believe archive the first quarter with a consolidated net profit of 84 million euro, up by 47,4% over the year mainly thanks to profits linked to trading, which increased to around 196 million from 62,3 million in the period January-March 2014.
Il intermediation margin rose by 23,2% to 353,1 million, of which 106,2 million in financial margin, down by 14,1% also due to the repositioning of the proprietary portfolio from Italian government bonds to 'core' European government bonds and supranationals of similar maturity.
Le net value adjustments on loans they rose to 36,8 million from 13,5 million with an increase in the levels of coverage of problem loans and performing loans.
As for the capital requirements, due to the effect of the new regulations, the consolidation perimeter of the group was changed for the purposes of prudential supervision leading to the calculation of the capital ratios on Credemholding, the parent company (of 76,9%) of Credem. The phased-in CET1 Ratio calculated on Credemholding is therefore 11,01% (fully phased 10,23%).
