The banks drag Piazza Affari after the communication of the Srep capital requirements (the supervisory review and evaluation process) indicated by the ECB and which are largely satisfied by the institutions that communicated them. In a session of the Milan Stock Exchange which travels at 1,56% in mid-morning, in particular Banco Bpm rises on the stock exchange 5,07 %% at 1,81 euros, after it communicated the results of the Frankfurt analysis of its assets, which are largely large.
Well also Bper who earns the 4,45%, after having achieved an increase of 8,6% following the announcement of the purchase of Unipol Banca. Ubi sale del 2,82% to 2,1 euro, while UniCredit goes up by + 2,40 % to 10,46 euro, and Intesa Sanpaolo which shows an increase of + 1,80 % at 2,0 euro.
For Banco Bpm this is an important result after the significant de-risking action carried out in the last two years. Against a €21,2 billion cut in non-performing loans, the bank recorded writedowns of €5 billion, offset in terms of capital creation by €3,2 billion in operating results and €1,9 billion in capital management actions. Furthermore, the ECB has reduced the Pillar 2 request for Banco Bpm by 25 basis points.
Against a request for a minimum Cet1 of 9,25%, Banco Bpm presents a phased-in Cet1 as at 31 December 2018 of 12,1%. The fully loaded pro forma Cet 1, also taking into account the latest significant operations such as the Ace project and the restructuring of consumer credit, is equal to 11,5%.
Also Ubi Banca has published the targets for 2019 requested by the ECB which established that the group will have to comply with a minimum requirement of Cet 1 of 9,25% fully loaded and a Total Srep Capital requirement of 10,25%. As at 31 December 2018, with a CET1 Ratio phased in of 11,70% and fully loaded of 11,34% and a Total Capital Ratio phased in of 13,80% and fully loaded of 13,44%, the Group is already positioned above the minimum requirements.
UniCredit will have to comply with the following capital requirements on a consolidated basis starting from 1st March 2019: 10,07 per cent CET1 ratio, 11,57 per cent Tier 1 ratio, 13,57 per cent Total Capital ratio. But as at 31 December 2018, UniCredit's capital ratios on a consolidated basis were already above the minimum requirements: 12,13 per cent transitional CET1 ratio, 13,64 per cent transitional Tier 1 ratio and 15,80 per cent transitional Total Capital ratio.
Also Intesa Sanpaolo received the final decision from the ECB regarding the capital requirement to be met starting from 1 March 2019 at the consolidated level. The overall capital requirement to be met is 8,96% for the Common Equity Tier 1 ratio according to the transitional criteria in force for 2019 and 9,33% for the Common Equity Tier 1 ratio according to the fully implemented criteria. The requirements as at 31 December 2018 are once again exceeded.
The Bank of Italy intervened by making notes the December 2018 statistics regarding deposits, loans and non-performing loans of Italian banks. The data available highlighted gross non-performing loans down to 100,2 billion from 167,4 billion recorded at the end of 2017 and from 117,5 billion in November 2018, to the lowest since July 2011. The reduction on an annual basis is 34 %, due to some high-value securitisations. Net non-performing loans, on the other hand, fell to €29,5 billion (€64,1 billion as at 31 December 2017) from €38,3 billion recorded in the previous month, the lowest level since May 2010.
In December, i loans granted to the private sector (adjusted to take into account securitizations and other loans sold and derecognised from bank balance sheets) showed an increase of 2% compared to the same month in 2017. In particular, the supervisory authority highlighted that loans to households increased by 2,7% annually, while those to non-financial companies grew by 1,3% compared to December 2017. With regard to funding, in December 2018 the Bank of Italy recorded a growth in private sector deposits of 2,6% compared to the same month in 2017, while bond funding fell again (-12,5% per year).
