(Alliance News) - The board of directors of Banca Sistema Spa on Friday approved the consolidated financial statements as of Dec. 31, which closed with a net profit of EUR16.5 million compared to EUR22.0 million in 2022.

Net interest income, at EUR67.0 million, is down 22 percent year-on-year.

Interest income increased year-on-year by 75% to EUR178.4 million from EUR101.9 million recorded as of Dec. 31, 2022, "mainly at the factoring receivables component, interest on late payments from legal actions, SME secured loans, pledge and interest from Treasury activities," the bank explains in the released note.

Net fees and commissions, at EUR19.6 million, are up 18 percent year-on-year, thanks to the positive contribution of commission income from pledge loans and, to a lesser extent, factoring.

Net interest and other banking income stood at EUR103.5 million, down 2.3% year-on-year.

The stock of gross impaired loans of EUR297.1 million increased slightly from December 31, 2022, when it was EUR284.8 million and from September 30, 2023, when it was EUR287.4 million.

The CET 1 ratio is 12.9 percent, up 30 bps year-on-year, while the Total Capital ratio registers 16.1 percent, up 20 bps year-on-year, including a proposed dividend per share of EUR0.065 per share.

Banca Sistema on Friday is giving up 0.3 percent to EUR1.25 per share

By Maurizio Carta, Alliance News reporter

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