The 2023 budget of the Bank of Udine.
The 2023 financial statements of the Bank of Udine were approved on 4 May by the Shareholders’ Meeting which met at the Udine fair centre. The data attests to a solid financial situation, their analysis reveals constant growth in revenues and profits, and healthy distribution of financial resources, highlighting, through the main indicators, prudent management of liquidity, excellent profitability and a good ability to generate value for the benefit of its members.
“Our financial results reflect the work, commitment and dedication of every single employee as well as the trust and support of our customers and our community. – underlines the president of Banca di Udine Lorenzo Sirch – Through careful management of resources and a strategy well defined, we have achieved results that demonstrate the solidity and sustainability of our work. Over the past few years, we have experienced consistent growth in volumes, revenues and profits, reflecting our ability to adapt to changing market conditions. This success is the result of a clear vision, thoughtful decisions and an unwavering commitment to excellence.”
The year closed with the recording of a pre-tax profit of 12.05 million euros, an increase of 26.10% compared to the previous year. An important contribution has been made both from the margins of money management (+26.44%) and from the services component (+4.13%), which determined an intermediation margin of 23.33 million euros, an increase of 21.65% compared to to the previous financial year. The volumes traded increased by 70.88 million euros (5.96%). In detail, the overall collection at the end of the year, equal to 856.02 million euros, showed an increase of 68.42 million euros (+8.69%) compared to the end of 2022.
In particular, direct deposits amounted to 554.97 million euros and indirect deposits, relating to administered and managed savings instruments purchased by customers through the bank, amounted to 301.04 million euros. Loans to ordinary customers, represented by families and businesses, stood at 404.70 million euros as of 31 December 2023 and recorded an increase of 0.61% compared to the previous year. The total gross impaired loans stood at 4.71 million euros (down by 24.33%) while the net exposure amounted to 1.25 million euros. Net impaired loans in relation to total loans to customers are extremely limited and equal to 0.24%. Both data also confirm a better credit quality than that expressed by the banking system average. Even from a capital point of view, the bank expresses great solidity with a capital solvency ratio (CET1 ratio) equal to 29.72%, a figure which is well above what is required by law and further rising compared to 26. 94% recorded in 2022. Total own funds at the end of the year stood at 73.72 million euros, an increase of 14.24% compared to the previous year.
“Despite the challenges the global economic landscape has presented us, we have demonstrated the ability to innovate, adopt sustainable practices and meet the ever-evolving needs of our members and customers – adds general director Giordano Zoppolato – In the light of these results we were able to lead to the approval of the Shareholders’ Meeting the distribution of a dividend of 5% of the nominal value and a 5% revaluation of the share. However, success is not only measured in financial terms: our commitment to integrity, social responsibility and positive impact on the communities in which we operate is a fundamental element of our business model. In addition to economic results, we are proud to have contributed to the well-being of our communities through corporate social responsibility initiatives, supporting educational, environmental and social projects.”
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