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Banco Montepio closed the first nine months of 2018 with a profit of 22.4 million euros, which represents a growth of 10.2% compared to the same period of 2017, according to the information communicated to the CMVM .
With all elements of the banking product down and the reduction in write-downs for receivables, it was fully absorbed by the decrease of 60.8 million financial results. In 2017, profits were due to lower taxes paid (from September 18 to 7 million) and increased discontinued operations (from 7.9 million to 18.7 million in one year – September 2017 compared to September 2018).
The bank recorded a rise in net profit despite the decline in its net interest income of 6.3% to 189.3 million euros. A decrease not offset by the increase in net commissions of 86.9 million euros in the first nine months, compared with 83.9 million euros for the same period, reflecting a very positive 3.6% due to the revision of the price and service offered by Caixa Económica.
According to the bank's information, Banco Montepio's net interest income amounted to 189.3 million euros until September, which represents a correction of 6.3% compared to the previous year. amount calculated during the same period of 2017. reflects the decrease in interest on the securities and credit portfolios. "
In the provisions for depreciation and provisions, there was a decrease of 60.1 million euros compared to the amount recorded in the same period of 2017, mainly due to the reduction of credit impairment losses. However, this reduction was fully absorbed by the $ 60.8 million decrease in the results of financial transactions which, in 2017, reached $ 66.7 million with the sale of a substantial portion of the public debt portfolio, n This is not due to the drop in the September Profit.
The $ 6.8 million reduction in operating expenses, mainly due to the $ 6.0 million reduction in general administrative expenses, contributed to higher earnings.
The operating ratio for the first nine months of 2018, excluding the results of financial transactions and other operating products, was 69.8%, which is corresponds to the ratio of the corresponding period of the previous financial year. 2017
At the balance sheet level, customer loans rose from € 13,029.3 million to € 12,390.9 million. Customer deposits increased by $ 514 million (+ 4.3%) compared to the same period of 2017 to reach $ 12,393 million as at September 30, 2018.
In terms of asset quality, the cost of risk (credit impairment charges, annualized as a percentage of the average gross credit balance) is 0.63% in the first nine months of 2018, compared to ratio recorded in 2017 (1.09%).
"Following the trend that began in 2015, unproductive exposures declined, with the NPE ratioNon-performing exhibitions – non-performing exposures, as defined by the European Banking Authority divided by gross credit) to be set at 16.2% on 30 September 2018, which would result in a reduction of 4.5 points since 2015.
Crude credit has decreased by 522 million euros since the end of last year and the NPEs 122 million euros since December.
Reflecting the impact of the cash – generating measures, the funding obtained from the European Central Bank decreased by 685 million euros compared to the same period of last year, to establish to 1,545 million euros as of September 30, 2018, according to the bank headed by Carlos Tavares.
Level 1 common shares (CRD IV / CRR, gradually) were 13.4% (+0.4pp) and risk-weighted assets declined 6.3% to establish to 11,234 million.
(update)
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