Banca Monte Paschi di Siena closes the first nine months of 2024 with a net profit of 1.57 billionup 68.6% compared to the same period in 2024. A result that benefits from the favorable interest rate environment and the good performance of the markets.
The 9 month performance
As of September 30, 2024, the Group has achieved revenues total for over 3 billion of euros, in 8.3% increase compared to the same period of the previous year. This dynamic is mainly attributable to the growth of the primary banking margin, which is increasing on both the component interest margin, equal to 1,768 million euros and an increase of 4.7% compared to the same period of 2023, both on net commissionsequal to 1,092 million euros and growing by 10.7% over 2023.
The gross operating profit of the Group is equal to 1,645 million euros, in growth of +13.7% compared to 30 September 2023 (equal to 1,446 million euros). The net operating result is equal to 1,339 million euros, up by +17.6% compared to 2023.
The results of the quarter
In the third trimester, i revenues they are slightly down compared to the previous quarter (-1.1%) following the decline in net commissions and other revenues from financial management linked to the typical seasonality of the third quarter, partially offset by growth in the interest margin and other operating income and expenses.
The gross operating profit of the third quarter, equal to 539 million euros, was slightly down (-2.8%) compared to the previous quarter (555 million euros). The net operating result of 442 million euros was slightly down compared to the previous quarter, equal to 453 million euros. The net result stood at 407 million euros and compares with the 827 million of the previous quarter.
Solid financial and capital position
As regards the capital ratios, as of 30 September 2024 the CET1 capital ratio fully loaded it stood at 18.3%, pro forma, including the profit for the period and deducting the dividends accrued in the first nine months from the capital, assuming a payout ratio of 75% of the profit before taxes. The total capital ratio fully loaded it was equal to 21.6%.
Finalized sale of a package of NPEs (bad loans) with a gross book value of approximately 300 million, the economic effects of which are already reflected in the nine-month data excluding the related portfolio, stock of gross impaired loans amounting to 3.6 billion; Gross NPE ratio is at 4.5%, net NPE ratio at 2.4%.
There operational liquidity position presents a level of uncommitted counterbalancing capacity of approximately 31.6 billion, lower than at 30 June 2024 4 (equal to 33.4 billion euros) and growing compared to 31 December 2023 (equal to 29.8 billion euros ).
