Il Monte dei Paschi di Siena closed on 2022 and a loss of 205 million euros, expected by analysts, against the profit of 310 million recorded in 2021. However, only in fourth quarter, thanks to continuously rising rates and the restructuring plan in progress, he recorded profits of 156 million euros, beating the Bloomberg consensus of analysts (89,1 million), against a loss of 388 million euros in the previous quarter. The accounts for 2022, the Sienese bank explains in a note, have been weighed down from 925 million Costs one-off for the early departure of over 4 thousand employees at the end of November, excluding which the year would have closed with profits of 720 million.
Lovaglio: "Mps is no longer a systemic problem". In 2023 profit at 700 million
At the opening of the presentation to the analysts of the results for the year and for the fourth quarter, the managing director of the bank, Louis Lovaglio he clarified: “Mps is no longer a problem systemic, but a real one valuable assets for the country". Lovaglio, ex Unicredit, chosen a year ago by the Draghi government to lead the Sienese institute, recalls that today is exactly one year since he took office in Siena and "just seven months after the presentation of the plan, I would never have thought of presenting you with a profit of 156 million in the fourth quarter”. The latter, adds Lovaglio "is a turning point” in our disciplined journey to execute the plan and “we will be getting close to target this year profit 700 million”. Next April 20 is scheduled for expiration of the board which will enter the crosshairs of the Meloni government with the choice of public appointments.
In 2021 the Sienese bank had lost 77,7 million. In July of last year he completed a capital increase from 2,5 billion, led by the Mef, which owns 64% of the shares.
Il title in Piazza Affari,, after an opening up by 3,16% at 2,47 euros, it fell back to 2,387, down 0,25%. Since the beginning of the year, the Tuscan bank has gained 20%.
- Equita Sim analysts speak of "significantly growing results driven by the interest margin" thanks to the increase in rates from which the entire European banking sector is benefiting. Operating costs, the experts point out, "have begun to show the first benefits of the December staff exit plan, the effects of which will be fully visible from the first quarter of 2023".
Revenues up 3,6% in 2022 thanks to the rate hike. Commissions are down
At the end of 2022, the Group achieved total revenues for 3.088 million euros, up 3,6% on the previous year, thanks to the 26% jump in the interest margin (1.539 million), driven by rate hike, which compensated for the decline in commissions (-8%), penalized by market volatility, and the lower result than 2021 of trading activity and income from equity investments. In the fourth quarter, revenues recorded an increase of 15,6% compared to the previous quarter, driven once again by the interest margin (+31,4%), which more than absorbed the drop in net commissions (-5,6% ).
Other revenues also increased compared to the third quarter financial management, thanks to the greater contribution of the result of the negotiation. Operating costs decreased to 2.099 million (-2,3%), allowing the gross operating result to rise to 989 million from 874 million, with a contribution of 333 million in the last quarter, up by over 60% both compared to the previous quarter than to the fourth quarter of 2021.
Capital solidity index rises from 11 to 15,6%. Net non-performing loans are reduced
As regards capital ratios, as at 31 December 2022 the phased-in Common Equity Tier 1 Ratio rose to 16,6% (compared to 12,5% at the end of 2021 and 10,0% as at 30 September 2022), the Common Fully loaded Equity Tier 1 Ratio at 15,6% (compared to 11,0% at the end of 2021 and 9,0% as at 30 September 2022) and the phased-in Total Capital Ratio reaches 20,5% (compared to 16,1 .2021% at the end of 13,9 and 30% as at 2022 September 1). “The Cet15,6 ratio at XNUMX%” he explained Washing, “is not only the result of the capital increase, but demonstrates the bank's ability to generate capital. It is the result of a very rigid and disciplined approach. We will maintain this capability throughout the life of the plan”.
The Sienese institute also improved the quality of its assets, thanks to the 20% reduction to 3,3 billion euros of the stock of impaired loans, as a result of the “disposal of a portfolio of €0,9 billion” and the “continued proactive management of positions”. This allowed gross non-performing loans to fall from 4,9 to 4,2% during the year and net impaired loans to fall from 2,6 to 2,2%. The ratio between the cost of customer credit and the sum of customer loans and the value of the securities deriving from the sale/securitization of non-performing loans expresses a provisioning rate of 55 basis points.
By June the merger of the subsidiaries Capital Service and Leasing
The bank specifies that the merger by incorporation of MPS Capital Services and MPS Leasing into the parent company will be completed within the first half of 2023. The controlled online bank, Widiba, continues to grow (+21% annual revenues).
Banca Mps recorded volumes of direct collection for 82 billion, down by 8,3 billion also due to the lower operations of Mps Capital Services.
At the end of the year, the group's net interbank position stood at 7 billion (8,4 billion in September '22) and the drop is linked to the expiry in December of a 4 billion Tltro tranche and the simultaneous early repayment of further 6 billion decided by the bank out of the tranche obtained in the June 2020 auction; these repayments led to a decrease in current accounts and sight deposits with central banks (-5,1 billion euros) and in loans receivable from central banks (-3,8 billion euros). The residual exposure to funding from the ECB obtained with the Tltro auctions is equal to 19,5 billion.
