentage points. The stock of impaired persons is stable at 4 billion. The dispute related to financial reporting fell by 70% compared to 2020. fully loaded Cet1 capital ratio grows to 11 (9% in December 2020).
Last year the group Mpsthe note reads, he realized total revenues of 2.98 billion, up by 1.3% compared to the previous year. Excluding the estimate of the contribution of portfolio of the operation Hydra the growth would be 5% mainly thanks to the growth of net commissions. The interest margin amounted to € 1.222 billion, down by 5.4% compared to 2020.
The downturn was mainly driven by lower contribution from the portfolio non performing deriving, in particular, from the deconsolidation of the Hydra transaction portfolio which took place at the end of 2020. Administrative expenses amounted to 1,926 million (-2.6%) and personnel expenses amounted to 1,428 million (+0.9 %) despite the decline in headcount.
Mps then accounted for a cost of customer credit equal to -250 million which are compared with -773 million the previous year. The figure for 2021 includes a positive effect of 124 million in reduction in adjustments deriving from the updating of the macroeconomic scenarios. The operating result is positive for approximately 629 million, compared to a negative value of 20 million recorded the previous year. The contribution of the last quarter of the 2021 financial year, equal to -19 million euros, is worsening compared to the previous quarter, which had recorded a positive value of approximately 321 million.
Mps archives 2021 with total funding volumes of 194.7 billion with a decrease in assets of 2.9 billion. Direct deposits fell to 90.3 billion. The decrease is mainly attributable to the decrease in repurchase agreements (-2.7 billion), linked to the lower operations of Mps Capital Services. The group’s market share in direct deposits amounted to 3.54%, down compared to December 2020 (3.93%). Loans stood at 79.4 billion, down by 3.3 billion compared to 2020 even if mortgages (+1.1 billion) also increased as a result of the disbursements granted as part of the decrees issued following the Covid emergency.
Impaired loans amounted to € 4.1 billion at the end of December in terms of gross exposure, an increase compared to the figure as at December 31, 2020 (equal to € 4 billion). At the end of the year, the MPS group’s net exposure to impaired persons amounted to 2.1 billion, a slight decrease compared to 30 September 2021 (equal to 2.3 billion) and essentially stable compared to 31 December 2020 (equal to 2, 2 billion). As regards capital ratios, as at 31 December 2021 the Common Equity Tier 1 Ratio stood at 12.5% (compared to 12.1% at the end of 2020 and 12.3% at 30 September 2021) and the Total Capital Ratio was equal to 16.1%.
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