Excellent 2020 for Credito Valtellinese, which doubles its profits and is among the first banks to re-propose the dividend. The bank's net profit last year was 113,2 million, compared to 56,2 million euros in 2019: this allowed the Board, in compliance with the guidelines of the supervisory authority, to offer shareholders a dividend of 0,23 euro per share, for a total of 16,1 million euro. The result benefited from the capital gain deriving from the sale of the pledge credit business branch, amounting to approximately 33 million euro gross and finalized in January.
The net result from operations also performed well, recording an increase of 8,3%, going from 185,67 million to 201,09 million, with particular acceleration in the fourth quarter, marked by an increase in revenues and a further cost reduction. With the implementation of the industrial plan guidelines, Creval, explains a note “is among the best banks in terms of capital solidity (Cet 1 ratio fully loaded at 19,6%) and risk profile (with a gross Npe ratio at 5,8%)". Operating expenses, the note continues, "are down by 9% thanks to rigorous discipline which has made it possible to achieve the plan objectives a year in advance". Retail loans are up by 8,2% year on year and deposits from retail customers are also growing (+3,8% year on year).
“We look to the bank's future growth prospects with confidence – he commented the CEO of Credito Valtellinese, Luigi Lovaglio -, continuing on the trajectory already marked for a constant generation of value. We have finally returned to the dividend and our exceptional capital position will also be able to guide us in the future towards a wider remuneration of our shareholders. We are a transformed bank, among the most solid in Europe, with significantly improved credit quality and a growing core business”.
As for theTakeover bid promoted by Credit Agricole, the Creval Board of Directors once again reiterates that "it will continue to operate with the aim of creating value for all shareholders, not neglecting any strategic option and enhancing the results achieved by the bank". The institute therefore reserves the right "to carry out any assessment of the takeover bid" promoted by Credit Agricole "following the publication of the Offer Document". The advisors, it is recalled in a note, "on the occasion of the Board meeting held on 13 January" highlighted "the solid capital position of the bank (with a fully loaded CET1 ratio which reached 19,6% as at 31 December 2020) and the potential benefit estimated at around 350 million euros relating to DTAs in the context of a combination with Credit Agricole Italia”.
