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The new credit classification comes into force in 2024 (BSCM Regulation No. 2016-02), so some totals and changes have not yet been recognized. In terms of shareholders’ equity, the growth trend is confirmed, if it exceeds 2 percentage points in the previous quarter (i.e. at the end of the financial year), it continues to grow by more than 1 percentage point as of March 31, 2024, again aggregated.
The Central Bank of the Republic of San Marino reported that in the first quarter of 2024, total cash credit to customers decreased by €24 million to €1,062 million. Total impaired credit exposure amounted to €259 million, of which €101 million were bad debts. Among other things, net loan repayments, cancellations in the “impossible to pay” category and reclassifications from normal to impaired credit exposures were recorded during the quarter. Net cash credit exposure to customers amounted to €975 million, a decrease of €19 million. Net impaired credit exposure amounted to €177 million, including €50 million of bad debts, €122 million of debts impossible to pay and €5 million of overdue and/or overdraft exposures. The coverage ratio for impaired credit exposure to customer cash was 31.5% (50% for non-performing loans). Total impaired credit exposure to customer cash accounted for 24.4% of total credit exposure to customer cash, while on a net basis the above ratio was 18.2%.
Asset Data
As of March 31, 2024, the banking system’s net assets amounted to EUR 326 million, an increase of EUR 3 million compared to the previous quarter. The following factors mainly influenced this change: the positive period performance of the banking system in the first quarter of 2024; the valuation and accounting carried out by the banks for the preparation of the 2023 financial statements.
Management Company
At the end of March 2024, the number of mutual funds managed by the three SGs under San Marino law was 14, of which 2 were established by specific decrees as part of bank restructuring operations. The net assets of mutual funds amounted to €331 million, compared to €254 million at the end of 2023. The increase in assets under management is mainly attributable to the management company’s activities related to open-ended funds. Of the €331 million, funds established by specific decrees (as part of ongoing bank restructuring operations) amounted to €66 million.
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