Banco Popolare closed the first half of the year with a net profit of 156 million compared to 29 million in the same period, benefiting from some non-recurring items. In particular, explains a note, the result is supported by the write-back of the investment in Agos Ducato for 105,8 million euro against a write-down of around 400 million (from the previous year) for the consumer credit company which started the recovery after the phase of deep crisis.
The profit for the first half of 2012 was also affected by the negative impact of the valuation at fair value (Fvo) of own liabilities for 142,3 million, which was instead insignificant on the accounts for this half-year. On the operating front, total income decreased by 3,3% to around 1,83 billion, with the interest margin down by 8,1% to 840,8 million. On the other hand, the cyclical trend of the margin was positive, rising by 5,8% to 432,3 million in the second quarter.
Costs are down by 4,6% compared to the first half and by 2,1% and should further decrease with the conclusion of the network reorganization plan expected by the end of the first half of 2014. Net value adjustments to loans to customers rose by 11,1% to 441 million but were down on a quarterly basis (212 million in the second quarter, -7,7% on quarter1). The year-over-year cost of credit is 92 basis points, up from 83 bps last year but down from the first quarter of this year. The capital indicators see a Core Tier 1 at the end of June at 10,1% from 10% at the end of March, but in line with the figure at the end of 2012.
