It will boast a historical record the Polar Bank of Sondrio when it will present its industrial plan at the appointment with the market at the end of March. Today's FY 2021 data showed a Net income more than doubled from the year before, but also the best in the history of the institution, equal to 268,6 million (+152% on 2020), with a ROE of 8,9% and with a strong increase in core business which stands at 886,6 million euros (+9,9% compared as at 31 December 2020.
Improve asset quality
2021, which moreover celebrates the 150th anniversary of the foundation and transformation into a joint stock company of the credit institution, was also characterized by a improvement in asset quality with a gross NPL ratio down to 5,8% from 14,2% and a net NPE ratio at 2,7% compared to 3,7% in 2020. Robust capital position with phased-in CET1 ratio and Tier1 Ratio both at 15,8%, while the Total Capital ratio stands at 18,9%.
The Valtellinese institute gave last year support for families and businesses of the territory, with disbursements for 4,8 billion, of which around 1 billion backed by a state guarantee. There direct deposits from customers saw growth of 10,5% (to 39.304 million from 35.559 million at the end of 2020), while that live grew by 17,8% (to 40.982 million from 34.797 million) of which over 6.700 million relating to managed savings (+13,9%). Insurance premiums also grew, amounting to 1.909 million (+11,2%).
Towards the industrial plan at the end of March
“We are focused on preparing the new business plan which we will present to the market at the end of March, to share with our shareholders the path expected in the years to come” said the Chief Executive Officer and General Manager of Banca Popolare di Sondrio, Mario Alberto Pedranzini. “I can state right now that the development strategies being finalized, as well as being consistent with the values that have inspired us in our long history, will confirm for the next three years our Group's ability to adequately reciprocate the trust placed by depositors and investors, with the aim of innovating, taking care of the growth of human resources, creating value for all stakeholders”.
