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Italian Banks

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finance2 years ago•2 min saved

Italian Bank Stocks Rally as Government Softens Windfall Tax

Italian bank stocks rebounded after the government diluted a surprise windfall tax on excess profits, which had initially caused shares to plummet. The finance ministry announced a cap on the levy, significantly reducing its negative impact on banks' earnings. Analysts estimated that the tax could have dealt a 19% blow to Italian lenders' net profits for the year. The market reacted positively to the news, with shares of BPER Banca, Banco BPM, Intesa Sanpaolo, Finecobank, and UniCredit all recovering. Concerns about shareholder remuneration also eased, as most banks confirmed their distribution policies.

via CNBC|

#finance #government-intervention #italian-banks

finance2 years ago•2 min saved

Italian Bank Shares Plummet as Government Imposes Surprise Windfall Tax

Italian banking shares experienced a significant decline after the government approved a 40% windfall tax on lenders' "excess" profits in 2023. This tax, which will be used to cut taxes and support mortgage holders, will impact banks' capital, profit, and cost of equity. The tax applies to "excess" net interest income resulting from higher interest rates and will be paid within six months after the end of the financial year. The introduction of this tax may lead to Italian banks increasing their cost of deposits to reduce extra profit.

via CNBC|

#finance #italian-banks #matteo-salvini