Solution Bank closed the first half of 2024 with a significant pretax profit of 8.1 million euros, continuing to demonstrate high operational efficiency and profitability, with a cost/income ratio of 52.9 percent and an annualized ROE of 10.1 percent.
Net revenues grew by 11 percent thanks to continued credit investments and a stable deposit base, collected through the nine-branch network, which helped contain the general increase in the cost of funding observed in the market. In fact, the intermediation margin stood at 30.5 million in the first half of 2024, setting an all-time record for the bank.
The bank’s assets reached 1.4 billion euros at the end of June, with a loan portfolio of 865.7 million euros and direct deposits standing at 1.2 billion euros. These results were achieved while maintaining a solid capital position, with a Cet1 Ratio of 18.14 percent, and excellent liquidity, reflected in an LCR of 291.14 percent.
During the first half of the year, we implemented important strategic and business initiatives. Our leasing area, called Solution Lease, has been fully operational since June in the vehicle, capital equipment, real estate and marine sectors, with numerous transactions already concluded. Our sales network manages a considerable pipeline, fed by both our branches and an external network of agents and brokers.
In addition, the opening of the new branch in Modena, scheduled for next fall, has been confirmed, with the aim of expanding the Bank’s retail business model, offering highly personalized services to private clients and strengthening relationships with corporate and institutional clients.
Finally, in the area of Specialized Lending, more than 100 million euros were disbursed in the first half of the year, supporting the entrepreneurial projects of corporate clients and consolidating Solution Bank’s presence in the distressed credit market.
Looking to the future with confidence, we are determined to continue our ambitious path of growth, strengthened by the results we have achieved and the solid foundation we have built in recent years. In these five successful years in Italy, under the leadership of SC Lowy, we have distinguished ourselves for our personalized and innovative approach to financial services. With a young and motivated team, we are ready to launch new wealth management projects and support individuals and businesses with tailored financing solutions.
We aim to grow further by opening new branches and developing increasingly innovative services. We intend to consolidate our position in the Italian banking scene, focusing on transparency, reliability and innovation to continue to grow together with our customers.
