Credem closed the accounts for the first nine months of the year with a consolidated net profit of 151 million euro, up 3,1% on an annual basis. The intermediation margin stands at 867,4 million (+2%), while net commissions rise to 397,1 million (+2,5%). Operating costs also rose to 551,7 million (+2,3%).
The cost/income ratio is stable at 63,6%. The gross operating result was 315,7 million (+1,4%) and the operating result rose to 276,7 million (+0,5%). Net value adjustments to loans decreased by 33,8% year on year and stood at 26 million. Total deposits from customers grew by 2,1% to 66,99 billion. Net non-performing loans to net loans are 1,05% (compared to 1,43% in the same period of 2017), while the percentage coverage of non-performing loans is 68,4% (60,9%).
The percentage coverage of total gross problem loans, on the other hand, is 51,9% (from 43,9%). The gross Npl ratio drops to 5,1% (5,8%). Cet1, calculated on Credemholding, is 13,14%, up by almost 20 bps compared to 12,96% at the end of June 2018.
In the final part of 2018, explains the bank, "conditions are expected that are not too dissimilar to those that characterized the first nine months of the year, with some elements of possible discontinuity" relating "in particular to loan adjustments up to now particularly contained”.
