Sella Group: positive first quarter results 2023 growth strategy continues
The Sella group closed the first quarter of the year with high-grade results, thanks to the good performance in all business sectors resulting from the growth strategy based on the quality of customer relations, technological innovation and the fostering of an open ecosystem. Group results as of 31 March 2023 approved today by the Board of Directors of the Parent company Banca Sella Holding recorded a net profit of 48 million euros, up from 35 million euros in the same period of the previous year. [Follow this link for detailed information].
In a global scenario that remains still uncertain and marked by international tensions, inflationary pressures and rising interest rates, the Sella group shows growth in global net inflows, which in terms of market value exceeded the 50 billion euros threshold (50.5 billion, +3.8% compared to 48.7 billion at the end of 2022). In particular, global net inflows were performing at ¿933 million, reflecting customer confidence. Indirect deposits grew to 34.6 billion euros (+8.1%). Direct deposits fell by -4.3%, mainly due to their partial transformation into indirect deposits, in line with the advice given to customers to seize opportunities in a high interest rate scenario. Lending to support household and corporate activities, net of repos, increased to 10.7 billion euros (+2.1%).
Credit quality ratios were positive. The annualised cost of credit risk stood at 41 bps (it was 37 at the end of 2022). The net NPL Ratio attained 2% (it was 1.8%) and the gross NPL Ratio reached 3.7% (it was 3.5%). The coverage ratio on impaired loans is 47.6% (it was 49.5%) and the coverage ratio on non-performing loans is 65.7% (it was 65.7%). The Texas Ratio is 27.7% (it was 27.2%).
Banca Sella, rounded the quarter with a net profit of 41.2 million euros, up 41.3% compared to 29.2 million euros in the first quarter of last year. This confirms, despite the complex scenario, the effectiveness of its strategy based on specialised consultancy and innovative and technological products and services to provide suitable responses to the needs of households and businesses.