Accounts and next moves of Cassa depositi e prestiti (Cdp)
Cassa depositi e prestiti (Cdp): how the first half of the year ends and what it will do about Tim
First half of the year archived with profit growing by 28% to 1.9 billion euros for CDP.
This is what the heads of Cassa Depositi e Presiti announced at the presentation of the results for the first half-year approved by the board of directors.
All the details on the accounts of the group led by Dario Scannapieco, who said on the Tim dossier: "We do not rule out a form of cooperation to have an efficient and modern infrastructure"
THE ECONOMIC RESULTS
Net profit of 1.9 billion for Cdp spa in the first half of the year, result up by 28% thanks to the improvement in the interest margin due to the improvement in the spread between interest-bearing assets and interest-bearing liabilities and dividends up by 301 million ( contribution of Cdp Equity and Fintecna). At the consolidated level, the profit is 2.8 billion euros compared to 3.7 billion in the first half of last year which benefited from "extremely positive results" of some subsidiaries, first and foremost Eni.
Net worth grows to 26.5 billion. The committed resources decrease slightly to 11 billion (11.3 billion). In particular, the interest margin rose to 1.1 billion euros while dividends increased to 1.2 billion thanks to "the greater contribution of CDP equity and Fintecna". Cassa increased its share of government securities and the securities component rose to 75 billion (+12%).
DOWN THE COLLECTION
Total funding decreased to 401 billion with postal funding of 282 billion stable compared to the second half of the year, while that from banks and customers fell to 63.8 billion "mainly due to the reduction in short-term funding on the money market" . CDP also reports an increase in bond funding to 17.8 billion, including the issue of 500 million green bonds and the first in dollars.
THE GROUP'S ACTIVITY
Furthermore, CDP has activated investments for a total of 32.4 billion euros with a "leverage effect of 2.8 times" the resources committed in the half-year. This is what we read in the press release on the Cassa's half-yearly accounts according to which resources for 11.5 billion euros were committed, in line with the same period of 2022 "which however included" one-off "operations of a significant amount".
In the first half of 2023, the CDP board of directors activated new operations for over 300 million euros which "include investment loans to support territories and businesses and the development of international cooperation". As specified in the press release on the accounts, the stock of loans of the parent company increased to 121 billion euros against 120 in the first half of 2022, while total assets fell slightly from 401 to 394 billion euros.
CEO SCANNAPIECO'S COMMENT
Halfway through the three-year plan "2022-2024", Cdp "has already exceeded 60% of the objectives" envisaged on investments, declared CEO Dario Scannapieco at the presentation of the half-yearly accounts who noted that Cassa also strongly increased its support for companies (7.1 billion) and the infrastructure sector (2.8 billion euros).
In the semester, Scannapieco recalled again, the total resources amounted to 11.5 billion in line with 2022 which, however, included one-off operations such as the Aspi one and the refinancing of the regional mortgages contracted with the Mef . And for the chairman Giovanni Gorno Tempini "the results speak for themselves", the "Bank manages to combine its public nature with a satisfactory performance for all shareholders".
ABOUT THE TIM NETWORK DOSSIER
Finally, the CDP number one did not rule out a form of cooperation on the single network dossier.
On Tim 's telecommunications network "we do not exclude a form of cooperation to have an efficient and modern infrastructure" given that "there must be a strong infrastructure" but "competition must be at the level of services to avoid waste and duplication" replied Dario Scannapieco the presentation of the half-yearly accounts to those who asked for press rumors that they would like the Treasury, the Cassa and the F2i Fund to join the US Kkr fund in the purchase of the Tim network. Scannapieco added – reports Radiocor – that the CDP "continues to dialogue" with the EU "to understand the industrial design on telecommunications that may be acceptable to them". According to the top manager of Cassa "I struggle to understand the concept of competition on infrastructures, competition is done on services".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/conti-e-prossime-mosse-di-cassa-depositi-e-prestiti-cdp/ on Tue, 01 Aug 2023 14:15:01 +0000.