Carige shot at the opening of the session: the shares rise by 5,21% to 0,2197 euros at 10,20 on Wednesday, the day after the quarterly report and the sale of the Milan office but it is Unipol's possible interest in the increase of the Ligurian bank to get the stock off the ground.
According to Il Sole 24 Ore, last Friday there was a meeting between the respective managing directors, Paolo Fiorentino and Carlo Cimbri, to discuss the modalities of a possible investment by Bologna in the context of the recapitalisation. Carige's first shareholder, Malacalza Investimenti, is also considering increasing its weight on the occasion of the recapitalization, going beyond the current 17,6%.
Banca Carige published its third quarter accounts on Tuesday. The losses fell 210,4 million in the first nine months of the current year compared to 223 million in liabilities in the same period of 2016. The result was affected by 84 million charges relating to the deconsolidation of the first tranche of non-performing loans, 47 million system charges and deferred taxes as well as provisions for risks and charges of a total of 22,7 million.
Just in third quarter the net result was negative by 55,5 million (-39,6 million a year ago).
As regards the problem loans, Carige reports that the non-performing exposures portfolio drops by around 1 billion thanks to the securitization operation on 938 million bad loans which took place in the summer and therefore stands at 6,3 billion with an average coverage level of 47% including adjustments . Non-performing loans, again net of disposals, are below 3 billion gross (1 billion net) with coverage rising to 67,5% from 64,7% at the end of 2016. Unlikely to pay stable at 3,2 billion gross (2,3 net) with a coverage of 28,5%
As for the income statement, and in particular revenues, in the nine months the interest margin fell by 9,3% to 180,9 million, net commissions by 1,1% to 181,2 million and revenues from finance by 67,6% to 19,9 million: overall the gross income falls 39% to 207,5 million. Operating costs (personnel, administrative expenses and adjustments) are substantially stable at 383,9 million. The result from current operations improved to -281,9 million from -309,3.
