Banco di Sardegna confirms itself as a point of reference for families and businesses in Sardinia. In a reciprocal relationship. Confirmation in the "numbers" for the first half of the year. The results as of 30 June 2024 were examined and approved by the Board of Directors of Banco di Sardegna, which met in Sassari on 30 July.
«The performance of the first half of 2024», underlines the president Gianfranco Farre, «is confirmed as more than positive both on the economic front, with a net profit of 65.6 million, after having spent 12.6 million in systemic costs in a single solution and 19.6 million in non-recurring expenses, both on the equity front, with customer loans remaining stable at around 7 billion and overall funding rising to 18.9 billion (+2.7% on the end of 2023). The efficiency and solidity indicators also confirm their particular satisfaction, with a cost/income ratio of 45.4%, a CET1 ratio of 29.2% and the Texas ratio of 13.9%. Credit quality", adds Farre, "remains at levels of excellence, with a gross NPE ratio of 2.2% and a net NPE ratio of 1.1%, compared to an annualized default ratio of 1% and a coverage of impaired loans of 49.8%". «The Bank confirms itself as solid, efficient and constantly committed to contributing to the economic and social growth of Sardinia. These results", the president highlights, "were also achieved thanks to the passionate work of all the staff, involved in an important multi-year training plan, oriented towards the growth and valorisation of talents".
Main results – “Core” revenues (interest margin and net commissions) reached 249.2 million (-0.7%), driven by the interest margin, which stood at 151.6 million (+2.9% ); net commissions decreased to 97.6 million (-5.8%).
The contribution from the trading of financial assets and dividends[v] was positive for 9 million, mainly due to the latter, amounting to 8.4 million.
Operating expenses reached 138.9 million, up 20.2 million y/y (+17.1%), with personnel expenses at 90.3 million (+23.5 million) - including 19 .6 million non-recurring, related to the agreement for the optimization of the workforce - and with other administrative expenses falling to 41.1 million (-9.1% compared to June 2023).
