Credem closed the first quarter with a net profit of 54,6 million euro, an increase of 11,4% over the year. The ratio between gross problem loans and gross loans (Npl ratio) fell to 5,3%, against the average 11,1% of Italian banks, while the level of coverage including the shortfall is 64,9% on loans problematic and 81,6% on non-performing loans.
As regards assets under management, they rose to 26,8 billion euro (+4%). The insurance one at 6,9 billion (+7,3%). In all, customer deposits reached 66,2 billion euro (+3,6%).
In terms of equity ratios, the Cet1 ratio is 13,63%, more than six percentage points above the minimum level assigned by the ECB for this year.
Also in the first quarter, loans disbursed by Credem reached 23,9 billion euros (+4%), of which 6,7 billion euros in mortgages (+1,4%).
At the end of March Credem's intermediation margin amounted to 309,9 million euro compared to 288,6 million in the same period of 2017 (+7,4%).
Operating costs, on the other hand, increased to 191,7 million (+3,2%), while the cost/income ratio was 61,9%, up from 64,4% at the end of March 2017.
Total gross problem loans amounted to €1,304 billion, down 7% from €1,402 billion in March 2017.
As for the prospects for 2018, according to the group it is possible to "foresee a positive trend as regards the stable components of revenues" but "this trend is associated with elements of uncertainty linked both to the evolution of the financial markets and to the economic and political context national".
