Q2 2024 Banca Sistema SpA Earnings Call Transcript
Key Points
- Banca Sistema SpA (STU:B2S) reported a 19% year-on-year increase in adjusted pretax profit, reaching EUR 15.7 million.
- The factoring division experienced a 13% year-on-year growth in turnover, indicating strong commercial performance.
- Pawn loans business showed a 10% year-on-year increase in outstanding, with total turnover rising by 15% year-on-year.
- The bank's CET1 ratio and total capital ratio improved year-on-year to 12.4% and 15.5%, respectively.
- Retail funding increased significantly, with term deposits growing to EUR 2.7 billion from EUR 1.8 billion in the previous year.
- Adjusted net interest income declined by 9.4% year-on-year, despite an improvement from the previous quarter.
- Operating costs, including systemic charges, grew by 15.3% year-on-year, partly due to the deposit guarantee scheme provisions.
- The CQ division reported a loss of EUR 8.1 million for the half-year, negatively impacting overall profitability.
- Cost of risk increased to 24 basis points from 19 basis points in the first half of 2023.
- The tax rate rose significantly, reaching 38% in the first half, impacting net profit negatively.
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Banca Sistema first half 2024 Results Conference Call. As a reminder, all participants are in a listen only mode. (Operator Instructions) At this time, I would like to turn the conference over to Mr. Gianluca Garbi , CEO of Banca Sistema. Please go ahead, sir.
Good afternoon, everyone, and thank you for joining the first half 2024 for results of Banca Sistema. The first half results showed an improvement of operating profits before systemic charges. The improvement was the result of the positive commercial dynamics and the constant asset repricing, which helped to enhance the adjusted income margin.
It's worth to highlight in the second quarter, a stabilization of the cost of funding, which although growing year-on-year is substantially stable quarter-on-quarter from a commercial point of view, factoring confirmed double digit growth in turnover plus 13% year
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