Banca Ifis runs at Piazza Affari after the three-year renewal of CEO Frederik Geertman, the green light for the first nine months' accounts and the interim dividend. A few minutes before the close, the stock gains 3,4% of its value, rising to 22,66 euros.
The nine months of Banca Ifis
The bank chaired by Ernesto Fürstenberg Fassio closed the first nine months of 2024 with a consolidated net profit growing by 1,5% to 126,6 million, while the intermediation margin increased by 3,8% to 531,8 million euros thanks to the contribution of the Commercial & Corporate Banking sector, the positive contribution of the NPL sector and the increase in results deriving from the proprietary finance activity. cost of credit stood at 28,9 million, down from 30,9 million euros in the first nine months of 2023, "confirming the prudent management of credit risk in recent quarters", the institute underlines.
I operating costs rose by 5,9% to 299,7 million, mainly due to the increase in personnel expenses (127,2 million euros compared to 120,5 million euros in the same period of 2023) due to the growth in the number of employees and the renewed Ccnl as well as to the higher other administrative expenses (177,6 million euros compared to 167,0 million euros in the same period of 2023). "These increases also reflect the integration of Revalea", Banca Ifis reports.
La liquidity position as of 30 September 2024, it amounted to approximately 2,1 billion euros of reserves and free assets eligible for financing in the ECB. On the same date, the Common Equity Tier 1 was equal to 16,43%, based on a net assets of 1,78 billion euros.
Banca Ifis: maxi advance dividend of 1,2 euros per share
In light of the results and the solid capital position, the board of directors of Banca Ifis has decided to proceed with the distribution ofthe 63 million euros (1,2 euros per share in circulation) of the 2024 interim dividend, which will be paid with an ex-dividend date of November 18, 2024 and a payment date of November 20, 2024.
2024 guidance confirmed
“The results of the third quarter allow us to approach the end of 2024 with confidence and confirm earnings guidance for the current financial year to 160 million euros – said Geertman -. In this way, we confirm the financial objectives of the Industrial Plan 2022-2024, continuing to strengthen commercial development, accelerate the innovation and digitalization process and prudently manage credit risk”.
“In the coming quarters – added the CEO – the macroeconomic scenario should still be positive for the banking sector, even if characterized by decreasing rates, a potential increase in competition in lending to customers with higher ratings and a potential deterioration in asset quality resulting from the performance of the European economy”.
Geertman CEO for another 3 years
In view of the preparation of the next industrial plan, the Board of Directors has approved the terms of the collaboration relationship with engineer Frederik Geertman in view of the renewal of the position of CEO for the next three years, which will be proposed to the shareholders' meeting of Banca Ifis in April 2025, within the list that will be presented by the controlling shareholder La Scogliera SA, following the definition by the same company of the renewal proposal with Geertman, Ifis informs through a note.
