BdM Banca, the former Popolare di Bari returns to profit
Net profits at EUR 9.87 million three years after acquisition by Mcc
2' min read
2' min read
Return to profit for Banca Popolare di Bari, BdM spa, Banca del Mezzogiorno since last July. High rates and better performance of the commercial network have brought the ex-popolare - 3 years after its acquisition by Mcc and 4 since the Bankitalia commissioner - back to net profit, amounting to 9.87 million euro, in line with the performance in the first half of 2023, which had recorded a reduction in net losses to 3.16 million, compared to 45.34 in 2022 and 170 in 2021.
Net interest income (+34.0%) amounted to EUR 197.21m, compared to EUR 147.13m in 2022, and net interest and other banking income increased by 20.3% to EUR 300.30m. The cost/income ratio (administrative expenses/brokerage margin) decreased to 79.2 from 85.8% in 2022. In 2023, both overall funding to EUR 10.95bn (+8.9%) and loans to customers grew to EUR 5.57bn. The latter, in particular, increased by 5% compared to 5.30 billion in 2022, thanks to the contribution of new disbursements of medium/long-term loans to households and SMEs (+36% or about 629 million against 463 million in 2022).Segmenting total funding, direct funding, at 6.97 billion, grew by 9.1%, against 8.6% for indirect funding, at 3.98 billion. The coverage of impaired loans increased to 51.6% against 50.5% in 2022.
As for capital solidity ratios, the CET1/Tier1 ratio reached 10.96% (compared to 9.65% fully phased as at 31 December 2022) and the Total Capital ratio 12.77% (compared to 9.90% fully phased as at 31 December 2022). Both the synergies with the parent company, such as for the distribution of MCC Factor products dedicated to SMEs in the South, and the integration process within the group grew and consolidated, maintaining the strong focus on the territories in which they operate. Territories served by a commercial network in which there has also been the entry, from July 2022 onwards, of a fixed management force dedicated to a specific market of companies with a turnover in excess of 2.5 million.
Cristiano Carrus, CEO since December 2021, is satisfied: 'The figures show, without a doubt, that the recovery has begun, the result of a great team effort by management, employees, the parent company, and all those who have believed in this bank and its rebirth.
