Monte dei Paschi closes the first quarter of 2019 with a consolidated net profit amounting to 28 million euros, significantly down on the 188 million recorded in the same period of the previous year. The result, explains the bank, was affected by non-operating and non-recurring negative components of 92 million euros, including 61 million euros for contributions to system funds. The figure is below the expectations of analysts, who expected profits of 41 million euros.
Down 8,5% i revenues, equal to 802,5 million euros, while the interest margin fell 3% to 408,9 million and le net commissions to 358,8 million (-11,7% compared to the same period of 2018, stable if compared to the previous quarter). Substantially unchanged, on an annual basis, the operating charges, equal to 569 million euros.
Il gross operating result went from 304 million in the first quarter of 2018 to 233 million in the first three months of 2019, while the net operating result was positive by 69 million. The net adjustments amount to 164 million (+26 million).
On the balance sheet front as at 31 March 2019 i total collection volumes of the group amounted to 192,3 billion euro, essentially stable compared to 31 March 2018 and up by 5,4 billion euro compared to 31 December 2018, both on indirect funding and on the direct funding component. In detail, the volumes of direct deposits amounted to 92,7 billion euro, down by 5,2 billion euro compared to the values at the end of March 2018, while those of indirect deposits rose to 99,6 billion.
Il Cet1 transitional, which at the end of 2018 was 13,7%, drops to 13,3%, while the Total Capital Ratio is 14,7%.
Non-performing loans as a ratio of total customer loans fell to 8,4% at the end of the quarter from 9% in the first quarter of last year even if, Mps underlines, the data are not perfectly comparable because they have not been restated on a homogeneous basis the data for the first application of the accounting standard Ifrs16. The exposure of non-performing loans gross of the group as at 31 March 2019 was equal to 16,2 billion euros, while the net one amounted to 7,6 billion euros.
It should be noted that the board of MPS has appointed two deputy general managers: Giampiero Bergamini, who continues to maintain the role of chief commercial officer and Andrea Rovellini, in addition to maintaining the position of chief financial officer, assumes the position of deputy general manager of the bank.
