The first quarter of Where's Banca closes with a Net income amounting to 117,7 million euros, a clear increase compared to the 67 million recorded in the same period last year. The interest margin under the Ifrs9 regime increased to 437,8 million (420,8 million net of the new accounting standards), while net commissions increased by 3,1% to 407,3 million. These numbers beat analysts' estimates, which on average had forecast a profit of 84 million and interest margins of 418 million.
On the property side, the Cet1 consolidated reached 12% phased in and 11,64% fully loaded (compared to 11,56% and 11,43% respectively last December 31st).
As for jobs, i net credits to customers increased to 91,6 billion (+0,7% compared to the end of 2017). The incidence of gross impaired loans is at 12,74% and that of net impaired loans to 8,06% (against 12,85% and 8,19% respectively at the end of last year).
Activities continue “in line with the planned times the sale of the first tranche of the non-performing loan portfolio identified as part of the NPL strategy and reflected in the FTA of Ifrs9, expected by the third quarter of the year”, explains the Bank in the note.
Finally, the covers of non-performing loans rose to 40,35% (to 49,83% including write-offs), with direct deposits stable at 94,2 billion (from 94,4 billion at the end of 2017).
