Net interest income €1.17 billion, +209% Resources mobilised €6.9 billion, +28% First half of 2016 ended with a CDP net income of €1.15 billion, +25% compared with the first half of 2015, equal to €916 million.
Rome, 3 August 2016
The Board of Directors of Cassa Depositi e Prestiti Spa (CDP) today approved the Consolidated Interim Financial Report at 30 June 2016.
Resources mobilised and managed
Resources mobilised and managed rose by 28% to €6.9 billion in the first half of 2016.
CDP confirms its role as a National Promotional Institution, deploying €3.6 billion (+22% compared with the first half of 2015) in support of enterprises and €2.1 billion (+€2 billion in the first half of 2015) to support international expansion. Resources channelled to public entities amounted to €1.2 billion, a decrease on the first half of 2015 which included two significant operations totalling €1.1 billion.
Performance
Despite the persistent uncertainty in the market, CDP recorded a sharp improvement in all components of its performance, and did so without the contribution of non-recurring revenue. This success was attributable in part to the effective management of liquidity, and optimisation of all forms of funding.
Net income for the period rose by €231 million compared with the first half of 2015 to about €1.15 billion, a result achieved with the contribution of non-recurring revenue, which in 2015 had amounted to more than €200 million.
Net interest income totalled about €1.17 billion, +209% compared with €380 million posted in the first half of 2015. This rise was mainly attributable to the management of liquidity and the securities portfolio with a view to supporting profitability while containing the adverse impact of falling interest rates.
Financial position
The period closed with assets of about €370 billion (+7.2% on the end of 2015). The stock of liquidity reached €173 billion (+2.5%). Total funding amounted to €346 billion (+7.2% on the end of 2015), of which €251 billion in postal funding, broadly unchanged on the end of 2015.
CDP continues to enjoy a sound financial position, with shareholders’ equity of €19.9 billion, up 2.2% on the end of 2015.
HALF-YEAR RESULTS –CDP Group
Resources mobilised and managed +14% to €13.2 billion
Net income: €635 million
Assets: +6% to €422 billion
Shareholders’ Equity: -0.9% to €33.3 billion
Resources mobilised and managed by the Group in the first half of 2016 affirms support provided to the country’s economy: resources amounted to about €13.2 billion, up 14% on the same period of 2015.
The Group’s net income came to about €635 million, of which €12 million pertaining to the parent company which reflects the negative results for the period by the Eni Group.
Assets
Total assets rose to about €422 billion (+6% on 31 December 2015). Liquidity reached €177 billion, up 2.4% compared with the end of 2015. Shareholders’ equity amounted to about €33.3 billion (of which €19.3 billion attributable to the parent company), confirming a sound financial position.
The manager responsible for preparing the corporate financial reports, Fabrizio Palermo, certifies pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Financial Intermediation that the accounting information contained in this press release corresponds to that in the accounting documentation, books and records.