MPS, earnings rise to 333 million | EUROtoday

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MPS closed the primary quarter of 2024 with a revenue of 333 million euros, up 41.2% in comparison with the identical interval of 2023. The result’s higher than the 281 million anticipated, on common, by the consensus of analysts. As of March 31, the group achieved whole revenues of 1,013 million euros, a rise of 15.2% in comparison with the identical interval of the earlier 12 months.

«This dynamic – states a be aware from the group – is principally attributable to the expansion of the first intermediation margin, which is growing each within the curiosity margin part (+16.4%) and in web commissions (+10.1 %)”.

The Sienese institution's first quarter revenues grew by 20 million euros compared to the previous quarter driven by net commissions (+8.9%), which more than offset the trend in the interest margin (-2.8%). The interest margin at 31 March amounted to 587 million euros, up compared to the same period of 2023 (+16.4%). This growth was mainly driven by the greater contribution of relations with central banks, hedging derivatives and the securities portfolio. The Sienese institution confirmed its strong capital strength, with a fully loaded Cet1 ratio at 18.2% pro forma.

Loans to customers stood at 78.4 billion euros, up by 1.6 billion compared to 31 December 2023. Performing loans, equal to 69.3 billion euros, increased by 0.8%. compared to 31 December 2023. MPS's total impaired customer loans, as of 31 March 2024, amounted to 3.6 billion in terms of gross exposure, a slight increase compared to both 31 December 2023 (+0.2 billion) and compared to 31 March 2023 (+0.3 billion).

The Group's web publicity when it comes to impaired buyer loans stood at 1.8 billion, primarily secure in comparison with the degrees recorded at 31 December 2023 and rising in comparison with 31 March 2023 (when it stood at 1.6 billion euros) . As of March 31, 2024, the protection proportion of impaired loans stood at 49.5%, up in comparison with December 31, 2023 (equal to 49.1%).