Ubi Banca closed the first half with a net loss of 787 million after accounting for the impacts relating to the new business plan. Net of these impacts, the six-month period ended with a profit of 48,1 million, a clear decrease compared to the 124,4 million recorded in the same period last year. The Bank communicates this in a note, explaining that the difference, equal to 76,3 million euro, "is to be attributed, in addition to the decrease in the interest margin, also to one-off value adjustments on financial instruments (-43,4, 20 million net) and a lower financial result (approximately -XNUMX million net)”.
The impacts deriving from the implementation of the Business Plan, accounted for in the second quarter of the year, amount to a total of approximately -835 million.
The interest margin in the half-year decreased by 9,6%, to 765,6 million, both as a result of the reduction and reorganization of the securities portfolio and the compression of the spreads on loans.
However, the bank claims to have started "the implementation of the business plan at the right pace", because in the same period new medium/long-term loans were disbursed for 6,6 billion euro, of which 4,9 billion to businesses (+12,8% compared to the first half of 1) and €2015 billion to individuals (+1,6% compared to the first half of 14,2).
The stock of non-performing loans then decreased, both gross (-1,6% on March 2016 and -1,1% on December 2015) and net (-1.159 million vs March 2016 and -1.177 million vs December 2015), also as a result of the higher adjustments envisaged in the industrial plan.
From a financial point of view, following the accounting of the plan charges, the "phased in" Cet 1 ratio at 30 June 2016 stood at 11,43% and "fully loaded" at 11,02%. Cet 1 includes the pro-rata calculation of a dividend at least equal to that of 2015.
Assets under management (including insurance premiums) grew to 50,9 billion (+3,7% on March 2016 and +4,8% on December 2015).
The result from financial activities stood at 82,6 million (111,1 million euro in the first half of 2015).
