Credem closes the first half of 2018 with a net profit of 95 million, down by 6,2% on an annual basis. The reclassified income statement shows operating income at 583,9 million (-0,3%), with interest margin at 241,3 million (+1,9%) and net commissions at 268,1 million (+3%) , of which 181,4 million from management and intermediation (+5,6%) and 86,7 million from banking services (-2,1%).
Operating costs increased to 376 million (+1,6%), for a cost/income ratio that rose to 64,4%. The gross operating result fell by 3,7% to 207,9 million, while the operating result stood at 183,3 million (-4,6%). As for the balance sheet aggregates, deposits from customers amounted to 67,1 billion (+3,4% annually), with direct deposits of 23,2 billion (+7,8%), while loans amounted to 24,25 billion (+3%).
Gross problem loans decreased by 8,6% from June 2017, with an incidence on loans at 5,1% (from 5,8% in the first half of last year), with a cost of credit at 13 basis points . The Cet1 ratio fell to 13% from 13,63% at the end of March.
As for the forecasts for the whole of 2018, Credem warns of "some elements of probable discontinuity relating both to the contribution of the finance area, which will be penalized by the current market conditions, and by the incidence of credit risk which may reach less contained levels , even if within the scope of what is established in the business planning”.
