Despite Covid, Banca Passadore, a historic Genoese institution but now present in 8 Regions and 18 cities, closed 2020 with a positive balance. In particular posts all-time record net income, which amounts to 28,7 million euros, further growing compared to the already strong increase in 2019 (+6,1% compared to 2019 and +60% compared to 2018), with a RoE index of 12,7% which places it at the top of the Italian banking system in terms of profitability. The hypothesized dividend would be equal to 35 cents per share, unchanged compared to last year, but for now it is not distributable given the recommendations of the Bank of Italy for the pandemic crisis.
Customer deposits also performed well, amounting to 3 billion and 262 million euro, with an increase of 6,2%. The total amount of credit disbursed to households and businesses grew to 1 billion and 922 million euro, with an increase of 7,7% compared to the previous year, confirming "the strong commitment made by the Bank to financially support households and businesses in the 'current pandemic crisis'. The report net impaired loans on total loans it further decreased to 1,54% with a coverage of 54,7%, an increase of 5 percentage points, in the total absence of NPL transfer transactions.
The Ligurian bank disbursed in 2020 more than 100 million in subsidized loans to that end. Securities in customer deposits rose to 5 billion and 29 million euro, with an increase of 5,2%: "The growth in managed savings and private banking was particularly significant", explains a note. In the last 10 years, Banca Passadore has more than doubled both funding and total assets, and tripled its net profit. Capital endowment has almost doubled in the last decade, today recording a CET 1 ratio of 14%. To better balance this significant growth in equity, a further one will be proposed to the next shareholders' meeting free capital increase bringing the share capital to 150 million from the current 100, for total equity of over 250 million.
