Ubi Banca publishes its 2020 accounts, deeply conditioned both by Covid and by the integration with Intesa Sanpaolo (confirmed for next April), and announces that despite everything it has defended - net of merger charges - the profit before - taxes, at 435,2 million (254,7 net, down on the 323 of the previous year). "A result of great satisfaction, in consideration of the economic situation", writes the Lombard institute in a note. In 2020, compared to 2019, they are new disbursements of medium/long-term loans increased, including "Covid" loans, by 67,6% to 17,7 billion (+21,3% net of "Covid" loans), both in support of businesses and individuals, and asset management placements grew by 2,3% to 7,3 billion.
Loan loss provisions are almost stable year on year at €743,3 million, with an incidence of 89 basis points on total pro-forma loans (87 basis points in 2019). Good performance in the fourth and last quarter of the year, with a net profit of 39,1 million, only slightly down on the previous quarter (44 million), thanks to growing revenues and decreasing costs. Operating income, on the other hand, grew to 916,7 million, the best quarterly result of the year, thanks to the increase in the interest margin (+3,5% compared to the third quarter) and in net commissions (+4,1, 558,5%). The containment of operating expenses also continued to 15,5 million (-63% on the third quarter), the lowest quarterly level of the year. The result of operating management therefore increased by 358,2% to XNUMX million euro.
Ubi Banca's total non-performing loans at the end of 2020 amounted to €1,1 billion gross (with a ratio of 1,9% of total gross loans) and €0,7 billion net (with a ratio of 1,2% 68% of total net credits). Direct deposits amounted to 52,2 billion euro (of which 79,6 from ordinary customers) and indirect deposits amounted to 63,2 billion, of which XNUMX relating to assets under management. Following the accounting of all charges relating to the integration with Intesa Sanpaolo, fully loaded CET1 ratio stands at 8,66%, the Tier 1 ratio at 9,54% and the Total capital ratio at 14,39%. Net fees and commissions grew 1,9% year over year to $1.693,7 million from previous
1.661,8. Personnel expenses amounted to 1.423,6 million, substantially in line with 2019 (1.427,7 million).
Considering instead the costs of the transaction with Intesa, the 2020 financial year closed with a net loss of 3,5 billion, compared to a net profit of 233,1 million in 2019.
