Montepaschi Group 2010 Q3 and 9-month results approved
In the third quarter:
- EUR 272.9 mln in Net Operating Profit ( 86%)
- EUR 95.8 mln in Net Income ( 38%)
In the nine-month period:
- EUR 761.9 mln in Net Operating Profit ( 31%)
- EUR 356.9 mln in Net Income (-11%)
- Strong reduction in costs (-3.6%) and loan adjustments (-16%)
- Tier 1 Ratio: 8.4%
Customerbase up by over 63,000 units. Business volumes and market shares are growing:
Income from banking activities at 4,121.4 million euro ( 0.6% YoY)
Income from banking and insurance at EUR 4,176.7 mln (-1.9% YoY), with Q3 contributing EUR 1,410.2 mln ( 3.2% against Q2 2010)
Operating expenses -3.6% YoY. Cost/income ratio at 60.3% (compared to 64.8% at the end of 2009)
Cost reduction of at least -4.5% predicted for year-end (vs. previous guidance of -3.5%)
Operating income 31% YoY and 86% in Q3 2010 vs Q3 2009
Cost of credit at 76 bps (77 bps in June 2010). Increased coverage of impaired loans ( 50 bps vs June 2010) and improved performing loan portfolio quality
EUR 16 mln in one-off costs and equity investment losses in Q3
EUR 356.9 mln in net income for the nine-month period. Net income in Q3 at approx. EUR 96 mln
Group rationalisation continues: Consob authorization obtained for real-estate securitisation; merger of MPS Investments and PGI into the Parent Company expected by year end
Agreement confirmed between BMPS, BPM, Clessidra giving rise to a leading independent player in the Italian asset management market. Once the transaction is authorised by the relevant Supervisory Authorities, the agreement will allow BMPS to account for capital gains of approx. EUR 170 mln
Capital ratios climb further (excluding effects from real estate rationalisation and Anima SGR/Prima SGR transaction): Tier 1: 8.4% (vs 7.8% in June 2010), Total Capital Ratio: 12.9% (vs 12.2% in June 2010)
