Co-op Bank G. Toniolo & San Michele Approve 2024 Financials
- SAN CATALDO, Italy (AP) — The Cooperative Credit Bank G.
- The bank's financial statement showcased sustained growth and a high level of capital strength compared to other cooperative credit institutions in Italy.
- The bank also reported growth in net assets and overall banking activity:
Cooperative Credit Bank G. Toniolo Reports Strong 2024 Financial Results
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SAN CATALDO, Italy (AP) — The Cooperative Credit Bank G. Toniolo and San Michele di San Cataldo announced its 2024 financial results, highlighting the strength of its cooperative model and deep roots in the local community. The financial statement was approved by approximately 1,000 members at a meeting Sunday at the “Maira” Palasport in San Cataldo, located in the province of Caltanissetta.
Key Financial Highlights
The bank’s financial statement showcased sustained growth and a high level of capital strength compared to other cooperative credit institutions in Italy. Key figures include:
- Net profit: 8.7 million euros, a 14.2% increase from the previous year.
- Return on Equity (ROE): 3.4%.
- Total assets: 2.104 billion euros.
Growth in Assets and Banking Products
The bank also reported growth in net assets and overall banking activity:
- Net assets: Increased by 6.8% to 254.4 million euros.
- Gross banking product (collection + loans): Reached 2.224 billion euros, a 3.9% increase.
Collection and Loans
Specific figures for collection and loans include:
- Direct collection: 1.285 billion euros.
- Indirect collection: Grew by 30.6% to 415.5 million euros.
- Loans: Reached 523.4 million euros, a 3.4% increase.
Improved Efficiency and Credit Quality
The bank also reported improvements in efficiency and credit quality. Operating costs decreased by 2.4%,and the quality of credit improved significantly. Deteriorated credits dropped by 44.5%,resulting in a gross Non-Performing Loan (NPL) ratio of 3.2% and a net NPL ratio of 0.90%. The coverage ratio for deteriorated credits remained high at 73%, with 88.7% coverage for “suffering” loans and 74.5% for unlikely To Pay (UTP) loans.
Capital Strength
The bank’s CET1 capital ratio, a key indicator of financial strength, stood at 56.7%, placing it among the highest in Italy for cooperative credit banks.
Investment in Territory and Peopel
With 34 branches operating in the provinces of Caltanissetta, Palermo, Enna, Trapani, Ragusa, and Agrigento, and a workforce of 189 employees (an increase of nine), the bank continues to invest in the region and its people. In 2025, the bank will celebrate its 130th year of operation.
Statements from Leadership
Salvatore Saporito, president of the bank, stated, “The strategies implemented have allowed us to further strengthen our capital and improve the efficiency of our banking management. we have supported our communities by assisting volunteer organizations and contributing to social, cultural, and sporting initiatives. The 2024 results confirm our commitment to healthy and responsible growth.”
Nicola Culicchia, a director, added, “The bank achieved all qualitative and quantitative objectives outlined in the 2024-2026 strategic plan and met the targets for property, liquidity, credit, financial, and profitability indicators set by the ICCrea banking group.Furthermore, in 2024, we continued adapting our business, organizational, and service models to better serve the needs of communities, families, professionals, and local businesses.”
Cooperative Credit bank G. Toniolo 2024 Financial Results: Your Questions Answered
Q: What’s the big news from Cooperative Credit bank G. Toniolo?
A: Cooperative Credit Bank G. Toniolo, based in San Cataldo, Italy, announced strong financial results for 2024. The bank highlighted its commitment too its cooperative model adn its deep roots in the local community, achieving significant growth and maintaining strong capital strength.
Q: Where did the announcement take place?
A: The announcement was made at a meeting held at the “Maira” Palasport in San Cataldo, in the province of Caltanissetta, attended by approximately 1,000 members.
Q: What are the key financial highlights from the 2024 results?
A: The bank reported several key achievements:
Net profit of 8.7 million euros, a 14.2% increase compared to the previous year.
Return on Equity (ROE) of 3.4%.
Total assets reached 2.104 billion euros.
Q: How did the bank perform in terms of assets and banking products?
A: The bank saw considerable growth in these areas:
Net assets increased by 6.8% to 254.4 million euros.
The gross banking product (collection + loans) reached 2.224 billion euros, representing a 3.9% increase.
Q: Can you break down the figures related to collection and loans?
A: Certainly:
Direct collection: 1.285 billion euros.
Indirect collection: Grew by 30.6% to 415.5 million euros.
Loans: Reached 523.4 million euros, a 3.4% increase.
Q: Were there improvements in efficiency and credit quality?
A: Yes, the bank reported positive developments in both areas:
Operating costs decreased by 2.4%.
deteriorated credits dropped by 44.5%.
The gross Non-Performing Loan (NPL) ratio was 3.2%,and the net NPL ratio was 0.90%.
Coverage ratio for deteriorated credits remained high at 73%.
88.7% coverage for “suffering” loans and 74.5% for unlikely To Pay (UTP) loans.
Q: What does the bank’s capital strength look like?
A: The bank’s CET1 capital ratio,a key measure of financial stability,was 56.7%,placing it among the highest in Italy for cooperative credit banks.
Q: Is the bank investing in its local community?
A: Absolutely. With 34 branches across the provinces of Caltanissetta, Palermo, Enna, Trapani, Ragusa, and Agrigento, the bank continues to invest in the region and its people. The bank increased its workforce by nine employees, bringing the total to 189. In 2025, the bank will celebrate its 130th anniversary.
Q: What did the bank’s leadership say about these results?
A: Here are some key statements:
Salvatore Saporito (President): “The strategies implemented have allowed us to further strengthen our capital and improve the efficiency of our banking management. We have supported our communities by assisting volunteer organizations and contributing to social, cultural, and sporting initiatives. The 2024 results confirm our commitment to healthy and responsible growth.”
Nicola Culicchia (Director): “The bank achieved all qualitative and quantitative objectives outlined in the 2024-2026 strategic plan and met the targets for property, liquidity, credit, financial, and profitability indicators set by the ICCrea banking group. Furthermore, in 2024, we continued adapting our business, organizational, and service models to better serve the needs of communities, families, professionals, and local businesses.”