According to the rating agency’s calculations for five top Italian lenders, UniCredit, Intesa Sanpaolo, Bper, Banco Bpm and MPS, “the new tax will significantly reduce their net earnings” with an impact of “around 15 per cent of the system’s 2022 net profit”.
It said the tax would come on top of “a series of limitations to the profitability of the Italian banks, such as the modest lending activity and the increase in operative expenditure”.
The share prices of Italian banks plummeted on Tuesday after the government announced the new tax late on Monday.
The stocks regained much of the lost value on Wednesday after the economy ministry said the tax would be capped at a maximum of 0.1 per cent of the lenders’ assets.
ANSA
