Waiting for reform destined to transform them into joint stock companies, some of the main Italian cooperative banks archive 2014 in no particular order. In addition to good counts of Bpm, which closed the year with a net profit that jumped to 232,3 million from 29,6 million in 2013 and returned to distributing a dividend after three years, Popolare di Sondrio also recorded positive numbers, which achieved profits of 115,2 million euro, more than double compared to the 53,03 million of the previous year (the increase is 117,23%).
Operating income amounted to 611,86 million euro, up 16,8% compared to 523,69 million in the first nine months of 2013. At the end of 2014, Common Equity Tier 1 was 9,75 and loans to customers amounted to 24,01 billion euro, an increase of 0,5% compared to the value at the beginning of the year (23,91 billion). Conversely, non-performing loans grew to 2,07 billion euro (+12,6%).
Bper's profits also grew (+11,7%, to 15,4 million), against a "solid capital position with a Cet1 ratio of 10,9%". The group reports that the Asset Quality Review of the ECB was concluded last October with an indication of a total gross impact of around 480 million. In detail, the interest margin stood at 1,29 billion (stable) while net commissions decreased by 1,1% to 690,7 million.
The net result from trading activities amounted to 187,1 million (+14,6%) while the amount of net non-performing loans reached 6,5 billion (+2% on the end of 2013). Furthermore, the coverage ratio on non-performing loans increased to 40,7% at the end of 2014. For this year, the group sees "improving profitability prospects, despite the presence of a traditional banking business still conditioned by a limited dynamics of masses intermediated with customers".
The Board of Directors of the Bper group also approved the new one business plan 2015-2017 with a target of ROTE (Return on tangible equity, an indicator that measures operating profitability) of 9% in 2017. The plan also provides for the closure of 130 branches and a 5% reduction in employees.
The directives of the European Central Bank on provisions weigh more on the saddle numbers People of Vicenza, which closed 2014 with a net loss of 497,1 million, against the loss of 32,2 million the previous year. The Cet 1 ratio, according to a press release, was 10,16% at the end of December, a result which rises to 11,10% including the conversion of the bond loan.
Net impairment losses amounted to 1,151 billion, compared to 454,6 million at the end of 2013, of which 868,5 million on loans to customers. Impairment on goodwill amounted to 230 million.
