The Board of Directors of Banca IMI, the investment bank of the Intesa Sanpaolo Group led by the managing director and general manager Mauro Micillo, met in recent days under the chairmanship of Gaetano Miccichè and approved the individual and consolidated final December 31.
The annual final balance marks a consolidated net profit of 742 million euro; an absolutely significant result, which excels all previous final figures and marks an increase of 39% compared to 534 million as at 31 December 2015. Net profit was driven by the strong growth in revenues - which grew by over 240 million - and discounted the effects , of approximately 60 million net of taxes, deriving from the payment of extraordinary contributions to the National Resolution Fund.
Net of these latter effects, the consolidated net profit would be around 800 million. Operating income rose to 1.684 million euro - up 16,7% - driven by the increase in net commissions (+26%), due to greater transactions with customers, and by profits from financial transactions, which grew in absolute value of over 160 million compared to the comparison final.
The Global Markets area, headed by Massimo Mocio, contributed 1.159 million euros to the formation of consolidated revenues and the Corporate & Strategic Finance area, headed by Raffaello Ruggieri, contributed 525 million euros, thanks to the 350 million euros from Structured Finance and 175 million euros from Investment Banking.
The result from operations, at 1.234 million euros – a robust growth of 24,2% compared to 2015 – confirms the attention paid to the control of structural costs, which amounted to 450 million euros, substantially in line compared to the final comparison. The cost/income ratio is confirmed to be of absolute importance, at 26,7% compared to the previous 31,2%. Adjustments, provisions and other charges account for 119 million euro, and include 79 million for the extraordinary contributions for 2016 communicated by the Bank of Italy with reference to the Resolution proceedings of four Italian banks.
Profit from ordinary activities thus comes to 1.115 million euros, up 36% compared to 818 million euros at 31 December 2015. After the strong expansion that had characterized the quarterly final balances of 2016, the total balance sheet assets to 150 billion euros; the figure is in line with the €154 billion as at 31 December 2015 and is reflected in the Risk Weighted Assets which go from €30,3 billion in 3Q2016 to the current €28,6 billion.
The capital requirements recorded a Total Capital Ratio of 12,9%, up compared to 10,7% at the end of December 2015. The coefficient does not take into account the result for the year.
