Results for the first half of 2013 approved by the BoD
- Net income from banking activities of €48.7 million (+9% compared to the first half of 2012); profit before tax of €15.3 million (+4%).
- Core Tier 1 ratio of 20.4%.
- Banca Akros has confirmed its top position in market making and bond brokerage (ranking 2nd on DomesticMOT, EuroMOT and EuroTLX, ranking 3rd on Hi-MTF) and equity brokerage (ranking 4th on the Borsa Italiana).
Milan, 30 July 2013 – 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 2013.
Company management applied prudent principles, in compliance with the risk tolerance limits, and aimed to monitor the main markets of operation, the relative market shares and the offer of products and services to customers in the chosen areas of focus: market making and trading, brokerage, corporate finance/capital market and private banking. In the first half of the year, the Bank achieved positive profitability, including in relation to the efficient use of regulatory capital, and the confirmation of adequate capitalisation ratios and liquidity levels.
Over-the-counter market making on government securities and bonds remained significant, with around €29 billion of securities traded, on equity derivatives and treasury instruments. Notably, the Bank also participated, as Co-Dealer and market maker, in the placement on the Electronic Bond Exchange (MOT) in April, of the inflation-linked BTP-Italia subscribed for more than €17 billion. The proprietary bond portfolio, mainly composed of Italian government bonds as well as senior bonds of primary domestic banking issuers, offered opportunities for capital appreciation during the half-year and the relative amount at the end of the period was slightly lower than as at 31 December 2012. In line with the indications of the Group’s Business Plan, in the first half of the year the joint coverage project with the Parent Company in corporate banking and corporate finance activities for corporate customers was extended to a national level. In this context, the operation, at the service of companies and institutional counterparties, on instruments to hedge interest rate risks (with notional volumes traded of approximately €13 billion), exchange rate risks (approximately €49 billion) and commodity risks, in the energy sector in particular, is also significant.
In brokerage on markets, Banca Akros (Source: Assosim – Third Parties):
- Consolidated its leading position in the bond markets, ranking 2nd on the DomesticMOT and EuroMOT segments of the Borsa Italiana (with a market share of 16.5% and 17.4%, respectively), and on the EuroTLX market (with a market share of 19.7%), as well as ranking 3rd on the Hi-MTF market (with a market share that has more than doubled to 25.5%), partly thanks to the contribution of SABE, the proprietary system for dynamic best execution research, in accordance with MiFID regulations, for the benefit of customers.
- Ranked 4th on the Electronic Stock Exchange (MTA) of the Borsa Italiana (5th in the first half of 2012), with a significant increase in market share to 8.4%.
- Ranked 5th in futures on the FTSEMIB index and 1st in the IDEX market for electricity derivatives of the Borsa Italiana.
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 eight other independent European investment banks active in their national markets.
In the Equity Capital Market, the Bank participated in the listing of Moleskine S.p.A. and in the underwriting syndicate for the RCS MediaGroup S.p.A. share capital increase. In the Debt Capital Market, the Bank participated, as the only Italian bank in the Management Group and as Lead Manager and Bookrunner, in the institutional issue of a three-year fixed-rate senior bond of the Parent Company successfully placed in January for the amount of €750 million, as well as in the placement of various bank issues including four European Investment Bank (EIB) issues. The Bank also participated, as Co-Lead Manager, in the issue of the institutional bond placed by EI Towers S.p.A., as placing bank, in the public offer for the subscription of bonds made by Mittel S.p.A. and, as broker in charge of collecting subscriptions, in the public exchange offer promoted by Mittel S.p.A. on its own bonds.
In the Advisory and M&A segment, Banka Akros participated, as financial advisor as well as broker in charge of coordinating the collection of subscriptions, in the takeover bid promoted by Meridiana S.p.A. on Meridiana Fly S.p.A. It also continued its activity in securitisation for medium-sized banks and credit advisory activities for the structuring of commodity loans.
The Private Banking business – aimed at selected customers in the affluent and high net worth segments, with a specialised offer in personalised asset management – recorded substantial stability in assets under management. Total assets were valued at approximately €1.9 billion at the end of the first half of the year. The Bank continued its development of custody and settlement activities to support the market operations of independent management companies.
Banca Akros has no goodwill or other intangible assets with an indefinite useful life included in the financial statements. At the end of the half-year, the Core Tier 1 ratio was 20.4% and the Total Capital ratio was 21.5%.
The Income statement as at 30 June 2013 shows a net income from banking activities of €48.7 million (+9.0% compared to 30 June 2012), administrative expenses of €26.3 million (-5.8%), a profit before tax of €15.3 million (+4.0%) and a net profit of €7.6 million (-4.6%, after applying an estimated tax rate of 50%).
|Banca Akros S.p.A.
|Reclassified income statement
|1st half of 2013
|1st half of 2012
|Net income from banking activities
|Profit before tax