(Teleborsa) – In 2020 the Italian foundations of banking origin they recorded a strong contraction in income (-45%) and a drop in assets (-1.4%). The effects of the pandemic crisis and the freezing of bank dividends recommended by the ECB weighed on the results. This is the picture that emerges from Acre Twenty-sixth Annual Report, with the aggregate data from the 2020 financial statements of the 86 foundations of Italian banking origin.
In 2020, the the total accounting assets of the Foundations fell to 39.7 billion euros, down by approximately 553 million euros (-1,4%) compared to the previous year. THE income fell to 1,421.4 million euros compared to 2,600.7 million in 2019 (-45,3%). I dividends from non-bank equity investments – the Report points out – they therefore represented the main form of income, with 900 million euros and an incidence of 63.3% of the total. There gross profitability of assets stood at 3,6%, compared to 6.5% in 2019. The surplus for the year was € 1,050.3 million (-45%).
Despite the sharp drop in revenues due to the stop of dividends prudently imposed by the ECB on investee banks due to the Covid crisis, last year the banking foundations increased their overall disbursements to support the reference communities in dealing with the pandemic emergency. In 2020 – reads the Acri Annual Report – thedisbursement activity was equal to 949.9 million euros (+ 4.3%). the disbursements intended for welfare have reached i 396.5 million euros (equal to 41.7% of the total).
“Thanks to the prudent management and the diversification process – explained the president of Acri Francesco Profumo – just when they were most needed, the Foundations showed they were there. The contraction in profitability recorded by the Foundations in 2020 was decidedly lower than that of other institutional investors in the same period. It is useful to consider, however – he added – that the dividends not received during 2020 have gone to further strengthen the credit institutions and therefore, in the long term, to consolidate the value of the investment “.
“The explanation of that positive change in disbursements, despite a year of strong yield compression – Acri points out – is attributable both to the methods of determining the resources to be allocated to the institutional activity used by most of the Foundations (which is mainly based on operating surpluses generated in the previous year), and to the impressive and timely response to the health crisis that the Foundations have been able to offer to public and private entities involved in emergency management, in the health, social and economic sector (drawing, where necessary, from the resources prudently set aside in the stabilization funds of the institutional activity) ” .
The number of funded initiatives and the relative average per Foundation, equal to 227 units, was substantially stable at 19,528, while the average amount disbursed per single project increased from 46,991 to 48,640 euros.