Italian banks, net profits of one billion euros a month

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Pthe of a billion net profit per month. The top eight Italian banks (spa, listed) closed the first nine months of the year with a net profit of 9.430 billion euros. A year ago they had stopped at 6.811 billion. In the twelve months the increase was 2.618 billion, or 38.45 percent.

A carousel of figures to say that the credit industry seems to have found a way to resist the crisis, but the analysis of the balance sheets suggests some deeper reflection. Meanwhile, that the national credit landscape is increasingly broken in two. On one side i player of European dimension, on the other the other banks, little more than regional.

Report 80/20

Intesa Sanpaolo and Unicredit have put together net profits of 7.652 billion euros, equal to 81.14 per cent of the total achieved by the first eight institutions, according to an 80-20 division dear to economic analysts. Going deeper, we note that the miraculous increase in Unicredit's profit, from € 2.165 billion to € 4.342 billion, includes some extraordinary items realized during the year. Unicredit sold its entire stake in Fineco between spring and summer, realizing 2.1 billion euros cash, which added to the result of the three quarters of 2018 lead to a figure not too far from the net at 30 September. The sales effect will also continue into the next quarterly, because in recent weeks, after the quarterly deadline, Unicredit sold its entire stake in Mediobanca, realizing 879 million euros, which bring the group's unrepeatable revenue, at this point in the year, at 2.979 billion. Operations that respond to a clear strategic logic and conducted with coherence by the managing director Jean Pierre Mustier, who is making the architecture agile for the time that his group is. It is also evident that these sales, to which the sale of the asset management of the house, Pioneer and realized in the first part of the mandate to Mustier, must be added, make Unicredit more and more pan-European, but by subtraction. Pioneer, Fineco and Mediobanca are no longer anchors to Italy and by decreasing the overall weight, the percentage of weight held outside the border increases.

Change

a logic that can be successful in certain environments and the stock exchange has rewarded quarterly evidence, waiting to know the new business plan that will be presented on December 3rd. Certainly Unicredit is no longer the bank created by Alessandro Profumo and led by Federico Ghizzoni. Not in the shareholding, in the composition of the board, in the holdings, in the model of business. And the transformation is not yet complete.

Intesa Sanpaolo, on the other hand, did not sell anything and the pace of the car developed by Carlo Messina based on sustainability over time and the regularity of cruising speed. Three billion and twelve million made in the first nine months of 2018, three billion and thirty-one million this year. The probably most significant fact is found in the contribution of business insurance to total assets, from € 846 million to € 876 million, up 3.5%. The massive decrease in adjustments to loans is evident, which derives from the policy of selling many lots of deteriorated loans.

Placed one next to the other, the two largest Italian banks show some common traits in their operations: both have reduced total operating costs and increased loans to customers. Operating income is slightly down compared to the past, but with lower percentages compared to the decreases recorded by the most characteristic items of the business credit institutions, such as interest and commissions.

Gregori's growth

The result of the Credem should be highlighted among the other banks. The Credito Emiliano is the only bank of the sample considered to have recorded improvements in all the items of our analysis, with the exclusion of operating costs but only because it has a policy of recruitment aimed at favoring growth through internal lines. The group controlled by the Maramotti family sees interest grow, commissions, income, loans to customers and net income, while adjustments to loans fall.

The increase in the net profit of Banco Bpm (+ 30.2 per cent) is also noteworthy, despite the sharp decline in interest income (-12.5 per cent). Ubi increases commissions, operating income and significantly adjustments to loans. But the net profit was down and the stock market was severe with the group. Monte dei Paschi is focusing on its customers, increasing loans (+4.2 percent) and expanding to new business areas (as reported by the general manager Giampiero Bergami on page 14). Bper grows significantly: net profit increases, adjustments to loans but above all interest and commissions in a consistent manner. Credito Valtellinese triples its net profit for the period, but Luigi Lovaglio's hand can be seen above all else: a 17 per cent decrease in operating costs and a significant increase in loan adjustments.



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