INNOVATION
PEOPLE
SUSTAINABILITY
- The development of digital services continued to facilitate the relationship between the bank and customers. More than 42 million transactions were made through digital channels (95% of the total) and more than 130,000 virtual interactions through customer service channels (mail, chat and messages);
- Credemtel, a Credem Group company active in the offer of digital services to companies and the Public Administration, entered the cyber security market signing a partnership agreement to manage the security of the technological systems of corporate clients.
- 146 hires to support the growth of the group;
- more than 85% of employees with a remote working contract;
- Ongoing training, with 18,000 days provided, an average of 2.7 days per capita, also remotely;
- One day of paid leave to Group members to carry out voluntary work in support of the areas affected by floods in May.
- The institute launched in May the second green bond issue, for institutional and professional investors, for an amount equal to €400 million. Great success from the market obtained, with requests for €2.2 billion, almost six times the offer;
- ESG evaluation criteria in remuneration policy were extended to all key personnel of the Group, as well as to executive directors;
- A mandate with Cassa Depositi e Prestiti (CDP) was signed to enable corporate clients to access the Sustainable Growth Fund to finance investments in sustainability projects, digital transition, and environmental purposes;
- A widespread experimental photovoltaic project was launched: in the three-year period 2023-2025, in the event of full success, it envisages the installation of about 60 photovoltaic systems on Group owned properties distributed throughout the country;
- Ongoing improvement of climate risk analysis on credit policies;
- Within the strategic planning of the Group, a project to define the decarbonisation strategy of the credit and securities portfolio was launched.
Today, the Board of Directors of Credem, chaired by Lucio Igino Zanon di Valgiurata, approved the results of the first half of 2023.
Strengthening of commercial banking with heavy investments in the development of solutions to integrate the digital and physical component in the relationship with both private and corporate clients, strengthening of the private banking sector with the full activity of the Group Private Bank, ongoing development of the activity of the Group companies specialized in asset management, insurance protection, loans to retail and corporate and technological services, focus on innovation, sustainability and investments in people. These were the main lines of strategic development that Credem Group followed in the first part of the year characterized by a very challenging scenario for the banking system, with the aim of further consolidating its business model characterized by the strong diversification of revenue sources and constant attention to sustainable development.
The period, in detail, closed with a consolidated net profit of €298.7 million (almost double the €157 million in the first half of 2022(1)), customer deposits(9) stood at €93.7 billion (+8.9% compared to the
3
PRESS RELEASE
previous year (1)), loans(9) at €34.8 billion (+3.7% compared to the same period of 2022) and nearly 83,000 new customers (+28.3% compared to new clients reached in the first half of 2022)(8).
Credem Group was confirmed once again by the European Central Bank as one of the soundest institutions in Europe. In detail, in the context of the stress tests published on Friday July 28, aimed at verifying the European banking system’s resilience to adverse scenarios, placed the Group among the best European institutions, both among those included in the sample of the European Central Bank (ECB) and among those involved by the European Banking Authority (EBA). In detail, Credem has an impact on the solidity capital ratios, deriving from a potential highly negative prospective economic scenario, of less than -300 bps, which compares with approximately -660 bps of the 41 banks in the reference sample (ECB) and with -460 bps of the 57 banks in the Euro area of the EBA scope (-480 bps the overall average).
This result adds up to the decision of the ECB in December 2022 to maintain for 2023 the Pillar 2 (P2R) requirement of Credito Emiliano at 1%, the lowest in Italy and among commercial banks in Europe, with the consequent overall 2023 SREP requirement (which indicates the minimum level of capital to be reach for the activities carried out by the Group) at 7.56%, confirming the solidity of the Group at the top of the Industry.
The General Manager Angelo Campani will present the results to the financial community tomorrow August 8 at 10 am.
“The social and economic dynamics that we experienced in the first part of the year, in which the rise in inflation and the sudden increase in interest rates continued to strongly influence households and companies, further confirming that all of us, savers, corporates, banks themselves, must learn to deal with a constant change in the scenario in which we operate”, Angelo Campani, Credem General Manager, declared “In this scenario, Credem plays a decisive role. We want to strengthen clients’ confidence and help them to make the appropriate decisions with a medium- and long-term view. I am indeed convinced”, Campani continued, “that in this way a virtuous circle can be created, that benefits all and can help facing even the most difficult moments in a positive way. We closed one half year with extremely positive results which are the result of our broad and diversified business model, among the few present on the Italian market, which allows us to maintain significant profitability in any scenario. We will go on working with optimism and determination in the coming months”, Campani concluded, “strengthened by the commitment that all people of the Group put in place every day to be a reference point for our customers”.
> MAIN CONSOLIDATED RESULTS
- The first half of the year closed with a consolidated net profit at €298.7 million (+90.3% YoY(1)), after the disbursement of €25 million in contribution to funds to support distressed banks. The result was influenced by the positive trend of the net interest income and the cost of risk still at a low level;
- the Group continued to support the local economy with customer loans(9) which reached €34.8 billion, with an increase of 3.7% compared to the same period of 2022 (+€1.2 billion in absolute value), with a trend of almost six percentage points higher than the system(10) (-2.2% in the same period), preserving a strong focus on asset quality;
4
