The group Ps closed the first quarter with a net loss of 100,7 million euros, against the profit of 89 million recorded in the same period last year. However, the market had expected a much larger red (154 million), which is why about an hour after the opening, the MPS share gained 1,7% on the stock market, while the Ftse Mib was in the red by almost half a point .
As for the other balance sheet data, the Core Tier 1 stood at 11,1% at the end of last March (from 8,9% at the end of 2012), while the interest margin amounted to approximately 597 million, up by 37,4% on the previous quarter, but down by 32,4% compared to 31 March 2012. Net fee and commission income, amounting to approximately 431 million, recorded an increase of 12,6% compared to the fourth quarter of 2012 (+48 million approximately) and 1,7% every year.
La direct collection it was essentially stable in the quarter (+0,3% on the previous year and -0,3% on the previous quarter) and "improved further" in April and May. Net value adjustments for impairment of loans amounted to approximately 484 million, a marked improvement on the previous quarter, which had been significantly influenced by an adjustment of the adjustment provisions made on non-performing and substandard positions, as well as by the trend in impaired loans gross. Compared to the first quarter of 2012, adjustments to loans recorded an increase of 12,5% "as a reflection of the prolongation of the crisis, which led to an acceleration in the growth of non-performing loans". The net operating result was negative by approximately 68 million (it was negative by approximately 1,519 billion in the fourth quarter of 2012).
According to the MPS CEO, Fabrizio Viola, the first quarter financial statements confirm the positive signals “on the income statement front” and on the Bank's “capital strengthening”: “On capital, we concluded the first phase of bank capital strengthening thanks to the completion of the operation on new financial instruments. Ideally starting today, but already underway for some time, a commitment to improve the quality of this capital over the course of the plan and beyond. In the coming years we need to significantly improve structural liquidity”.
As for the Monti Bonds, “today we can count on capitalization levels significantly attributable to government support – Viola said -. So we need to work to replace this support with prime liquidity capital in the medium term. Contacts with the European Commission are underway. Based on the official calendar, the deadline for submitting the final version of the structuring plan is 17 June. At that point, another important phase will come to an end, which began a year ago for the recovery and relaunch of our Bank”.
The group judges the commercial performance of the quarter as "good", "despite the difficult economic context and the unfavorable media climate in February", linked to the Alexandria, Santorini, Nota Italia transactions and the judicial investigations also linked to the acquisition of Banca Antonveneta.
