MARKET PLACE APPLAUDS THE ACCOUNTS OF THE BIG. INTESA AND MEDIOBANCA, POSITIVE SURPRISES
Stock market rises of more than 4% for Intesa and Mediobanca. Piazza Affari unreservedly celebrates the start of the quarterly banking season. And never was a celebration more propitious and auspicious given the deadlines awaiting the credit system, on the eve of a revolution in several stages: the reform of Popolari spa, which yesterday overcame the first obstacle, i.e. the preliminary exceptions presented by the opposition of right and left (confirming the strength of the lobbies of the system); the imminent launch of a bad bank, i.e. a special purpose vehicle to which part of substandard and non-performing loans will be assigned; a new season of interventions on assets, to align once and for all with the parameters required by European Supervision. An obstacle course, complicated by the Mps dossier, on which the country's ability to hook up once and for all to the wagon of recovery will largely depend. How is it possible, as long as the system demonstrates that it knows how to shrug off the burden of non-performing loans, 188 billion in all, which slows down investments and absorbs resources. From this point of view, the initial responses are positive but not unexpected: Mediobanca and Banca Intesa, in fact, have long been the "best in class" of the system, above any suspicion. But the launch bodes well because finally the cleanup operation this time has not sacrificed the interest of the shareholders.
PIAZZETTA CUCCIA: LESS PARTICIPATED, MORE USEFUL
Let's start with Mediobanca, which published its accounts for the second quarter at seven thirty split, confirming the punctuality of the bank that once belonged to Enrico Cuccia. The institute achieved an increase in consolidated revenues of 15,9%, from 875 million euros to 1,014 billion against the 990 million expected by the consensus. Beyond the figures, the change of skin of what for many years was more of a safe of holdings, powerful but not too profitable, is impressive. Totally different music today: "This year - underlined the CEO Alberto Nagel - we have a banking activity that almost 100% replaces the revenues from the sale of equity investments achieved last year and the positive trend is common to all banking divisions. The consolidated profit (261 million) is in fact the result of the increase in loans, which in turn are growing both in the corporate business and in the retail sector (Che Banca! is also approaching breakeven, thanks to the greater contribution of indirect deposits) . The disposals, only 80 million in the last six months, will resume between now and June, when the year will end with the farewell to the Telecom Italia adventure. In summary, according to Equita's opinion, results that are "definitely better than expected and of excellent quality", full of "positive surprises in all operating lines".
CA' DE SASS, TOP PROFITABILITY
The numbers of Intesa aroused no less enthusiasm, the "system bank" according to a definition which, in truth, the CEO Carlo Messina regards with a certain suspicion: yes to the Banca dei Territori, but without any desire to fill in the shortcomings others or invest in bailouts (see Alitalia). A philosophy that paid off: in 2014, the institute recorded a significant improvement in profitability, exceeding the objectives of the 2014-2017 business plan, and confirmed its capital solidity. Net income was robust: 1.690 million euros, if we exclude the retroactive increase in taxation, from 12% to 26%, of the capital gain recorded in 2013 on the stake held in the Bank of Italy. The consensus instead expected a net profit of 1,5 billion euros. The operating margin improved by 5,1% to 8.354 million and operating income reached 16.898 million (+4%). These numbers have made possible a more generous than expected dividend policy. In fact, the management board approved the distribution of 7 eurocents per ordinary share and 8,1 eurocents per savings share starting from 20 May 2015. The dividend yield is equal to 2,8% for the ordinary share and 3,7% for savings shares compared to the quotations of 9 February. A nice relief for the shareholder Foundations, starting with the Compagnia di San Paolo and the Cariplo Foundation. However, the capital solidity of the bank is not affected: the pro-forma Basel 3 Common Equity ratio when fully operational has, in fact, risen to 13,3% from 12,3% at the end of 2013, the top level among the major European banks.
In terms of income, the most comforting figure is the cost/income ratio of 50,6%, at the top among European banks, confirming that Banca dei Territori is rediscovering its edge. No less comforting is the improvement in the credit trend with the flows of new non-performing loans from performing loans falling to the lowest value since 2011: net flows equal to 8,6 billion euro compared to 11 billion in 2013 (-22% ). The degree of coverage of non-performing loans rose to 62,7% (from 62,5%), that of non-performing loans to 46,8% compared to 46% at the end of 2013. A high level compared to the average of competitors Italians: 37% in the third quarter. If the saying "well begun is half done" is true, the credit system finally seems to see the light at the end of a tunnel that has proved to be very long. You just have to wait for confirmation. Tonight the accounts of Bpm will be approved, then it will be up to Unicredit, Bper and Banco Popolare. Thursday will close the Ubi will close the fashion show.
