Credem, consolidated results 1st half 2019: growth of net profit (+6,8%), loans to customers (+5%) and group customers’ funding (+1,5%). Strong focus on innovation and sustainability.
Credem, results for the first half of 2019: total funding increased by 1.5% YoY almost hitting the €80.5 billion mark. Sound capital ratios and asset quality are among the best in the industry; the Group's strategy is strongly committed to Bancassurance and wealth management.
On August 8, Credem’s Board of Directors, chaired by Lucio Igino Zanon di Valgiurata, approved 1H19 individual and consolidated financial results.
Also in 1H19, Credem Group contiuned to enhance its bancassurance business model, which has proved to be very efficient in meeting such a wide range of customers’ needs. The Group kept supporting the Italian economy, with Loans to Customers up 5% YoY (compared to +0.6% of the Industry for the same period), reaching €25.5 billion.
The Group Total Funding was up by 1.5% YoY at €80.5 billion. The strengthening of the bancassurance business was also confirmed by the progressive increase of Insurance Reserves, up by 2.9% YoY reaching €7.1 billion, and by the exceptional growth of Loans to customers at +5% YoY (vs +0.6% of the Industry) at €25.5 billion, +€1.2 billion YoY in absolute value.
Capital soundness was reaffirmed as one of the best in the Industry, with CET1 Ratio at 13.3%, 530 bps above the ECB minimum regulatory requirement.
“We keep delivering outstanding results and supporting a healthydevelopment of the economy” says Nazzareno Gregori, Credem’s General Manager. “The Group is committed to carrying out relevant initiatives in terms of environmental sustainability and innovation. Indeed, internally we designed new products in the wealth management area and, on the lending side, together with the European Investment Fund, we started new initiatives aimed at financing companies that invest in R&D and innovation. Furthermore, we improved our product and service offering with the launch of Avvera, the Group’s new company whose key specialization is household lending. In the second part of 2019, we will continue investing in people with a view to hire new professionals and to develop our bancassuarance business model, with strong focus on wealth management and on supporting household and corporate customers’ needs. Such strategies will be achieved preserving the solidity of the Group and continuing to generate value for all stakeholders” Gregori concluded.