Bibanca: in the 1st sem. net profit + 43% to 9.8 million

Bibanca’s half-year financial statements as at 30 June were approved today, which closed with a net profit of 9.8 million euros, improving the result for the same period of 2020 (6.8 million) by over 43%. The stock of loans to customers reached 1.64 billion (+ 21.7% compared to the first half of the previous year). Disbursements amounted to 410 million, + 65.3% compared to the first half of 2020. The figure for 2021 is the effect of the implementation of digital technologies and processes that have allowed the network greater efficiencies in distance selling, effectively compensating the commercial difficulties posed by the pandemic. The interest margin and the brokerage margin improved compared to 2020, reaching respectively 26.6 million (+ 10%) and 43.2 million (+ 33%). Operating costs amounted to € 24.8 million, up 33% also due to the increase in personnel expenses due to the recruiting campaign implemented by the Bank since January and which led to the hiring of over 40 people, in addition to the one-off integration costs of the branches acquired as part of the Gemini project. Profit from operations before taxes amounted to 15.6 million and shows a 56.7% growth compared to the result of the first half of last year. The ratio of net non-performing loans to total loans was contained and stopped at 0.16%, in line with last year’s figure; the same performance recorded the ratio between net impaired loans and loans equal to 1.71% (it was 1.82% in the first half of 2020). The coverage of NPLs increased slightly from 39.2% in June 2020 to 39.7%. The incidence of moratoriums on personal loans is excellent, which stops at 0.3% of the total stock of the product. The cost of credit drops to 0.15% from 0.28% in the first half of last year. Shareholders’ equity reaches € 299.2 million. “We are very satisfied with the numbers of this six-monthly. It has been a busy six months – declares the general manager of Bibanca, Diego Rossi – in which we worked to give a solid basis to the 2021 budget, facing the incorporation of the former Ubi and Isp branches with an impressive card replacement campaign and supporting the increase in volumes of personal loans and salary-backed loans. We are focused on the future. We are bringing young and qualified resources to the company in all functions because the future presents us with two important and responsible challenges: financial inclusion as a consequence of the development of fintech and environmental sustainability. We are focused on these issues, all our design efforts are aimed at minimizing our environmental impact with electric company cars, photovoltaic systems for powering our offices, production of ecological pvc cards and also orienting ourselves towards digital lending for make our products more accessible to customers “.

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