The reduction of costs, the focus on multi-channel and a division of ad-hoc dedicated to loans: to increase the incoming cash flow but – this time – with a careful selection at the door. It is thus that the Monte dei Paschi is expected to return to the profit: 1.1 billion in 2019, as in the predictions of the vigil, is the target indicated by the new industrial plan of the bank approved yesterday by the board of directors in the late evening, after a presentation by ceo Mark Morelli.
25 October (Source: Thomson Reuters)
also yesterday, the board approved the draft of the securitization to increase, summoning the shareholders meeting for 24 November in Siena: on the table there will be a maneuver of up to a maximum of 5 billion, with the increase in real which will depend on the response of the bondholders to the proposed repurchase of the bond (which will be determined later), however, bound to the subscription of new shares; the shareholders will also be proposed yet another grouping of the shares (one for every hundred), and subjected the election of the new president, with the deadline for the deposit of candidatures, fixed at five days before the meeting.
in an Abrupt turnabout of Mps, Piazza Affari gira in red
the details of The plan
But, back to the floor. Communications of the bank, centellinate in the morning and completed in the slides published just in time for the start of the presentation to analysts at 8: 30, where it is said, first of all, the return to profit in 2018 (for the next year is not to develop forecasts), with a share close to one billion, to increase to 1.1 billion in 2019. Revenues are expected to increase of 5% from 4.3 billion in 2016 to 4.5 in 2019, operating costs down 8% from the 2.4 to the 2.2 billion, write-downs on loans more than halved, from 1.5 to 0.5 billion euros and the Cet1, an improvement from 11% to 13.5%.
The reduction of the cost of the work
the industrial plan of The bank of siena provides for the reduction of labour costs by 9% to € 1.5 billion in 2019. The new operating model provides greater efficiency through the reduction of approximately 2,600 employees (from the current 25.200) and the closing of approximately 500 branch offices (about 2000).
capital Increase, redundancies and accounts: all numbers of the plan the Mps
impaired loans
the key Point, of course, the credits. That will be cleaned up $ 28 billion of Npl securitized and they will see the increase of coverage on performing loans more than 40%. At the same time, thanks to the creation of a division ad-hoc, the bank aims to bring the stock of loans to retail from $ 32-billion by 2016 to 35,5 of 2019e Smes from 13,2 to 16,2 billion; will continue, however, the deleveraging on the corporate segment (from 41.7 to 38.3 billion), for a total amount of investments increased by 97,6 to 99.9 billion. News yesterday, Icbpi has submitted an offer of 520 million for the services of electronic payment: the transaction will be treated in exclusive until 31 December.
Composition of total net non-performing loans. Data in billion euros (Source: Mps)
Red 849 million in the first nine months
also yesterday, the board of directors has approved the accounts for the first nine months with a red, surprise 849 million, following the decision to rectify in the third quarter 750 million of the loans classified as failures likely. The revenue decrease 3.417,5 million (-16,6%) compared to the same period of 2015. The interest margin, amounting to 1,519 million, cala 11.6; net impairment losses on loans equal to 2.020 million increase of 43%, the operating costs amounted to 1.929 million, down 1.9%. Loans, that drops to 105 billion euro (-6,8%), the direct and’ 105 billion. The Cet1 ratio cala to 11,49% 12,11% in June due to the effect of the loss for the period, partially offset by a reduction in rwa (risk-weighted assets).
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