PRESS RELEASE
BANCA FINNAT BOARD OF DIRECTORS APPROVES
PRELIMINARY CONSOLIDATED DATA TO 30 JUNE 2022
- NET FEE AND COMMISSION INCOME UP BY ALMOST 10% TO 86% OF TOTAL INCOME FROM PREVIOUS 77.7%
- TOTAL INCOME STABLE AT €33 MILLION FROM €33.2 MILLION AT 30 JUNE 2021
- OPERATING COSTS DOWN BY 6%, ACCOUNTING FOR 78.4% OF TOTAL INCOME DOWN FROM PREVIOUS 82.7%
- NET INCOME AT €2.3 MILLION COMPARED TO €2.8 MILLION IN THE SAME PERIOD OF 2021 (-17.5%) MAINLY DUE TO THE EFFECT OF HIGHER NET IMPAIRMENT LOSSES MADE DURING THE SIX-MONTH PERIOD
- CET 1 CAPITAL RATIO AT 33,7%
Rome, 04 August 2022 - The Banca Finnat Euramerica S.p.A. board of directors, which met today, examined and approved the Group's preliminary consolidated data to 30 June 2022.
Preliminary consolidated results to 30.06.2022
- The TOTAL INCOME was €33 million compared to €33.2 million at 30 June 2021. The performance was positively impacted by Net fee and commission income up by almost 10% on the same period of 2021, from €25.8 million to €28.3 million (accounting for 86% of Total Income from the previous 77.7%); Net interest income of €4 million, compared to €5.8 million at 30 June 2021; Dividends and similar income of €554 thousand (compared to €722 thousand at 30 June 2021); Profits on disposal or repurchase of financial assets of €826 thousand from €44 thousand at 30 June 2021. The performance was negatively impacted by €278 thousand in Net trading expense compared to Net trading income of €1.18 million at 30 June 2021
plus Net loss of €440 thousand on other financial assets mandatorily measured at fair value (compared to a loss of €329 thousand at 30 June 2021).
- Operating Costs were down 6%, from €27.5 million at 30 June 2021 to €25.8 million, accounting for 78.4% of Total Income down from the previous 82.7%.
- Equity investments generated a €210 thousand loss in the six-month period compared with a €408 thousand profit in the same period of last year.
- Group net income, taking account of the net Impairment losses for credit risk associated with financial assets charged to the balance sheet of €3 million compared to €95 thousand at 30 June 2021, fell to €2.3 million from €2.8 million at the end of the same period of 2021 (-17.5%).
- Group consolidated shareholders equity stands at €216.4 million compared to €227.2 million at 31 December 2021, with a consolidated Cet1 Capital Ratio at 33,7% (31,1% at 31.12.2021) calculated based on the transitional arrangements envisaged following the entry into force of the new reporting standard IFRS 9 and in compliance with the waiver granted by EU Regulation 2020/873 (art. 473bis, section 7bis). Without such a transitional arrangements, the consolidated Cet1 Capital Ratio would be equal to 33,6%.
Events following the end of the first half of 2022
In the period between the end of the first half of 2022 and the drafting of the consolidated financial statements, no significant events or facts have arisen that could affect the Group's economic, equity and financial position. It should nonetheless be noted that on 1 August 2022 the Bank acquired from AM Holding S.p.A. a 9.9% stake in Hedge Invest SGR S.p.A., an asset management company specialised in alternative investments.
As of 30 June 2022 there were 28,810,640 treasury shares in the portfolio, unchanged compared to 31 December 2021, corresponding to 7.9% of share capital.
* * * * *
The financial reporting manager in charge of drawing up corporate accounts (Giulio Bastia) declares, pursuant to article 154 bis(2) of the T.U.F., that the accounting information given in this press release complies with the accounting records, books and entries.
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(PURSUANT TO ART. 66 OF CONSOB RESOLUTION NO. 11971 OF 14 MAY 1999)
For further information:
Banca Finnat Euramerica S.p.A. (www.bancafinnat.it):
IR Manager:
Gian Franco Traverso Guicciardi - tel. +39 06 699 331 - g.traverso@finnat.it
Press office - Comin & Partners:
Giorgia Bazurli - tel. +39 06 90255 553 - giorgia.bazurli@cominandpartners.com
Encl. Income Statement, Statement of Financial Position, Statement of Comprehensive Income consolidated to 30.06.2022
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INCOME STATEMENT (in thousands of Euros)
Items | H1 2022 | H1 2021 | ||
10. | Interest and similar income | 6,266 | 7,345 | |
20. | Interest and similar expense | (2,307) | (1,556) | |
30. | Net interest income | 3,959 | 5,789 | |
40. | Fee and commission income | 29,712 | 26,959 | |
50. | Fee and commission expense | (1,386) | (1,135) | |
60. | Net fee and commission income | 28,326 | 25,824 | |
70. | Dividends and similar income | 554 | 722 | |
80. | Net trading expense | (278) | 1,181 | |
100. | Net gain from disposal or repurchase of: | 826 | 44 | |
a) | financial assets at amortised cost | 5 | 61 | |
b) | financial assets at fair value through other comprehensive income | 821 | (17) |
110. Net losses on other financial assets and liabilities at fair value through profit and
loss | (440) | (329) | ||||
b) other financial assets mandatorily measured at fair value | (440) | (329) | ||||
120. | Total income | 32,947 | 33,231 | |||
130. | Net impairment losses for credit risk associated with: | (2,963) | (95) | |||
a) | financial assets at amortised cost | (2,656) | (101) | |||
b) | financial assets at fair value through other comprehensive income | (307) | 6 | |||
140. | Net modification gains (losses) | - | (160) | |||
150. | Net financial income | 29,984 | 32,976 | |||
190. | Administrative expenses: | (28,771) | (28,364) | |||
a) | personnel expenses | (18,984) | (19,010) | |||
b) | other administrative expenses | (9,787) | (9,354) | |||
200. | Net reversals of (accruals to) provisions for risks and charges | 68 | 130 | |||
a) | commitments and guarantees given | 1 | 130 | |||
b) | other | 67 | - | |||
210. | Depreciation and net impairment losses on property, equipment and investment | (1,708) | (1,699) | |||
property | ||||||
220. | Amortisation and net impairment losses on intangible assets | (65) | (91) | |||
230. | Other operating income, net | 4,647 | 2,528 | |||
240. | Operating costs | (25,829) | (27,496) | |||
250. | Net loss on equity investments | (210) | 408 | |||
290. | Profit from continuing operations before taxes | 3,945 | 5,888 | |||
300. | Income taxes | (248) | (1,780) | |||
310. | Profit from continuing operations after taxes | 3,697 | 4,108 | |||
330. | Profit for the year | 3,697 | 4,108 | |||
340. | Profit for the year attributable to non-controlling interests | 1,419 | 1,346 | |||
350. | Profit for the year attributable to the owner of the parent | 2,278 | 2,762 | |||
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STATEMENT OF FINANCIAL POSITION (in thousands of Euros)
Assets | 30.06.2022 | 31.12.2021 | ||
10. | Cash and cash equivalents | 136,075 | 115,367 | |
20. | Financial assets at fair value through profit and loss | 32,879 | 35,459 | |
a) | financial assets held for trading | 7,914 | 9,327 | |
c) | other financial assets mandatorily measured at fair value | 24,965 | 26,132 | |
30. | Financial assets at fair value through other comprehensive income | 357,367 | 345,869 | |
40. | Financial assets at amortised cost | 1,665,632 | 1,339,422 | |
a) | loans and receivables with banks | 52,923 | 54,372 | |
b) | loans and receivables with customers | 1,612,709 | 1,285,050 | |
70. | Equity investments | 10,174 | 10,385 | |
90. | Property, equipment and investment property | 18,683 | 19,896 | |
100. | Intangible assets | 31,102 | 31,089 | |
of which: | ||||
- | goodwill | 28,129 | 28,129 | |
110. | Tax assets | 12,453 | 9,993 | |
a) | current | 1,070 | 74 | |
b) | deferred | 11,383 | 9,919 | |
130. | Other assets | 45,074 | 38,408 | |
Total assets | 2,309,439 | 1,945,888 | ||
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Banca Finnat Euramerica S.p.A. published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 11:36:25 UTC.