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Ubi: profits more than doubled in the first quarter, searches by Finance this morning

In the first quarter, net profit more than doubled compared to last year: the result grew from 26,5 to 58,1 million euros, even beating analysts' estimates - In the meantime, however, the Guardia di Finanza has started this morning a series of searches in Bergamo in the offices of managers of Ubi Banca.

Ubi: profits more than doubled in the first quarter, searches by Finance this morning

Profits and searches for Where's Banca. The institute announced today that it closed the first quarter with a net income more than doubled compared to last year: the result increased from 26,5 to 58,1 million euros, above the consensus of analysts, which stood at 53 million euros.

Meanwhile, the Guardia di Finanza this morning began a series of searches in Bergamo in the offices of managers of Ubi Banca. As part of the investigation by the Bergamo prosecutor's office (the hypotheses of crime would be an obstacle to the supervisory functions and aggravated fraud), the financiers are searching the offices of the chairman of the management committee Franco Polotti, the chairman and vice-chairman of the supervisory committee, Andrea Moltrasio and Mario Cera respectively, and the directors Victor Massiah and Italo Lucchini. Giovanni Bazoli, who, among other charges, is also under investigation for obstruction of supervisory functions chairman of the supervisory board of Intesa SanpaoloThe Gdf also searched his offices, together with those of the president of Italcementi, Giampiero Pesenti. 

Returning to the accounts, an improvement in operating income contributed to the result for the quarter, up 6,7% to 853,4 million due to an interest margin up 8,9% to 454,5 million and revenues from trading for 62,6 million from 42 million. After the continuous contraction of operating costs to 521,2 million (-3,2%), the operating margin shows an increase of 27% to 332,2 million.

In the quarter, net value adjustments for loan impairment rose to 198,6 million, against 157,7 million in the first quarter of last year, with an annualized cost of credit of 0,91% of total net loans, against previous 0,68%. The Common Equity Tier 1 ratio is estimated to be approximately 10,5% fully loaded. The stock of gross non-performing loans recorded a slight decrease of 15 million compared to the end of December to 12,65 billion.

According to the bank, for 2014, "the slowdown in the flow of new loans in default recorded during the first quarter of this year allows us to confirm the expectations of an improvement in the cost of credit compared to 2013".

By mid-morning, Ubi Banca's share on the Stock Exchange was in the red by 0,3%. 

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