Banca Sistema closed the first six months of 2019 with a gross operating income of 44,1 million, up 8% compared to the same period of 2018. Net profit was stable at 11,2 million euro, the result of the sale of the 10% stake in Axactor Italy also contributed. As regards the second quarter alone, however, net profit increased by 17%, net of the merger of Atlantide, equal to 7,6 million
The stock of gross non-performing loans increased compared to 31 March 2019 (€236,3 million compared to €230,3 million) due to the growth in unlikely to pay (€113,5 million compared to €98,2 million), which more than offset the decrease of the suffering and the expired. The increase in probable defaults in the second quarter is attributable to the factoring exposure to private individuals.
The factoring business line, with a turnover (volumes) of 1.415 million, recorded a 25% year-on-year growth. Group outstanding factoring as at 30 June 2019 amounted to 1.914 million (of which 24% in legal action), up 17% compared to 1.640 million (management data) as at 30 June 2018 and up 5% compared to €1.820 million as at 31 March 2019, due to the combined effect of the higher turnover and collections in the period. Factoring without recourse equal to 87% of the total outstanding (88% as at 31 March 2019) is represented by trade receivables (60%) and tax receivables (27%). With reference to the CQS/CQP business, the Group purchased receivables for €138 million and outstanding as at 30 June 2019 stood at €751 million, up by 32% y/y and 6% compared to 31 March 2019.
As far as capital is concerned, the pro-forma CET1 ratio is 12,4%; regulatory CET1 ratio at 10,8%; the pro-forma TIER 1 ratio at 13,1%; Regulatory TIER 1 ratio at 11,3% (11,2% as at 31 March 2019).
