Results for the first half of 2012 approved by the BoD
- Profit before tax of €14.7 million (+13% compared to the first half of 2011), resulting from net income from banking activities of €44.7 million (+1.7%) and operating costs of €29.7 million (-4.1%).
- Core Tier 1 ratio of 19%.
- Banca Akros has consolidated its top position in market making and bond brokerage (ranking 2nd on DomesticMOT, EuroMOT and EuroTLX) and equity brokerage (ranking 5th on the Borsa Italiana).
Milan, 31 July 2012 – The Board of Directors of Banca Akros – investment bank and private banking of the Bipiemme Group, chaired by Graziano Tarantini and led by Chief Executive Officer Marco Turrina – approved the half-yearly financial statements as at 30 June 2012. In the challenging background context, the company’s management applied principles of prudence in the assumption and management of risks, focusing on control of the main operating markets, which was reflected in the substantial stability of the relevant market shares. Operations in the chosen areas of focus (market making and trading, brokerage, corporate finance/capital market and private banking), combined with action to reduce operating costs (-4.1% compared to the first half of 2011), made it possible to achieve positive profitability – up compared to the first half of 2011, which was not affected by the critical situation on financial markets in the second half of the previous year – and to confirm adequate capitalisation ratios and liquidity levels. Market making on government securities and bonds remained significant, with more than €37 billion of securities traded and on equity derivatives. In the first half of the year, opportunities were seized to enhance and optimise the risk/return profile of the proprietary portfolio, while treasury activities ensured the timely management of funding requirements. Significant operations were also carried out at the service of companies and institutional counterparties on instruments to hedge interest rate risks (with notional volumes traded for more than €13 billion), exchange rate risks (approximately €55 billion) and commodity risks. In financial market brokerage activities, Banca Akros:
- Consolidated its presence in the bond markets, ranking 2nd on the DomesticMOT and EuroMOT segments of the Borsa Italiana (with a market share of 14.5% and 15.8%, respectively) and on the EuroTLX market (with a market share of 17.6%) (source: Assosim – Conto Terzi), partly thanks to the contribution of SABE, the proprietary system for searching for dynamic best execution, in accordance with MiFID regulations, for the benefit of customers.
- Confirmed its position in 5th place on the Electronic Stock Exchange (MTA) of the Borsa Italiana with a substantially stable market share (6.7%, source: Assosim – Third Parties).
- Ranked 5th in futures on the FTSE MIB index and 1st in equity futures and in the IDEX market for electricity derivatives of the Borsa Italiana (source: Assosim – Third Parties).
The offer to customers of brokerage services on foreign equity markets relies on the activities of ESN – European Securities Network LLP, the equity research and trading partnership set up by Banca Akros with nine other independent European investment banks active in their national stock markets. In the Equity Capital Market business, participation was also notable, as Co-Manager, in the share capital increase of Unicredit and, as Guarantor and Distributor, in the listing of the Brunello Cucinelli company. In M&A and Advisory activities, the consultancy assisted VIVIGAS S.p.A. in the acquisition of AEMME Linea Energie S.p.A. from the AMGA Legnano Group. In the Debt Capital Market, the Bank participated in the placement of various bank issues, including three European Investment Bank (EIB) issues, and also, as Guarantor and Placing agent within the Management Group, in the ENEL bond issue, which was successfully placed in public offer on the retail market for a total of €3 billion. The Private Banking business – aimed at selected customers in the affluent and high net worth segments, with a specialised offer in personalised asset management – despite a context of structural contraction in the generation of savings in Italy, recorded substantial stability in assets under management. Total assets were valued at approximately €2.2 billion at the end of the first half of the year. Banca Akros has no goodwill or other intangible assets with an indefinite useful life included in the balance sheet assets. The Core Tier 1 ratio was 19% at the end of the half-year, well above regulatory requirements. The income statement as at 30 June 2012 shows a net income from banking activities of €44.7 million (+1.7% compared to 30 June 2011), a profit before tax of €14.7 million (+13% compared to 30 June 2011) and a net profit of €8 million (+4.4% compared to 30 June 2011).
|Banca Akros S.p.A.|
|Reclassified income statement||1st half of 2012||1st half of 2011||Changes|
|(amounts in € million)||in value||in %|
|Net income from banking activities||44.7||43.9||+0.8||+1.7%|
|Profit before tax||14.7||13.0||+1.7||+13.0%|