Ubi Banca closed the first half of 2018 with a net profit of €208,9 million. The result net of non-recurring items amounted to 222,1 million, up 70,9% on the recurring figure for the first six months of 2017, which however included the numbers of the three banks acquired (the former Banca Marche, Etruria and Carichieti) only for the second quarter. It is, underlines a note, the "best result of the last 10 years". In the second quarter alone, Ubi recorded a profit of 91,2 million, down 22,5% compared to the same period of 2017 (analysts had expected 122 million). In the last three months, operating income fell by 1,5% to €911,4m (929), with net interest income at €458m (+4,7%, versus expectations for €442m) and net fee and commission income at €400,6, 1,6 million (-3,5%). Operating expenses decreased by 601,4% to 65,9 million, for a cost/income ratio down to XNUMX%.
Fully loaded CET1 came in at 11,42% despite the impact of the widening of spreads on the valuation reserve of the securities in the portfolio (the figure does not include the use of DTA futures and includes the hypothesis of a dividend on a pro-rata basis). In addition, gross non-performing loans fell by over 370 million compared to 31 March and by 405 million compared to 2018 January 12,41 to settle at 11% (XNUMX% pro forma for the recently announced GACS sale). In this regard, Ubi Banca aims to lower the ratio of gross non-performing loans to total loans below 10% "in advance of what has already been communicated", announces the institute in the note on the half-yearly accounts. For this reason, after the 2,75 billion npl securitization announced on Wednesday, the bank plans to carry out a new sale of non-performing loans (without securitisation) by the end of 2018/beginning of 2019.
As regards the other forecasts for the current year, Ubi expects that "the gradual growth of the interest margin will continue also in the second half of the year". Furthermore, “prudent management of the Italian government securities portfolio, aimed at reducing exposure” was confirmed. The institute sees "a substantial stability in net commissions and will continue with the careful management of costs". Furthermore, in the third quarter, “the compatibility for the signing of a new union agreement will be verified aimed at allowing further exits in line with the forecasts of the Business Plan". Lastly, Ubi intends to maintain the trend of reducing the cost of credit compared to 2017.
Total deposits grew by 1,4% in the half year to 193,5 billion: direct deposits at 95 billion (94,4 as at 1.1.2018), indirect deposits at 98,5 billion (96,5 as at 1.1.2018). 24,2). Particularly significant performance of bancassurance products, which rose to 12,2 billion (+1.1.2018% vs 6,5 and +2018% vs March XNUMX). Also to be noted the constant increase in asset management amounting to 44,5 billion (+1,4% vs 1.1.2018 and +0,8% vs March 2018) in a particularly difficult market, with an increase in market shares.
