Imi Bank archive the first quarter of 2020 with consolidated net profit of 411 million, up 71,1% compared to the 240 million recorded in the same period of 2019. The investment bank of the Intesa Sanpaolo group communicates this in a note, specifying that "the economic performance was characterized by a robust level of net interest (+23,7% compared to comparison period) and profits from financial asset management”.
As regards the other main budget items, the intermediation margin increased by 48,1%, to 765,5 million. The activities of Capital Markets for 676 million and Investment Banking and Structured Finance for 90 million contributed to its formation. The net interest stood at 233,7 million (+23,7%) e net commissions remained stable at 87 million.
Profits from financial operations rose 84,4% to $444,8 million the result of operational management it reached 653 million (+63,1%), with a cost/income ratio of 14,7% compared to the previous 22,5%.
"Provisions, net value adjustments and other charges account for a total of 35 million euros - reads the note - an amount that reflects the forecast costs of 45 million euros by way of contribution for 2020 to the Single European Resolution Fund".
Total balance sheet assets it grew to 217 billion, from 192 on 31 December 2019.
On the asset side, the Cet1 coefficient it is at 11,96%. The Total Capital Ratio and the Leverage Ratio are respectively 17,95% and 4,21%.
“During the quarter – continues the note – the new production and distribution model of retail investment products with guaranteed capital was implemented, aimed at creating a stable funding base with designation at fair value; the stock of outstanding instruments as at 31 March 2020 exceeded 700 million”.
