Still mixed results for Italian banks. Veneto Bank archives the first nine months of the year with a net loss of 770 million euros, compared to the negative balance of 9 million in the same period last year. To determine the result, some one-off components. In particular, the institute zeroed the value of goodwill with a negative impact as at 30 September equal to 452 million. In addition, loan adjustments rose to 530 million euro.
Management shows an intermediation margin of 586,6 million with a drop of 11,6% and an operating margin halved to 111 million. At the end of September, total non-performing loans amounted to 4,71 billion, while non-performing loans amounted to 1,61 billion with an incidence on loans equal to 6,5%. To cover the non-performing portfolio, Veneto Banca has continued "with a rigorous provisioning policy", reads the bank's note.
As far as capital is concerned, at the end of September Veneto Banca had a total capital ratio of 8,13%, a Tier 1 ratio of 7,12% and a Cet 1 ratio of 7,12%. “These coefficients – continues the press release – are net of the prudential deduction of a total of 286 million euros, attributable to possible financial assistance operations related to the purchase or subscription of shares of the Bank or deriving from contractual options for the repurchase of shares generally subscribed on the occasion of corporate aggregation operations conducted in the past".
On the basis of the capital strengthening plan recently approved by the Board of Directors, the Group believes it can achieve the ratios imposed through the actions envisaged in the capital plan (Cet1 at 10% and Total capital ratio at 11%) approved by the Board of Directors and presented in July 2015 to the European Central Bank, as well as through the envisaged asset disposal operations (Istituto Centrale Banche Popolari Italiane SpA and Banca Intermobiliare di Investimenti e Gestioni SpA).
The accounts of believe, which closed the first nine months of the year with a consolidated net profit of 150,3 million euro, up 17% compared to 128,5 million in the same period of 2014. The intermediation margin, reads a note, it grew by 6,4%, to 859,2 million, compared to 807,2 million at the end of September 2014.
Total deposits from customers grew by 6,6% and reached 56.344 million (52,855 million the previous year). Total deposits, on the other hand, amounted to 66.463 million, +8,4% compared to 61.316 at the end of September 2014. Loans to customers grew by 5,9% and reached 21.289 million euro compared to 20.107 million euro compared to the same period of 2014 with constant attention to the quality of the portfolio.
In detail, home loans to households recorded flows disbursed in the first 9 months of the year for 656,2 million euro, up by 30% y/y with amounts at 6.329,4 million euro (+2,7% y/y to). Net non-performing loans amounted to 1,69% (compared to 1,68% in the same period of 2014), significantly lower than the system average. The loss forecast percentage on non-performing loans is 59,6% (59,1% at the end of September 2014). Total net problem loans amounted to 808,2 million compared to 810,2 million in the same period of 2014.
In terms of capital ratios, the phased-in Cet1 ratio calculated on Credemholding is 13,64% (fully phased 11,77%); the phased-in total capital ratio is equal to 14,92% (fully phased 13,89%).
