Intesa Sanpaolo beats still the market. In the third quarter, the bank recorded an operating margin, a significant increase compared to the same period of 2015 and a further decline of the flow and the stock of impaired loans. The net profit fell to 628 million euros in the period compared to 901 million in the second quarter of 2016 and to 722 million in the third quarter of 2015. But the consensus of the analysts expected a net profit of 600 million euro.
Excluding the contributions to the resolution fund (with the whole of the ordinary contribution for the year paid in the first half), and to the deposit guarantee fund (ordinary contribution estimated for the entire year are paid in the first nine months, net income for the third quarter amounted to 697 million, compared with € 912 million in the second quarter of 2016 and 724 million in the third quarter of 2015.
In the first nine months of the year, net income was $ 2,335 billion euros, down from 2,726 billion in the first nine months of 2015, but they had benefited from a particularly favourable financial markets in the first half of the year, excluding the contributions to the resolution funds and deposit guarantee, the net profit for the first nine months amounted to 2,517 billion euro, compared to 2,830 billion in the same period of 2015.
in Addition, if you also consider the net gain of approximately 895 million resulting from the sale of Setefi and Intesa Sanpaolo Card signed in the second quarter and to be accounted for in the fourth quarter, net income for the first nine months reached 3.2 billion, and then is already more than 3 billion euro of dividends indicated for the current financial year.
The operating margin has reached 1,919 million euros in the third quarter, recording a growth of 9% compared to the third quarter of 2015. Provisions and net value adjustments) decreased to 996 million euros (1,056 billion in the second quarter and 1,011 billion in the third quarter of 2015), those for risks and charges of 51 million euro (97 million in the second quarter of 2016, and 222 million in the third quarter of 2015. Instead, net adjustments to loans were $ 917 million, compared to 923 million in the second quarter of this year, 769 million in the third quarter of 2015.
Well, also the net operating income, which amounted to 4,036 million euros in the third quarter (+6% year-on-year). Instead, the commissions, amounting to 1,745 billion, are in line with the third quarter of 2015 after the decline on an annual basis in the first and in the second quarter of the year, thanks to the recovery of the savings managed. The net managed it amounted, in fact, to 4.3 billion euros in the third quarter from 3 billion in the second quarter and from billion the first quarter, while remaining a high propensity for liquidity on the part of investors in a context of gradual stabilization of financial markets after the high volatility of the first part of the year.
high Efficiency with a cost/income ratio to 49.9% in the first nine months of the year, compared with 49.5% if you exclude the contributions to the resolution funds and deposit guarantee, and the proceeds from the sale of Visa Europe, and still have a good control of operating costs, equal to 6,318 billion in the first nine months, only a marginal increase (+1%) compared to the same period of 2015.
At the same time, Intesa Sanpaolo showed an improvement in the trend of the credit. Not only the gross flows of new impaired loans from performing loans has reduced significantly in the third quarter, but has recorded the quarterly value lower by the constitution of the bank of € 1.3 billion in the third quarter (-8% compared to 1.4 billion in the second quarter of this year), which brings the total for the first nine months to € 4.3 billion (-36% compared to 6.7 billion in the first nine months of the year 2015).
The script repeats itself for the net flow of new impaired loans from performing loans: 0.2 billion euros in the third quarter, even -82% compared to 0.9 billion in the second quarter of this year, which brings the total for the first nine months to € 2.2 billion, the value of nine months lower by the constitution of the Intesa Sanpaolo (-52% compared to 4.6 billion in the first nine months of the year 2015).
And dropped the stock of non-performing loans: -4% compared to June of this year – 6% compared to December 2015, net of value adjustments, of -3% compared to June and -5% with respect to December 2015, gross of value adjustments. It then notifies the reduction of the stock of non-compliance likely (-7% compared to June 2016 and -9% compared to December 2015, net of value adjustments, respectively -5% and -8%, gross of value adjustments) and the reduction of the stock of loans (-1% compared to June 2016, and -3% with respect to December 2015, gross of value adjustments).
The level of coverage of impaired loans remained high, at 48% at the end of September (47,6% at the end of 2015, against an average of competitors in the Italian and 43% in the second quarter of this year, with a specific coverage of the component from suffering to 60.5% (61.8% in 2015), and the capitalization is very strong with capital ratios well above regulatory requirements, even in the adverse scenario of the stress test.
as of 30 September, taking into account the approximately 2,250 billion of euros dividends accrued in the nine months, the Common Equity ratio pro-forma regimen is result equal to 13%, top level amongst the major european banks, and the Common Equity ratio in accordance with the criteria transient in effect for 2016 to 12.8%. In the adverse scenario of the stress test by 2018, the Common Equity ratio amounted to 10.2%. We report the high liquidity and strong funding capability: liquid assets of 127 billion euro and cash available for 76 billion. Understanding Sanpalo respected already today the requirements of liquidity Liquidity Coverage Ratio and Net Stable Funding Ratio of Basel 3, well in advance of the envisaged date of entry into force to the scheme (2018).
finally, continued support of Intesa Sanpaolo to the real economy: approximately 40 billion euros of new credit in the medium-to long-term in the first nine months of the year with 34 billion, in Italy (+17% compared to the first nine months of the year 2015), of which about 29 billion delivered to households and small and medium-sized enterprises (+25%); over 17,000 Italian companies listed on loans from credit positions deteriorated in the first nine months and over 45,000 by 2014.
The management of the Intesa Sanpaolo expects a trend in the current year, also making use of the income from the sale of asset non-core to the front of the registration charges and value adjustments, “will lead to a consolidated net profit higher than that of 2015, and consistent with the commitment to the distribution of € 3 billion of dividends in cash for the year 2016, as indicated in the business plan 2014-2017″.
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