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Ubi Bancain down on the Stock Exchange after the publication of quarterly accounts. The shares have gone from the € 2.9 area to less than € 2.8 and have fallen by around 3.8% compared to yesterday's close. Net profit in the third quarter, at 60 million, was lower than the forecasts of analysts and in the nine months there was a decrease of 9% (to 191 million) always at the level of net profits compared to what happened a year ago .
Ubi reports that the results of the quarter were partly affected by the derisking process, which saw the disposal of 690 million Npl (-7.7% from June). In the nine months gross impaired loans fell by 21% on an annual basis to 8.3 billion, with an incidence of 9.34% on total loans (9.07% the pro-forma figure considering also the last tranche of non-performing leasing transactions being sold). Net of adjustments, the figure is 5.84%. "In other contexts this reduction would somehow have had a negative effect on Cet1, this did not happen with us. Indeed, the Cet1 has gone from 11.43% to 12.09% ", commented the CEO. Victor Massiah, who claims the strategy made up of opportunistic assignments and confirms the "main strategy, the recovery in our house, through our resources". Furthermore, in the quarter, "the new flows from performing loans to impaired loans fell to the lowest level ever recorded, -80% from the peak of the nine months of 2009". Returning to the analysis of the income statement for the nine months, the adjustments to loans increased by 36.2% to 530.3 million "mainly due to the recognition in the first six months of the year of 112.113 million in relation to the sale of leasing positions and non-performing factoring ». Net of the cost of credit, points out Massiah, the bank's earnings performance "even sees growth of around 10% year on year" and "if normalized by the sale components, it also sees growth at profit level". As for the balance sheet aggregates, net loans to customers amounted to 85.2 billion from 89 at the end of 2018, while direct deposits rose to 95.9 billion from 92.6 and indirect deposits increased by 6.7% to 101 billion.
(Il Sole 24 Ore Radiocor)