Letter to the Shareholders
The year 2023 saw a wealth of activity and many positive results for our Cassa Centrale Group: all its constituent businesses once again demonstrated their capacity in terms of result generation, surpassing every optimistic expectation in terms of savings collected and new credit.
![Giorgio Fracalossi](/themes/custom/ccb/images/arsr2023/fracalossi.jpg)
Summary data
The results we have achieved 5 years after the establishment of the Group testify to the relevance of a service model based on the relationship with the cooperative members, customers, and local communities of the 67 BCCs - Rural Banks - Raiffeisenkassen that are part of the Group.
Group Structure
In 2019, we created the first Italian Cooperative Banking Group. The industrial and organizational structure is divided into two areas: the affiliated banks and the industrial group.
The Cassa Centrale Group consists of 3 entities:
- 67 affiliated Cooperative Credit Banks control the majority of the capital of the Cooperative Banking Group
- Cassa Centrale is the Parent Company and is responsible for the direction, Group coordination and control.
- Subsidiaries provide services to local banks.
Local Presence
We are deeply rooted in various regions, including areas where other banks are absent, close to the unique characteristics that define our country. Our operations support the communities we represent, and we are committed to collaborating in order to create and share value.
Affiliated banks of the Cassa Centrale Group are distributed throughout Italy as follows:
- 14 in Trentino-Alto Adige
- 4 in Friuli Venezia Giulia
- 5 in Veneto
- 6 in Lombardia
- 1 in Valle D’Aosta
- 6 in Piemonte
- 7 in Emilia-Romagna
- 1 in Toscana
- 1 in Umbria
- 1 in Abruzzo
- 5 nel Lazio
- 3 in Campania
- 7 in Puglia
- 2 in Calabria
- 3 in Sicilia
There are 67 member banks, with 1,480 Branches in 1,069 municipalities.
Cassa Centrale Bank's branches are present in:
- Trentino-Alto Adige
- Friuli Venezia Giulia
- Veneto
- Lombardia
- Piemonte
- Emilia-Romagna
- Lazio
- Puglia
Economic Results
Thanks to results achieved in 2023, we confirm our position at the top of the Italian banking sector for capitalization and solidity.
Capital ratios confirmed at the highest level in the Italian banking sector:
Strategic plan
Approved at the end of June 2023, the 2023-2026 Strategic Plan updates the previous strategic plan and was developed with the full participation of our affiliated banks.
The pillars of our strategic plan
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Letter to the shareholders
Dear Shareholders,
The year 2023 saw a wealth of activity and many positive results for our Cassa Centrale Group: all its constituent businesses once again demonstrated their capacity in terms of result generation, surpassing every optimistic expectation in terms of savings collected and new credit. The development of brokered volumes is testament to the trust of our shareholders and customers and, alongside the economic situation, made it possible to file the best annual financial result since the Group was formed and to further strengthen its capital, positioning us at the top levels of the banking system.
The year was also marked by the definitive return to in-person events, with many opportunities to meet with one another and to celebrate our identity and sense of belonging, dedicating time to our existence as a “Group of People”. In particular, the first convention of people from the Industrial Group companies was held at the start of the year in Verona and in October, the entire Group convention met in Lisbon, following many years of absence.
We did not forget about the environment, and decided to offset the carbon dioxide emissions of both events by planting 8,500 trees, in a bid to do our part to re-establish the forests devastated by Storm Vaia.
2023 saw the signing of our Group’s first supplementary agreement, a significant milestone in everyone’s professional and personal growth, which are values that we practice in our day-to-day operations.
2023 was also the year of maturity for the launch of the Group’s second national identity campaign, “Founded on common good”, which will see us through the next two years with the aim of enhancing the concrete and daily contribution of the Group’s Affiliated Banks to the economic, social and cultural development of communities and territories.
In 2023 we also sought to lift the spirits of the populations and companies badly affected in May by the flood in Emilia-Romagna, by creating a solidarity initiative, which, thanks to contributions from all Affiliated Banks, the companies Allitude, Assicura Agenzia and Broker, Claris Leasing and Rent, NEAM and Prestipay, the cooperative shareholders and the customers of the Group, made it possible to achieve a considerable result (the fundraising exceeded one million 400 thousand euros), allocated to support tangible initiatives that promoted recovery in the territories affected and assisted people and micro-enterprises in their recovery after the emergency phase.
2023 saw more frequent relations with the Supervisory Authority with reference to the entire Group: the unique construction as a significant Cooperative Banking Group and our role as Parent Company require us to continuously represent our specificities, and the need for a gradual process, in proportion to the importance of the role played in the development of communities. This role was also recognised by the President of the Republic at the celebrations of the 140th year since the foundation of Credito Cooperativo, which took place in 2023.
We are strongly committed to strengthening the managerial top line with professionals who can manage change and contribute to the achievement of the Plan objectives. Therefore, the reorganisation of the Parent Company and its subsidiaries continued through the addition of 6 new Chiefs at the Parent Company and through a governance update. By instating CEOs at Claris and Prestipay, joining the CEOs already present at Allitude and Assicura, we have guaranteed even stronger operating synergies with Cassa Centrale Banca.
An update of the Articles of Association of the Affiliated Banks was also initiated.
In late June we approved the update to the Group Strategic Plan, which sets ambitious targets within our autonomous process of growth for the 2023-2026 period.
The Strategic Plan is developed across four key areas: commercial development and higher efficiency of the business model, which are the keystones for change, whereas attention to capital and risk profiles and enabling factors such as human capital and the integration of ESG factors constitute the essential framework for a successful yet sustainable business. The Sustainability Plan was then approved in November, identifying the key ESG projects across five areas: Environment, Communities & Shareholders, ESG Governance, People, and Customers.
We are determined to offer credit solutions to assist businesses – especially micro and small enterprises that operate in traditional sectors and form the Group’s scope of reference – in the ecological and digital transition required to remain competitive on the market.
We feel a strong responsibility in guiding savers towards investments in projects and companies with a sustainable business model (GSS – Green, Social, Sustainable) and, at the same time, we intend to fund the “transition” of mortgage loans towards more energy sustainable homes equipped to face climate change.
The Plan that we approved, and which we will update in June, is a development programme that seeks to go beyond the consolidation of results and carve out new growth inspired by our Group identity values.
***
As for the economic and financial result for 2023, capital ratios were confirmed at the highest levels of the Italian banking sector, with a CET1 ratio of 24.6% and consolidated equity of EUR 8.2 billion.
Overall funding grew by 9.6% to EUR 113 billion, a figure that confirms the trusted placed by saver-customers in the BCC-CR-Raika that make up the Group.
Direct funding increased by 2.7% compared to 2022, to reach EUR 69 billion. Indirect funding benefited from the positive trend on the markets during 2023, which supported asset management products and the strong increase in returns on government bonds and drove the interest of savers towards assets under administration. On the whole, indirect funding in late December 2023 reached EUR 44 billion with a 23% increase on December 2022.
In a year characterised by a cooling off in the demand for credit, new disbursements exceeded EUR 8 billion, for gross credit exposure to customers of over EUR 50 billion. These figures confirm the importance of cooperative credit in offering support to the financial needs of households and SMEs in the operating regions.
The combined effect of the growth of performing loans and the constant reduction in impaired loans made it possible to gradually improve the gross NPL ratio, which fell to 4.2% (4.8% in 2022) and, alongside prudential hedging policy, led to a net NPL ratio of 0.7% (0.9% in 2022), which places the Group at the top of the national banking system. The coverage ratio of impaired loans, already at the highest levels of the Italian and European banking sector, further improved to 85%, compared to 82% in December 2022.
In December 2023, the LCR (Liquidity Coverage Ratio) was 275% (248% in December 2022) and the NSFR (Net Stable Funding Ratio) 168% (151% in late 2022). Both indicators remain well above the regulatory requirements, indicating a situation of abundant liquidity that has characterised the Group since its foundation.
A significant growth trend was therefore confirmed with even better financial results than the previous year, albeit in a context of great economic instability.
Group net profit was EUR 871 million.
Net interest income for 2023 was EUR 2.4 billion, up by 30% compared to December 2022, whereas net fees and commissions in 2023 continued the expanding trend that has existed since the creation of the Group and grew by over 5% compared to 2022, amounting to EUR 795 million. The figure confirms the Group’s growing ability to diversify its primary revenues, offering shareholders and customers an even larger number of products and services capable of satisfying the spectrum of financial, insurance and payment system needs. The most significant contribution mainly came from growth in wealth management and bancassurance commissions.
Net interest and other banking income therefore reached EUR 2.8 billion, up by 13% compared to the results achieved in 2022, improving on the challenging income targets that the Group had set itself in the 2023-2026 Strategic Plan.
Net provisions for loans amounted to EUR 80 million, highlighting a limited cost of risk, the consequence of the prudent provisioning policy adopted by the Group in the previous three-year period and of credit management mindful of the needs of shareholders and customers operating in the territories of reference of the BCC-CR-Raika that make up the Cassa Centrale Cooperativo Banking Group.
The Group’s cost-to-income ratio (net of extraordinary and non-recurring items) was 52%, an improvement on financial year 2022 when it was 59%, despite the year having recorded a 9.5% increase in operating costs (EUR 1.7 billion) as a result not only of the inflationary trend which characterised the first half of 2023 in particular, but the solid investments in IT.
In line with the Group’s strategic evolution, its aim to support regional control remained fast-moving, which we still consider a fundamental value of our way of banking (over the last two years we opened 50 new branches). The digital channels were developed with a focus on new technology, in order to satisfy the omnichannel service needs of shareholders and customers. We want to build a tangible link between the values that make our BCCs unique and the banking challenges of tomorrow.
***
Thinking about the present day, since April 2024 we have our new regional branch office in Milan, a prestigious and appropriate space for the high profile that the Group is taking on in the national banking world.
2024 marks two significant anniversaries for our history and our future: the fiftieth year since the foundation of Cassa Centrale Banca, and the first five-year period of the Cooperative Banking Group.
We will celebrate them together throughout the year and at a major four-day event held in Trento between 26 and 29 September.
***
As for the future, we believe that the results achieved to date, in combination with the Group’s solidity and the consolidated synergies with the Affiliated Banks, will allow us to look optimistically at the complex and demanding challenges we all face.
SUMMARY OF RESULTS
“I cannot hide my satisfaction,in confirming a significant growth trend with further improved economic results compared to last year, even in a context of great economic instability.”
Sandro Bolognesi,
Chief Executive Officer of Cassa Centrale Banca
Read more in the 2023 results press release
![Consolidated non financial statement 2023 Cover](/themes/custom/ccb/images/arsr2023/dnf-link.jpg)
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THE ORGANIZATION AND THE MAIN AREAS OF ACTION
On 2 August 2018, the Bank of Italy accepted the request of Cassa Centrale Banca - Credito Cooperativo Italiano S.p.A. (hereinafter also “Cassa Centrale Banca”, “CCB”, the “Parent Company” or the “Bank”) to establish the Cassa Centrale Banca Credito Cooperativo Italiano Cooperative Banking Group (hereinafter also referred to as “Cassa Centrale Group”, the “Group”, “Cooperative Banking Group” or “GBC”), and, by resolution of the Directorate of 18 December 2018, the Supervisory Authority ordered the registration of the Cooperative Banking Group in the Register of Banking Groups, with effect from 1 January 2019.
The composition of the Group
As at 31 December 2023, the Cassa Centrale Group consisted of:
- the Parent Company, Cassa Centrale Banca;
- the Affiliated Banks that have adhered to the Cohesion Contract and the instrumental companies controlled by them;
- the financial and instrumental Companies directly and/or indirectly controlled by the Parent Company.
Main strategic business areas of the Cassa Centrale Group
The Cassa Centrale Group has developed its business and service model through an organisational structure divided into two main areas:
- the Affiliated Banks, which represent the Group's core business through the management of banking activities in the territory;
- the Industrial Group, including the Parent Company and the Companies that offer services to Affiliated Banks in finance, credit, insurance, ICT, NPLs and asset management.
* The Industrial Group refers to a management representation of the Group's main strategic areas that contribute to the economic and financial results commented below.
Affiliated Banks
The Affiliated Banks represent the most important part of the Cooperative Banking Group's consolidated assets and the strength of the Group's current and future development. The Affiliated Banks traditionally operate with the aim of fostering the development of communities and the local economy. The principles of mutuality, which characterise Cooperative Credit, allow the banks to play a fundamental role in the national banking industry and be an important reference point for households and small and medium-sized enterprises (hereinafter also "SMEs").
The Group's Strategic Plan aims to develop relationships with households and SMEs by making the most of the territorial network and exploiting synergies, the expansion of the commercial offer and economies of scale resulting from belonging to a Group of national importance.
In general, the structure of Cooperative Credit Banks reflects the nature of territorial banks, characterised by high customer funding deriving from historical ties with the territory to which they belong, a prevalence of loans to counterparties represented by households and small companies and a low loan-to-deposit ratio which, from a liquidity perspective, reflects the structural soundness of the Group and the investment of excess liquidity mainly in government bonds.
Below is a summary representation of the main income statement and financial aggregates of the Affiliated Banks, with a focus on the individual territorial areas in which the Group operates.
(Figures in millions of euro)
LOANS TO CUSTOMERS | 31/12/2023 | Total 31/12/2023 | Total 31/12/2022 | Change | % change | ||||
---|---|---|---|---|---|---|---|---|---|
Trentino-Alto Adige | North East | North West | Central | South and the Islands | |||||
Gross customer loans | 10,481 | 10,662 | 10,613 | 11,003 | 5,028 | 47,787 | 48,345 | -558 | (1.2%) |
of which performing | 9,948 | 10,282 | 10,237 | 10,526 | 4,705 | 45,698 | 45,924 | -226 | (0.5%) |
of which non-performing | 533 | 380 | 375 | 478 | 323 | 2,089 | 2,421 | -332 | (13.7%) |
Value adjustments | 640 | 490 | 438 | 523 | 311 | 2,402 | 2,582 | -180 | (7.0%) |
Net customer loans | 9,841 | 10,172 | 10,175 | 10,480 | 4,717 | 45,385 | 45,763 | -378 | (0.8%) |
(Figures in millions of euro)
FUNDING | 31/12/2023 | Total 31/12/2023 | Total 31/12/2022 | Change | % change | ||||
---|---|---|---|---|---|---|---|---|---|
Trentino-Alto Adige | North East | North West | Central | South and the Islands | |||||
Overall funding | 24,327 | 22,362 | 24,696 | 20,929 | 8,874 | 101,188 | 93,753 | 7,435 | 7.9% |
Direct funding | 15,169 | 14,625 | 15,055 | 13,615 | 7,218 | 65,682 | 64,665 | 1,017 | 1.6% |
Indirect funding* | 9,158 | 7,737 | 9,641 | 7,313 | 1,657 | 35,506 | 29,088 | 6,418 | 22.1% |
of which administrated | 3,025 | 2,534 | 4,285 | 2,790 | 1,164 | 13,798 | 8,728 | 5,070 | 58.1% |
of which managed | 6,133 | 5,203 | 5,356 | 4,523 | 493 | 21,708 | 20,360 | 1,348 | 6.6% |
* Indirect funding is expressed at market values.
(Figures in millions of euro)
MARGINS AND COMMISSIONS |
31/12/2023 | Total 31/12/2023 | Total 31/12/2022 | Change | % change | ||||
---|---|---|---|---|---|---|---|---|---|
Trentino-Alto Adige | North East | North West | Central | South and the Islands | |||||
Net interest income | 546 | 498 | 484 | 490 | 276 | 2,294 | 1,730 | 564 | 32.6% |
Net fees and commissions | 134 | 150 | 170 | 154 | 70 | 678 | 641 | 37 | 5.8% |
Net interest and other banking income | 521 | 553 | 612 | 610 | 344 | 2,640 | 2,301 | 339 | 14.7% |
Industrial Group
The Industrial Group is represented by the Parent Company and the subsidiaries and associates that operate in different areas of activity, namely:
- ICT and back office services, with the subsidiary Allitude S.p.A. (hereinafter also "Allitude");
- leasing services, with the subsidiary Claris Leasing S.p.A. (hereinafter also “Claris Leasing” or “Claris”);
- insurance services, with the subsidiaries Assicura Agenzia S.r.l. and Assicura Broker S.r.l. (hereinafter also “Assicura Agenzia” and “Assicura Broker”);
- collective asset management services, with the subsidiary Nord Est Asset Management S.A. (hereinafter also "NEAM");
- consumer credit services, with the subsidiary Prestipay S.p.A. (hereinafter also "Prestipay");
- other ancillary services, with the subsidiaries Centrale Soluzioni Immobiliari S.r.l., Claris Rent S.p.A. and Centrale Trading S.r.l.
The main income statement and balance sheet aggregates of the Industrial Group as at 31 December 2023 are shown on the following page.
(Figures in millions of euro)
LOANS TO CUSTOMERS* | 31/12/2023 | 31/12/2022 | Change | % change |
---|---|---|---|---|
Gross customer loans | 2,608 | 2,231 | 377 | 16.9% |
of which performing | 2,547 | 2,157 | 390 | 18.1% |
of which non-performing | 61 | 74 | -13 | -17.6% |
Value adjustments | 95 | 110 | -15 | -13.6% |
Net customer loans | 2,513 | 2,121 | 392 | 18.5% |
*Management data including all intra-group eliminations.
(Figures in millions of euro)
FUNDING* | 31/12/2023 | 31/12/2022 | Change | % change |
---|---|---|---|---|
Overall funding | 11,914 | 9,441 | 2,473 | 26.2% |
Direct funding | 3,320 | 2,532 | 788 | 31.1% |
Indirect funding** | 8,594 | 6,909 | 1,685 | 24.4% |
of which administrated | 5,067 | 3,956 | 1,111 | 28.1% |
of which managed | 3,527 | 2,954 | 573 | 19.4% |
* Management data including all intra-group eliminations.
** Indirect funding is expressed at market values; ETF financial products are included in the segment.
(Figures in millions of euro)
MARGINS AND COMMISSIONS* | 31/12/2023 | 31/12/2022 | Change | % change |
---|---|---|---|---|
Net interest income | 102 | 115 | (13) | (11.3%) |
Net fees and commissions | 117 | 114 | 3 | 2.6% |
Net interest and other banking income | 194 | 214 | (20) | (9.3%) |
* Management data including all intra-group eliminations and the residual economic results of fully consolidated entities other than the cohesion agreement.
Parent Company
The formation of the Group enriched the offer of financial products and services and strengthened the financial risk monitoring for the entire Group. The range of services offered by Cassa Centrale Banca is divided into the following areas:
- Finance;
- Credit;
- Consumer credit services;
- Payment systems;
- Governance and support.
![2023 Consolidated Non Financial Statements Cover](/themes/custom/ccb/images/arsr2023/dnf-link.jpg)
Download the chapter main strategic business areas of the Cassa Centrale Group
Presence on the territory
Our clients are mostly small families and small businesses. For us, banking means starting from a widespread presence in the territory and a strong focus on relationships with them, the territory, and local institutions.
Even before taking on the role of Parent Company, since its establishment Cassa Centrale Banca has been a reference partner for Cooperative Credit and a number of small and medium-sized banks not belonging to banking groups, sharing their values, culture, strategies and reference model.
Acting as a second-level bank, it provided support and impetus to the activities of the BCC-CR-RAIKA members and customers, with an offer that they themselves recognised as innovative, competitive and of quality. The role of provider of high added value advisory services in sectors such as wealth management, structured finance, public treasury management, etc. was also significant.
The presence of the Cooperative Banking Group, with the consequent transition from a network integration to a group approach, allowed the Affiliated Banks to further strengthen their primary role as local banks at the service of the territory and communities. The Group's business model envisages a widespread presence in the territory and a strong attention to the relationship with the customer (typically households and small economic operators), the territory and local institutions. Local Shareholders' Meetings have the objective of allowing for maximum participation and collaboration on the part of all the Affiliated Banks, through constant dialogue with the Parent Company, leveraging the common purpose, the responsibility and effective and widespread communication, as well as the integrated development of the Group's culture and strategies.
The relationship based on ongoing dialogue and the active involvement of its stakeholders is an expression of the responsibility that the Cooperative Banking Group feels towards the territory in which it operates.
As at 31 December 2023, the Group's geographical presence is characterised by 67 Affiliate Banks with 1,479 branches located across Italy and 14 regional offices of the Parent Company.
PRESENCE ON THE TERRITORY |
31/12/2023 | Total 31/12/2023 |
Total 31/12/2022 |
Change | ||||
---|---|---|---|---|---|---|---|---|
Trentino-Alto Adige | North East | North West |
Central | South and the Islands |
||||
OFFICES | ||||||||
Parent Company | 7 | 2 | 2 | 2 | 1 | 14 | 14 | 0 |
Affiliated Banks | 14 | 9 | 13 | 16 | 15 | 67 | 69 | (2) |
BRANCHES | ||||||||
Parent Company | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
Affiliated Banks | 286 | 325 | 362 | 322 | 184 | 1,479 | 1,474 | 5 |
The special legal regulations, in relation to the mutualistic aims pursued, and the business model that characterises the BCC-CR-RAIKAs, are at the basis of the high number of members in the corporate structure. Cooperative Shareholders play a key role as they are a crucial resource for preserving the value of Cooperative Credit Banks. They are in fact the first customers, suppliers of their own equity, witnesses of the vitality of the company, as well as the creators of projects within the social and economic fabric.
As can be seen from the table below, the number of Shareholders as at 31 December 2023 is approximately 474 thousand, mostly concentrated in the Central and North areas of the country and up by 10,205 compared to December 2022.
AREA | 31/12/2023 | Total 31/12/2023 | Total 31/12/2022 | Change | ||||
---|---|---|---|---|---|---|---|---|
Trentino-Alto Adige | North East | North West | Central | South and the Islands | ||||
No. of Shareholders | 133,213 | 95,429 | 113,259 | 101,573 | 30,982 | 474,456 | 464,251 | 10,205 |
% of total | 28.08% | 20.11% | 23.87% | 21.41% | 6.53% | 100% |
![2023 Consolidated Non Financial Statement](/themes/custom/ccb/images/arsr2023/dnf-link.jpg)
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Consolidated financial statements
Consolidated balance sheet
ASSETS | 31/12/2023 | 31/12/2022 |
---|---|---|
10. Cash and cash equivalents | 734 | 710 |
20. Financial assets measured at fair value through profit or loss | 294 | 473 |
a) financial assets held for trading | 5 | 7 |
b) financial assets designated at fair value | 1 | 1 |
c) other financial assets mandatorily measured at fair value | 288 | 465 |
30. Financial assets measured at fair value through other comprehensive income | 11,050 | 10,919 |
40. Financial assets measured at amortised cost | 72,880 | 76,376 |
a) loans to banks | 1,397 | 1,445 |
b) loans to customers | 71,483 | 74,931 |
50. Hedging derivatives | 84 | 125 |
60. Fair value change of financial assets in hedged portfolios (+/-) | (79) | (118) |
70. Equity investments | 54 | 58 |
90. Tangible assets | 1,222 | 1,234 |
100. Intangible assets | 84 | 80 |
of which: | ||
- goodwill | 27 | 27 |
110. Tax assets | 585 | 783 |
a) current | 115 | 131 |
b) deferred | 470 | 652 |
120. Non-current assets and groups of assets held for disposal | 1 | 1 |
130. Other assets | 2,670 | 2,195 |
Total assets | 89,579 | 92,836 |
LIABILITIES AND EQUITY | 31/12/2023 | 31/12/2022 |
---|---|---|
10. Financial liabilities measured at amortised cost | 79,218 | 83,588 |
a) due to banks | 10,216 | 16,391 |
b) due to customers | 63,299 | 64,114 |
c) debt securities in issue | 5,703 | 3,083 |
20. Financial liabilities held for trading | 4 | 7 |
30. Financial liabilities designated at fair value | 1 | 1 |
40. Hedging derivatives | 4 | 1 |
60. Tax liabilities | 49 | 36 |
a) current | 24 | 20 |
b) deferred | 25 | 16 |
80. Other liabilities | 1,561 | 1,529 |
90. Provision for severance indemnity | 90 | 95 |
100. Provisions for risks and charges | 432 | 372 |
a) commitments and guarantees given | 147 | 141 |
b) post-employment benefits | - | - |
c) other provisions for risks and charges | 285 | 231 |
120. Valuation reserves | (20) | (231) |
140. Equity instruments | 1 | 1 |
150. Reserves | 6,889 | 6,399 |
160. Share premium | 76 | 74 |
170. Share Capital | 1,271 | 1,271 |
180. Own shares (-) | (868) | (867) |
200. Profit (loss) for the year (+/-) | 871 | 560 |
Total liabilities and equity | 89,579 | 92,836 |
![2023 Consolidated Non Financial Statement](/themes/custom/ccb/images/arsr2023/dnf-link.jpg)
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Consolidated financial statements
Consolidated income statement
ITEMS | 31/12/2023 | 31/12/2022 |
---|---|---|
10. Interest income and similar revenues | 3,287 | 2,157 |
of which: interest income calculated with the effective interest method | 3,256 | 2,144 |
20. Interest expenses and similar charges | (891) | (312) |
30. Net interest income | 2,396 | 1,845 |
40. Fees and commissions income | 933 | 871 |
50. Fees and commissions expenses | (138) | (116) |
60. Net fees and commissions | 795 | 755 |
70. Dividend and similar income | 4 | 4 |
80. Net result from trading | 6 | 9 |
90. Net result from hedging | - | 1 |
100. Profit (Loss) from disposal/repurchase of: | (374) | (63) |
a) financial assets measured at amortised cost | (254) | (1) |
b) financial assets measured at fair value through other comprehensive income | (120) | (62) |
c) financial liabilities | - | - |
110. Net result of other financial assets and liabilities measured at fair value through profit or loss | 7 | (36) |
a) financial assets and liabilities designated at fair value | - | - |
b) other financial assets mandatorily measured at fair value | 7 | (36) |
120. Net interest and other banking income | 2,834 | 2,515 |
130. Net value adjustments/write-backs due to credit risk relative to: | (80) | (272) |
a) financial assets measured at amortised cost | (79) | (270) |
b) financial assets measured at fair value through other comprehensive income | (1) | (2) |
140. Profit (Loss) from contractual changes without derecognitions | (1) | (1) |
150. Net income from financial activities | 2,753 | 2,242 |
180. Net income from financial and insurance activities | 2,753 | 2,242 |
190. Administrative expenses: | (1,762) | (1,627) |
a) staff expenses | (1,028) | (945) |
b) other administrative expenses | (734) | (682) |
200. Net allocations to provisions for risks and expenses | (13) | (12) |
a) commitments and guarantees given | (8) | (5) |
b) other net allocations | (5) | (7) |
210. Net value adjustments/write-backs to tangible assets | (113) | (112) |
220. Net value adjustments/write-backs to intangible assets | (30) | (21) |
230. Other operating expenses/income | 195 | 199 |
240. Operating costs | (1,723) | (1,573) |
250. Profit (loss) on equity investments | (5) | (11) |
270. Value adjustments to goodwill | - | (1) |
280. Profit (loss) from disposal of investments | 2 | (1) |
290. Profit (loss) before tax from current operating activities | 1,027 | 656 |
300. Income taxes for the year on current operating activities | (156) | (94) |
310. Profit (loss) after tax from current operating activities | 871 | 562 |
330. Profit (loss) for the year | 871 | 562 |
340. Profit (loss) for the year for minority interests | - | (2) |
350. Profit (loss) for the Parent Company | 871 | 560 |
![2023 Consolidated Non Financial Statement](/themes/custom/ccb/images/arsr2023/dnf-link.jpg)
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Consolidated financial statements
Statement of consolidated comprehensive income
ITEMS | 31/12/2023 | 31/12/2022 |
---|---|---|
10. Profit (loss) for the year | 871 | 562 |
Other post-tax components of income without reversal to the income statement | 12 | 42 |
20. Equities measured at fair value through other comprehensive income | 13 | 32 |
30. Financial liabilities designated at fair value through profit or loss (changes in credit rating) | - | - |
40. Hedging of equities measured at fair value through other comprehensive income | - | - |
50. Tangible assets | - | - |
60. Intangible assets | - | - |
70. Defined benefit plans | (1) | 10 |
80. Non-current assets and groups of assets held for disposal | - | - |
90. Quota of reserves from the valuation of shareholdings measured with the equity method | - | - |
100. Financial revenues or costs relating to insurance contracts issued | - | - |
Other post-tax components of income with reversal to the income statement | 199 | (316) |
110. Hedging of foreign investments | - | - |
120. Exchange rate differences | - | - |
130. Cash flow hedging | (1) | 1 |
140. Hedging instruments (undesignated elements) | - | - |
150. Financial assets (other than equities) measured at fair value through other comprehensive income | 200 | (318) |
160. Non-current assets and groups of assets held for disposal | - | - |
170. Quota of reserves from the valuation of shareholdings measured with the equity method | - | 1 |
180. Financial revenues or costs from insurance contracts issued | - | - |
190. Financial revenues or costs relating to reinsurance transfers | - | - |
200. Total other post-tax components of income | 211 | (274) |
210. Comprehensive income (Item 10+200) | 1,082 | 288 |
220. Consolidated comprehensive income pertaining to minority interests | - | 2 |
230. Consolidated comprehensive income pertaining to the Parent Company | 1,082 | 286 |
![2023 Consolidated Non Financial Statement](/themes/custom/ccb/images/arsr2023/dnf-link.jpg)
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2023-2026 Strategic plan
On 29 June 2023, the Board of Directors of Cassa Centrale Banca approved the Group's Strategic Plan (hereinafter also referred to as "SP") with a 2023- 2026 time period, which updates the 2022-25 SP approved last year.
The Plan was defined with the full involvement of the Affiliated Banks, as provided for in the Cohesion Contract, in a process whereby each legal entity of the Group defined its own individual SP, which then became part of the Group's consolidated SP.
The Strategic Plan identified four key areas of intervention:
- business development based on the regional bank service model by expanding the customer base, transforming the distribution model and enhancing services aimed at customers;
- improved efficiency of the Group’s business model by enhancing tools and ICT processes, centralising administrative and back office activities, and digitalisation;
- attention to capital and risk profiles through proactively managing the loan portfolio, governing of financial risks, and evolving towards the Basel IV framework;
- activation of enabling factors, to be contextualised across the board, by developing and training human resources and integrating ESG models.
Each area of intervention consists of specific strategic objectives and targeted initiatives for their achievement.
The economic-financial and equity projections confirm the solid capital and liquidity position of the Group, define an evolution in profitability through a sustainable business model and full sustainability of the ICT investments required to guarantee adequate standards of service. Utmost attention is paid to actively managing credit risk and provisioning policies to face the many uncertainties characterising the current macroeconomic scenario.
The Group has adopted a so-called “rolling” logic in its strategic planning process, according to which the Plan is reviewed on an annual basis. This approach has been adopted taking into account that the Group has been operating since 2019 and is moving in a continuously and rapidly evolving market and regulatory environment.