Ubi Banca has published one of its latest quarterly reports, in view of the imminent merger with Intesa Sanpaolo. Precisely this operation weighed heavily on the accounts for the first nine months of 2020, which however close for the Lombard bank with a net profit of 197,5 million, down compared to 247,4 in the same period of 2019 mainly due – in fact – of the charges relating to the Intesa takeover bid and the pandemic, which cost a total of 46 million net. “Excluding such higher costs the normalized profit for the period would be higher to that of 2019 ″, specifies a note from Ubi Banca. In the third quarter, net income was 21,5 million compared to 76,7 million a year ago, with a difference attributable for 48,1 million to the accounting in the quarter of contributions to the Deposit Guarantee Fund.
In short, Ubi Banca is preparing to enter the Intesa Sanpaolo group with capital ratios that are still very solid. With good signs especially in the third quarter. "Thanks to the good reaction capacity - adds the note - from the consequences, not yet resolved, of the pandemic that hit Italy and the world, the third quarter of the year confirmed the resilience of operating income, which at 880,2 million (in line with Q2020 5,7), thanks to the good performance of core revenues (interest margin + net fee and commission income), up 2020% compared to QXNUMX XNUMX. In the third quarter the interest margin in fact stood at 421,3 million, up 5,8% compared to the previous quarter".
Likewise the trend of net commissions is positive which totaled 426,3 million, up 5,7% compared to the previous quarter, that of the lockdown. Within the aggregate, the contribution of services linked to the securities business – management, brokerage and consultancy – increased to 242 million compared to 228,4 in the second quarter, with good growth in the recurring component. The contribution of commissions relating to banking services also rose to 184,2 million compared to 174,8 in the second quarter, thanks to higher commissions relating to the "money" segment, on collections and payments and for the maintenance and management of current accounts. The finance result totaled 5,3 million compared to 41,6 million in the second quarter, in relation to lower profits from trading (-13,6 million) and from the measurement of assets and liabilities at fair value (-28,4 million ).
They were also registered in the third quarter of the year net value adjustments for credit impairment to customers for 162,3 million euro compared to 180,8 million in the second quarter. The annualized quarterly cost of credit stood at 76 basis points (85 in the second quarter), resulting in an increase of 147 basis points in the coverage of total non-performing loans compared to June 2020, an increase which involved both bad loans (+163 bp) than probable defaults (+91 bps). Finally, income taxes from current operations estimated for the third quarter amount to 29,8 million, defining a tax rate of 34,1% (26,2% in the second quarter).
The financial statements for the first nine months are heavier, which include, as a consequence of the positive outcome of the public tender offer by Intesa Sanpaolo, the impact of the total impairment of the goodwill of UBI Banca (-€1.413,9 million) and the estimated loss on the sale of over 500 branches to BPER (-944,9 million), e it therefore closed with a loss of -2.130,6 million which compares with a net profit of 195 million achieved in the first 9 months of 2019. However, as mentioned, the normalized net profit still came close to 200 million.
