Banks, nine months in swing. Record results of Banco Bpm and Bper Unicredit first for profit, Intesa Sanpaolo leader in Borsa – Corriere.it

Land banks hold. Despite an (once again) unpredictable year, marred by the pandemic tailspin and by the explosion of the Russian-Ukrainian conflict, which caused several losses to player of larger dimensions and collateral effects on the entire system, the main listed Italian credit groups were able to do better, in the nine months ended 30 September, than they had done in 2021.

In cash there are 408 million more net profits, but as the parable of Trilussa’s chicken teaches, a lot happened to generate that result. Compared to a year ago, the negative results are back. Monte dei Paschi di Siena, on the eve of the saving capital increase recently concluded, recorded losses of 360 million: a clean-up work that will pay a future dividend. But there are also positive notes and they are numerous: 2022 promises to be a year to remember for Bper Banca which, with the acquisition of Carige, managed as early as the previous quarter to record record results: for the managing director Piero Luigi Montani there are 1.46 billion in net income, almost triple what was achieved in the same period last year.

Growth

Even happier Andrea Orcel, because the richest bank palm of the nine months goes to Unicredit: just under 4 billion in net profits, over a billion more than last season. Overall there are 9,115.3 million in net profits among the six largest banks; last year they were 8,706.9.

The recent and not definitive increase in the cost of money should prospectively reward the entire sector. The remuneration of the liquidity left in current accounts, which sooner or later will have to reappear if current conditions are maintained, does not seem able to affect the mechanisms of a system which after 11 years has reversed the march of falling rates. This is demonstrated by Intesa Sanpaolo, the most widespread bank in the country, whose net interest revenues increased by more than 8 percent in the period. The return of commissions as an important revenue item for the system must, in the near future, result from the mediation of the legitimate interests of the system, given the rigid policy applied by the ECB to contrast the increase in inflation, with the needs of borrowers, whether they are businesses or households, in order not to block an economic growth undermined by many and to avoid the risk of sending those who have subscribed to variable rate commitments in past years onto a path of crisis. For others, however, it could be a good time: in 2021 it was possible to finance yourself at a fixed 2 percent. With inflation now reaching 12 percent, there is ample room for those who were daring at the time.

Returning to the credit system, one of the success stories is that of Banco Bpm. The managing director of the group, Giuseppe Castagna, in these pages on 14 November, highlighted how the recorded profit is the best result of the group since its birth, almost six years ago. A recovery path that the market is only now starting to appreciate and see in the right perspectives and potential, given that Banco Bpm has already achieved the objectives that the strategic plan set for 2024.

The primacy of governance

No less significant, just because it concerns the governance, the path of Credito Emiliano. In a sector where, even recently, the issue of succession has highlighted obvious unpreparedness, Credem announced well in advance, it was the beginning of August, that the general manager Nazzareno Gregori will leave at the end of January 2023 to take advantage of his right to a pension. In his place will go Angelo Campani, now co-managing director. From a medium-sized bank, a lesson for the whole system, not just the financial one, as also highlighted by the recent Observatory on corporate governance by Ambrosetti The European House.

The resilience of the system is affirmed by looking at the market capitalisation. Here Intesa Sanpaolo shines, with a value of more than 40 billion euros. But the first six banks as a whole are still slightly below the level at the beginning of the year, even with the two billion in fresh finance brought by Montepaschi in the increase phase: last Friday the value recognized by Piazza Affari was 79,869 million euros. On January 1, 2022 they were worth 83,755 million. 3.886 billion are missing. But there was and is still a war in between.