Credem, consolidated results for 1Q2019: total funding is up 1.2% and inches close to €80 billion. Best in class asset quality and capital soundness, support to the economy and closeness to its clients; Strong focus on the bancassurancemodel.
Credem’s Board of Directors, chaired by Lucio Igino Zanon di Valgiurata, approved 1Q19 individual and consolidated financial results on May 9.
Also in 1Q19, the Credem Group kept developing the Bancassurance business model, which proved to be highly effective in managing customers’ needs.
Total Funding grew +1.2% YoY to €79.1 billion, and Total Customers Funding was up by 1.1% YoY at €66.9 billion, affirming the trust granted by Italian families and corporations to the Group. Also in 1Q19, Credem strengthened its commitment towards the insurance business, with Insurance Reserves up by +3.1% YoY at €7.1 billion; in detail, life and non-life insurance premiums stood at €14.6 million, +9% YoY.
Capital soundness was once again at the top of the Italian banking Industry. CET1 Ratio was 13.2%, almost +520 bps vs the minimum regulatory requirement.
Nazzareno Gregori, Credem’s General Manager declared: “We continued to support our customers’ projects whilst generating value for our shareholders and that was made possible thanks to our people who understood clients’ needs and were able to provide them with innovative and high quality services, also thanks to material IT investments carried out. Also in the next months we will continue investing on people and focusing on organic growth, capital soundness, asset quality and innovation. We will keep developing the Bancassurance business model and becoming even more effective in addressing our customers’ needs”, Gregori concluded.