It closed with a negative net result of 19,9 million euroaffected by the high incidence of taxation, the first half of the year for Banca Popolare dell'Emilia-Romagna. Operating income fell to 622 million euro due to adjustments to loans including extraordinary provisions for approximately 158 million. Operating income, equal to 1,09 billion, rose by 0,5% compared to the first half of 2012 and by 19% compared to the first quarter of this year.
From the point of view of capital solidity, the Core Tier 1 ratio stood at 8,22%. The percentage rises to 8,35% (+8 basis points since the end of 2012) net of the acquisition of CR Bra, which became part of the Bper group in the first quarter. The cost of credit amounted to 92 basis points in the six months, up on the 60 basis points of the same period last year, and net of extraordinary provisions it would amount to 59 points. Operating costs are down by 5% per annum despite the extraordinary provisions for early retirement incentives and the 9 million euro from the solidarity fund.
Direct deposits from customers amounted to 46,3 billion, down by 2% compared to the end of 2012, while indirect deposits from customers, valued at market prices, grew by 1,7% from the beginning of the year to 25,4 billion.
“The economic context, the bank specified, remains difficult and the prospects for economic recovery are still uncertain. The continuation of the weakness of the economic context could therefore determine pressure on revenues while benefits on the cost of funding should derive from the expansionary monetary policy implemented by the ECB and from the abundant liquidity of the system”. "For the remaining part of the year - continues the note - the Bper group has as its priority objectives the consolidation of traditional banking profitability, the further containment of operating costs and the maintenance of an adequate capital solidity".
