Posted on 20 February, 2024 - 11:19 | Category : Investor updates, Press releases.
Higher recurring net income despite a disrupted economic environment
- Recurring net banking income moderately down at EUR 198 million (-6% vs 2022) despite a disrupted economic environment and the full-year impact of 2022 loan volumes constrained by the usury rate for the local public sector
- Operating expenses at EUR 118 million (-5.6% vs 2022), reflecting a tight control of general and administrative costs (+1% vs 2022) in a context of continued inflationary pressures in 2023
- Reversal in cost of risk (-2 basis points) and non-performing exposures at an all-time low of 0.2% of assets, reflecting the excellent credit quality of asset portfolio
- Recurring net income of EUR 65 million (+4.8% vs 2022) illustrating the performance of public development bank model
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