On 30 April, 2019, Credem’s General Shareholders’ Meeting chaired by Lucio Igino Zanon di Valgiurata approved 2018 financial statements and the distribution of a dividend of €0.20 per share, stable compared to previous year. The dividend will be payable from May 22, 2019 with record date on May 21, 2019. Total dividends to be paid to shareholders reached €66.3 million, for an overall amount of more than €280 million paid over the last five years.
Credem Group’s Consolidated Net Profit for FY18 was €186.7 million (+0.1% YoY), the highest result in the last 10 years (not considering the contribution to Single Resolution Fund and Deposit Guarantee Scheme the result would be around €205 million). Credem's growth strategy went boldly forward, with the acquisition of more than 102'000 new customers, attesting to the trust placed in the Group by Italian families and corporations, as well as to the quality of the offered services, among the highest in the Italian industry.
Credem Group also kept supporting the Italian economy with Loans to Customers up by +3.1% YoY (compared to +1.6% YoY of the industry) at €25.5 billion. Such growth was performed preserving the outstanding asset quality, with Non-Performing Loans ratio at 4.4%, compared to 9.4% average of significant Italian banks, and coverage ratios including shortfall on Non-Performing Loans at 64.8% and on Bad Loans at 82.6%, the highest in the industry. Direct Deposits grew up to +5.5% YoY to €23.9 billion, while Credem strengthened its commitment towards Bancassurancebusiness, with Insurance Reserves up at +1.1% YoY at €6.9 billion, despite the financial market’s downside trend. The Group also reaffirmed its capital soundness, already among the best in the banking industry. CET1 Ratio stood at 12.7%, with more than 500 bps buffer vs the ECB's minimum regulatory requirement (SREP) for 2018 set at 7.375%; the latter is the lowest among Italian banks supervised by ECB.
Lucio Zanon di Valgiurata, Credem’s President, declared: “Despite all the challenges presented in 2018, the Group reaffirmed its ability to create value and to return it to the national economic fabric by financing families and companies. Moreover, Credem proved once again its soundness to be at the top of the industry and it generated not only material profitability but also significant dividends.
Such results were achieved thanks to the people working in the Group; we will therefore keep investing in them through professional training, welfare initiatives, and recruiting. In 2019 we will also continue our growth strategy with a strong focus on bancassurance, innovation, and support to households and business”.
The complete statement is available online at www.credem.it