Banco Popolare's star shines in Piazza Affari, gaining 1,8% in the mid-morning, achieving the best increase in the Ftse Mib.
The institute announced today that it closed 2013 with a net loss of 606 million (772 million in the fourth quarter alone), impacted by writedowns on loans of 1,7 billion (one billion in the last three months of the year). Operating income remained stable at 3,6 billion (-0,3%), with interest margin down by 5,6%, at 1,6 billion and net commissions at 1,4 billion (+1,8 %). Operating costs stable at 2,2 billion, for a cost/income ratio of 62,9%.
Banco Popolare's Board of Directors also approved the new 2014-2016 business plan, with projections up to 2018. In 2016 net profit is expected at 609 milliona pay out at 40%, while in 2018 the net result should rise to 787 million.
Returning to the accounts, in terms of assets, the institution has a pro-forma Core Tier 1 post-capital increase of 12,7% while the Common Equity Tier 1 calculated according to the Basel 3 rules in force at the end of the period (fully phased ) will be equal to 10,8%.
