The Cassa di Risparmio of the Republic of San Marino, close to reaching its 140th year of activity, returns to generate profits after eleven consecutive financial statements closed at a loss, setting the result at 1,744 million euros.

“2021 sees the overall collection settle over one billion and seven hundred million, an increase of over 7 percentage points compared to the previous year – reads the press release of the Savings Bank of the Republic of San Marino -. The sedianetti stand at approx 384 million and the coverage of dubbing credits amount to over 76%, denoting the important coverage rate of the aforementioned credits. Important and effective actions have allowed the bank, despite the persistence of exogenous economic-health criticalities, to consolidate an even higher recovery rate than in 2020. Furthermore, the Reduction of the probability of credit default by one percentage pointwhich denotes the careful supervision of disbursement and monitoring “.

And again: “Maximum attention was also paid to expenses, which, subjected to a virtuous and progressive reduction process, made it possible to obtain a cost / income ratio which drops to 83% (50% less than in 2020), for the first time below 100. The efficiency and profitability indicators show significant improvements year on year “.

Furthermore, “in terms of assets, the Cassa di Risparmio of the Republic of San Marino is characterized by solvency ratio of the 18.37%well above the regulatory limit set at 11% by the supervisory regulations in force e an improvement of over 4 percentage points compared to the previous year“.

“The net assets stands at 107.48 million euros, an increase of 46% compared to 2020. The net profit for the year of € 1,744 million discount a important provision to the General Financial Risks Fund (€ 5 million)as an instrument identified to safeguard the bank’s capital solidity ”, comments the Cassa di Risparmio of the Republic of San Marino.