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Notiziario Marketpress di
Giovedě 20 Gennaio 2005
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Pagina1 |
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FITCH RATINGS CONFERMA I RATING AL GRUPPO CREDEM |
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Reggio Emilia, 20 gennaio 2005 – Credem rende noto che ieri Fitch Ratings ha confermato al gruppo Credem i seguenti rating: long term “A“; short term “F1”; outlook “stable”; individual “B/c”; support “3”.
Fitch Affirms Italy's Credem
Fitch Ratings-london/milan-19 January 2005: Fitch Ratings, the international rating agency, has today affirmed Italy-based Credito Emiliano's ("Credem") ratings at Long-term 'A', Short-term 'F1', Individual 'B/c' and Support '3'. The Outlook remains Stable. The Long-term, Short-term and Individual ratings reflect Credem's good revenue generation and profitability, healthy asset quality, the recent reduction in its loan book concentration levels, adequate capital base, as well as good management and controls. They also take into account of Credem's heavy costs, stemming from previous acquisitions and branch openings, which absorb much of the income generated, and acceptable market risk. For the period 2004-2006, Credem plans to increase income by concentrating on traditional banking business and by allocating resources to small business, mid-corporate, mortgage and personal lending activities. In doing so the bank aims to achieve a better balance between income and costs. In addition, a new cost governance policy should allow better control of expenses and assist planning. Thanks to the restructuring at its subsidiary Abaxbank, the investment bank's risk appetite has been reviewed and is more in line with Credem's strategy. In addition, costs at Abaxbank have been effectively reduced. For the first three quarters of 2004, slower growth in average customer loans, reflecting the bank's recent strategy of reducing large corporate business in favour of small business and mid-corporate clients, contributed to a limited rise in net interest revenue. Stronger net commission income was derived from sales of savings products as well as from traditional banking. However, smaller dividend income and higher costs caused pre-provision operating profit to fall. Good asset quality generated small loan loss provisions. Credem's asset quality is good and concentration levels in its loan book have clearly improved since the adoption of the new credit policy for large corporate clients aimed at reducing the exposure towards this segment. After a dip in 2003, capital adequacy is back to comfortable levels as lending growth slowed and the bank retained earnings. At end-June 2004 Credem reported a Tier 1 ratio of 7.2%.
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