The gross profit is 197.8 million euros , the net profit reaches 140.5 million . This is what emerges from the 2023 financial year document, examined and approved today by the board of directors of Banco di Sardegna. The interest margin grew by 60% and rose to 304.5 million, while net commissions rose to 202.7 million, equal to +3.2% compared to 12 months earlier. The sale of property titles and credits generates profits of 2.7 million and dividends of 4.6 million. Operating expenses fell by 1.5% and amounted to 278.4 million. Personnel expenses are the main item: 171.7 million, up 6.9%. Contributions to bank crisis resolution funds of 14.7 million were made. Overall collections rise to 18.4 billion, 6.6% more than 2022. Direct collections from customers are close to 12 billion, indirect collections to 6.4 billion.

Customer loans are in line with 2022: around 7 billion. New disbursements to businesses and families exceeded 800 million and offset the 730 million in maturities. The strong support for the purchase of the first home was confirmed, with new disbursements of 494 million. Credit quality improves: performing loans do not show any particular critical issues and confirm a default rate of 0.8%, while the consistency of impaired loans is drastically reduced: from 328 million gross to 128.8 million gross. The size of the securities in the portfolio, mainly Italian government bonds, is approximately 2 billion.

Net worth is over 1 billion, up 93.6 million. With respect to the extraordinary tax on banks decided by the government, the board of directors will propose to the shareholders' meeting to allocate 20.8 million of net profit to a non-distributable reserve. For President Gianfranco Farre «the 2023 financial year confirmed the path of sustainable growth started in recent years , aimed at developing revenues, improving the quality of assets, further strengthening capital solidity and achieving excellent efficiency indicators , through careful control of management costs."

(Unioneonline)