Bank Imi, the investment bank of the Intesa Sanpaolo group, closes the first quarter of 2019 with consolidated net income of 240 million euros, up 27,7% year-on-year. The consolidated intermediation margin reached 517 million euro (+18,7% over the year), while the operating margin rose to 401 million (+25,8%).
"The results of the first quarter - commented the managing director of Banca Imi, Mauro Micillo – make us proud of the work done and the path taken so far". The growth in profits, explains the manager, is primarily the result of the trend in revenues, characterized by a strong level of net interest and profits deriving from financial transactions.
As for the operating margin, continued Micillo, "it increased by 25,8%, reaching 401 million euros, thanks above all to the almost 19% increase in the intermediation margin and the constant attention to operating costs, which fell by 0,6%". The cost/income ratio fell from 26,9% to 22,5%.
In terms of equity, the Common Equity Tier 1 Ratio, the Total Capital Ratio and the Leverage Ratio are respectively 9,2%, 13,9% and 4,2%.
"Despite a quarter characterized by a scenario that was certainly not favourable," the CEO underlined, "Banca Imi has achieved and surpassed challenging goals by completing structured finance and investment banking transactions, with a significant portion of revenues coming from non-domestic customers. . We certainly want to continue to be the leading investment bank in Italy but, at the same time, increase our activities abroad also thanks to the development of the Originate To Share project which will soon become even more alive. With Intesa Sanpaolo's CIB Division we are already present in 25 countries with numerous branches and representative offices grouped in the four hubs of London, New York, Dubai and Hong Kong and we aim to increase our weight beyond national borders".
