## Italian Banks Post Record Half-Year Profits, Focus Shifts to Credit and Insurance
(ANSA) – MILAN, AUGUST 10 – Italian banks are reporting another record half-year, with profits exceeding expectations and surpassing the stellar figures of 2023. The spotlight is now shifting towards the world of credit and insurance, as banks seek resources in anticipation of the autumn budget.
The top five Italian banks (Unicredit, Intesa, Banco Bpm, Mps, and Bper) achieved profits of €12.6 billion, a 20% increase from the same period in 2023. This surge in profits is primarily attributed to high interest rates. The total figure includes the results of Mediobanca, Credit Agricole, Popolare di Sondrio, Credem, and other small banks listed on the stock exchange.
In the insurance sector, which is facing consumer discontent over recent car insurance hikes, Generali and Unipol reported profits of €2.5 billion for the first half of the year.
Analysts at Morningstar Dbrs remain optimistic about the future, citing ”resilience” in net interest income, “good contribution” from fees, and “falling” credit costs as key drivers of banks’ success. With credit quality unlikely to deteriorate rapidly, they predict that 2024 will be on par with or even better than 2023.