Institute for sports credit, net profit of 53 million in the three-year period

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Net profit equal to 9.6 million euros, with the cumulative profits of the three-year industrial plan at approximately 53 million in line with the set objectives. Assets at 3.6 billion, with a stock of customer loans of around 2.2 billion. growing by 4.2% compared to 2022, thanks to the record production of 2023. These are the main numbers of the 2023 financial statements approved by the board of directors of the Institute for Sports Credit.

The disbursements

Credits amounting to 477 million euros were disbursed, up 33% compared to 2022. Disbursements in the “Sport” sector increased significantly, standing at 389 million euros, up 36% compared to 2022, thanks to the substantial push in the Local Authorities segment which have requested numerous loans for the development of sports infrastructures. But the bank’s commitment to the “Culture” sector is also growing, with total disbursements of around 89 million euros, an increase of 23% compared to the previous year. In line with the expectations of the industrial plan, the “Culture” segment reaches a weight of 8% of the bank’s total assets, compared to 1% pre-Plan.

The impact of disbursements

«The good performance of 2023 – explained the president, Beniamino Quintieri – reflects the constant commitment of the Institute for Sports Credit in supporting and promoting the infrastructural development of Sport and Culture in Italy. Thanks to the joint efforts of all our collaborators and partners, we have achieved a new record of loans, testifying to the strong social impact of our investments with a portfolio SROI that now reaches 3.2x. This result not only makes us proud, but reaffirms our mission to act as a true catalyst for sustainable growth, supporting initiatives that generate lasting value for the entire community. We will continue to work with dedication to encourage the development of sports practice and for the conservation and development of cultural heritage, significantly contributing to the well-being of local communities and the national economy.”

For the general manager, Lodovico Mazzolin, «the 2023 results demonstrate the resilience and effectiveness of our strategy which was able to produce significant growth in loans in an adverse context with the increase in interest rates and the decline in credit demand. We are achieving the economic and financial objectives of the 20-23 Three-Year Plan despite a difficult macroeconomic context. Our strategic vision and ability to adapt, which focus on achieving a balance between profit and social impact, have allowed us to increase credit disbursements in the sports and cultural sector, confirming the effectiveness of our approach to impact finance . ICS is ready to take on the new challenges of post-transformation into a joint-stock company.”

The numbers for 2023

The normalized net profit, without the effects of the extraordinary components, stood at 11.2 million euros, slightly lower than the 2022 normalized result. The interest margin amounted to 43.8 million euros, a reduction compared to the 2022 (-9.3%) due to the higher cost of funding represented largely by the increase in interest expense on TLTRO auctions and repurchase agreements, as a consequence of the restrictive policy adopted by the ECB during the year. The intermediation margin stood at 53.8 million euros, down compared to 2022. Operating costs stood at 36.1 million euros, essentially in line with last year. Normalized operating costs (net of extraordinary one-off costs incurred for extraordinary projects) recorded a decrease of 1.9 million.