(Alliance News) - The board of directors of Banca Profilo Spa approved the interim report as of March 31, 2024, closing with a net profit of EUR2.8 million, down 55 percent from the first three months of last year.

Total customer deposits, including net trust deposits, stood at EUR6.1 billion, up from EUR5.8 billion as of March 31, 2023.

Direct deposits increase by EUR429 million from EUR1.0 billion as of March 31, 2023 to EUR1.44 billion as of March 31, 2024.

Indirect deposits, excluding net trust deposits, decrease by EUR144 million from EUR3.97 billion to EUR3.92 billion as of March 31, 2024.

Of this, asset management amounted to EUR840 million at the end of March.

Total net revenues in the first three months of 2024 were EUR18.5 million, down from EUR23.6 million in the first three months of the previous year, which had benefited from a lower cost of funding.

Net interest income for the first quarter of 2024 is EUR5.6 million, down from EUR10.7 million in the first three months of last year.

Net commissions amounted to EUR5.9 million, down from the figure for the first three months of 2023 with 3.9 percent.

Banca Profilo's consolidated equity as of March 31, 2024 is EUR134.6 million, with a consolidated CET 1 Ratio of 23.24%. The fully loaded consolidated CET 1 Capital Ratio is 23.21%, well above regulatory requirements.

Banca Profilo closed Thursday's session down 0.9 percent to EUR0.2117

By Maurizio Carta, Alliance News reporter

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