The assembly of believe approved the 2018 budget, closed with a net profit of 186,7 million euros (+0,1% year on year). The group explains that it is the highest result in the last 10 years and that, excluding the contribution to the resolution and deposit protection funds, the figure would be approximately 205 million euro.
The meeting also approved the distribution of a dividend of 0,20 euro per share, stable compared to the previous year. The coupon, with ex-dividend date 20 May 2019, will be paid starting from 22 May 2019 (record date 21 May 2019). The total amount of dividends amounts to 66,3 million euros, which brings the dividends distributed in the last five years to over 280 million euros.
Last year Credem disbursed loans up 3,1% year on year (against the +1,6% of the market), for a total of 25,5 billion euros. The ratio between gross problem loans and loans (NPL Ratio) stood at 4,4%, compared to 9,4% for the average of significant Italian banks.
La direct collection by customers grew by 5,5% on an annual basis, reaching 23,9 billion euros.
For the insurance component of the Group, premium income increased by 1,1% over the year, to 6,9 billion euro. At the end of 2018, the two insurance companies Believe me life e CredemInsurance account for approximately 20% of the net profit in the overall profitability of the group (against 17,3% in 2017).
Finally, on the property side, the CET1 Ratio it stood at 12,7%, with a margin of over 500 bps compared to the minimum level assigned by the ECB for 2018 (Srep), equal to 7,375%. This is the lowest ratio among the Italian banks supervised by the ECB.
