It is a positive period for Banca Passadore, the one between 2019 and the first quarter of this year: according to the numbers, the one closed six months ago was even the best in the long history of the bank, founded 132 years ago in Genoa . Last year indeed the historic Ligurian institute recorded the profit exploit, which rose by over 61% to 27 million euro, with direct deposits exceeding 3 billion (+8,4%), loans at 1,785 billion (+4,9%) and deposits at 4,78 billion (+2,1%). Total managed assets therefore rose to 7 billion 853 million, with a profitability ratio (RoE) of 13,7%.
“The strong growth in net profit compared to last year – explains a note – is largely attributable to extraordinary operations on the own securities portfolio with which the opportunities offered by the market during the year were seized. Even net of these non-recurring operations, ordinary profit is still more than 10% higher than the highs of 2018". The shareholders' meeting approved an allocation of the profit which envisages significant allocations to reserves and a dividend of 0,35 euro per share (+16,7% compared to the previous year). However, the coupon whose distribution will be suspended until October, as a result of the epidemiological emergency.
The ratio of non-performing loans to total loans also improved, falling to 1,96%. without the bank having ever made any transfer of NPLs. The capital ratio "CET 1 ratio" is equal to 13,3%, well above the corresponding capital ratio required by the Bank of Italy. And 2020 has also started well: in the first quarter, compared to the same period last year, deposits increased by 16,2%, loans by 0,5%, and quarterly net profit still grew by 22,3% . However, the Covid-19 emergency will damage the continuation of 2020: Banca Passadore has made no secret of expecting a downsizing compared to the performance of 2019.
Finally, the year opened with the news of the opening of a new branch in Verona, in a historic seventeenth-century building located in the city centre. It is the 25th branch of Banca Passadore, which today can count on a territorial network that extends into eight Italian regions (Liguria, Lombardy, Lazio, Piedmont, Valle d'Aosta, Emilia Romagna, Tuscany, Veneto) and 18 cities (Genoa, Milan, Rome, Turin, Florence , Parma, Brescia, Verona, Aosta, Alessandria, Imperia, La Spezia, Alba, Chiavari, Albenga, Bordighera, Novi Ligure, Portofino).
