The half-yearly report of Ubi Banca. Massiah's letter with which he leaves his colleagues. And the changes at the top pending integration with Intesa Sanpaolo
Here is the Ubi that Massiah leaves in Messina of Intesa. All the details.
THE PROFIT OF UBI
Ubi Banca closed the first half of the year with a net profit of 184.3 million, an increase of 38.1% compared to the same period of 2019, which was affected by the one-off charges of over 42 million relating to the union agreement. In the second quarter alone, profits jumped 81.5% to 90.7 million.
Returning to the half year, operating income stood at 1.8 billion (-1.8%), with interest margin at 803 million (-9.3%) and net commissions at 823.7 million (+1.3 %). Operating costs fell by 0.8% to 1.18 billion, for a cost / income ratio that rose to 65.6%.
On the equity front, fully loaded Cet1 rises to 13.41% (from 12.86% in March) "discounting pro-quota a dividend hypothesis of 0.2 euro per share for the year 2020".
Continuing the analysis of the income statement, Ubi reports that operating costs have decreased "despite higher expenses linked to the Covid-19 emergency and the Intesa Sanpaolo takeover bid". In the half-year, net adjustments to loans amounted to 336.4 million, down from 391.6 million in the first half of 2019, which was affected by the "accounting of 112.1 million in relation to the sale of non-performing leasing and factoring positions ".
THE COST OF CREDIT
The cost of credit stood at 79 annualized basis points, substantially in line with that of last year. As regards balance sheet aggregates, net loans to customers amounted to 83 billion euro, down from 83.2 in March 2020.
The stock of gross impaired loans amounted to 6.6 billion, down 1.6% compared to 31 March and 3.9% from the end of 2019. The incidence of gross impaired loans therefore decreased to 7 , 48% from 7.8% in December, 'and approximately 6.6% pro-forma if account is taken of the sale, currently under construction, of approximately 800 million exposures to small and medium-sized enterprises classified as non-performing' . The incidence of net impaired loans, on the other hand, is equal to 4.61% from 4.93% at the end of 2019.
THE DIRECT COLLECTION
Direct deposits from banking business amounted to 98.6 billion, up from 94 billion in March. Finally, indirect deposits "grew both due to the increase in volumes and thanks to a performance effect, reaching 98.7 billion at the end of June from 92.2 billion at the end of March".
THE WORDS OF MASSIAH
“We all shared this overall approach: values and competence, in summary quality. That the largest bank in the country has felt the strong need to acquire Ubi is basically testimony to how this quality was perceived also and above all outside: you must be proud of it ". So the CEO of Ubi, Victor Massiah in a letter to his colleagues from whom he leaves. "A very high discipline on assets and liabilities is the legacy that we will leave to the new shareholder". So the CEO of Ubi Banca, Victor Massiah in the call with analysts dedicated to the half-yearly report.
At the same meeting approving the consolidated results as at 30 June 2020, which "once again confirm the solidity, resilience and quality of the Group", the CEO Victor Massiah referred "his mandate as managing director and general manager to the board of directors. with immediate effect ". This is what is written in a note from the board of Ubi Banca. Faculty and powers were temporarily assigned to Elvio Sonnino, Deputy Deputy General Manager, pending integration with Intesa Sanpaolo after the success of the Opas .
The Board of Directors understood Victor Massiah's motives, linked to the "radical modification of the Bank's shareholding structure, and accepted the decision", the note continues. The Board of Directors, also representing all the management and the over 19,500 Group employees, expressed a heartfelt thanks to Massiah, appreciating his "professionalism and dedication, constantly oriented towards the best interest of the Group, as well as the human and value qualities, which they enriched any interaction both in the work and personal fields, "concludes the note.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-lubi-che-massiah-lascia-a-messina-di-intesa/ on Mon, 03 Aug 2020 06:00:43 +0000.