Daily News Egypt

Intesa Sanpaolo group achieves €1.6bn net profits in 2012 - Daily News Egypt

Advertising Area

Advertising Area

Intesa Sanpaolo group achieves €1.6bn net profits in 2012

CEO: Group’s strategy focuses on strengthening liquidity and funding capacity

The Intesa SanPaolo group owns 70% of shares Bank of Alexandria ( DNE Photo)
The Intesa SanPaolo group owns 70% of shares Bank of Alexandria
( DNE Photo)

By Lamia Nabil

Intesa SanPaolo’s net profits for 2012 reached €1.6bn, the group said in a recent press release.

Turin-based Intesa SanPaolo, which owns Bank of Alexandria, suffered a net loss of of €8.19bn in 2011.

The rise in net profits in 2012 gave the group its highest recorded profits since 2008.

Income before tax also saw significant growth, reaching €3.6bn by 79%. The group also achieved a 5.6% rise in direct deposits during 2012.

“Amid the challenges and uncertainties that have passed us by in 2012, we decided to follow a wise strategy and focus on maintaining the strength of the balance sheet and strong cash flow,” said Intesa Sanpaolo CEO Enrico Kokiana. “So we have set priorities designed to conform with the current climate, and we have implemented all of the management to focus on the stated priorities.”

He also added that the group’s strategy focuses on continuing to strengthen liquidity and funding capacity, with current liquid assets which totalled €115bn and unencumbered assets with central banks reaching €67bn by the end of December 2012. These jumped to €120bn and €90bn respectively since 28 February 2013.

Intesa Sanpaolo group is one of the few banks in the world that are compatible with the Basel III convention in terms of capital requirements and liquidity, as core capital rose from 10.1% by the end of 2011 to 11% by the end of 2012, with ordinary shares at a rate of 10% by the end of 2012 compared with 9.9% in 2011, in what is one of the highest growth rates among and liquidity ratios of European banks, according to the release.

The group’s performance topped that of European banks for most indicators, according to the release, especially returning assets which stood at 2.7%, compared to an average of 2% for other banks, while the cost-to-income ratio reached 49.8% against an average of 65% among other European banks.

The group intends to distribute dividends during 2013 amounting to €238m, compared to €822m in 2012.

Operating revenues also registered €17.8bn in 2012, up 6.5% from 2011, while profits from trading operations reached €2.18bn compared to €920m in 2011.

Net allocations reached €42.5bn, compared with €53bn in 2011.

The Intesa SanPaolo group owns 70% of shares Bank of Alexandria, which occupies a leading position among private banks in the retail banking sector in Egypt with a total market share of 8.2%.

Bank of Alexandria has a network of 210 branches throughout Egypt.

Topics: DNE

Advertising Area

Advertising Area

Breaking News

No current breaking news

Daily News Egypt Android App Available for free download on Google play
Daily News Egypt Ios App Available for free download on APP Store
Social Media Auto Publish Powered By : XYZScripts.com