Intermobiliare Bank ended 2013 with a profit of 3,7 million euros, which compares with the loss of 64,6 million in 2012. The operating margin, equal to 38,5 million, is up by 59,4% on an annual basis, due to the containment of operating costs and the positive trend of the intermediation margin. The interest margin rose by 5,5% to 32,2 million, the intermediation margin stood at 143,8 million (+10,7%).
The 2013 results “were negatively affected by net value adjustments on loans for 19,4 million euros and other adjustments for 5,7 million euros – specify the institute -. In particular, the adjustments to loans mainly concerned the passage of the classification from substandard to non-performing and the relative evaluation of the exposure to an important real estate group, with a consequent increase in the adjustment provisions”.
As for the capital ratios, the Total capital ratio is 13,46% (from 13,87% as at 31 December 2012) and the Tier 1 Capital Ratio is 10,46% (from 9,67%). As at 31 December 2013, the consolidated regulatory capital (calculated on a voluntary basis, following entry into the Veneto Banca Group) amounted to 297,3 million, down on the values at the end of 2012 (322,2 million), mainly against the third installment of amortization for supervisory purposes of the convertible bond loan issued at the time.
Free capital (regulatory capital net of capital requirements) amounted to 120,6 million (136,4 million as at 31 December 2012). The total consolidated assets administered and managed by Banca Intermobiliare and its subsidiaries as at 31st December 2013 amounted to 14,8 billion (+4,3% compared to 14,2 billion as at 31st December 2012).
Less than an hour after the closing, Banca Intermobiliare's stock dropped 0,35%.
