Solid results for Banca Ifis, which closed 2024 with slightly growing profits and revenues that almost reached 700 million. Numbers that allowed the bank chaired by Ernesto Furstenberg Fassio to increase the dividend to 2,12 euros per share. A figure approximately 40% higher than the plan's objectives. The bank also announced that it had filed with Consob the offer document relating to the voluntary takeover bid of 3,55 euros per share launched on Illimity about a month ago.
Banca Ifis's 2024 accounts
The Banca Ifis group closed 2024 with a consolidated net profit of 161,6 million euros, slightly up compared to 160,1 million in 2023, while the consolidated revenues stood at 699,2 million.
In the three-year period the institute highlights cumulative profits of 463 million euros: +12% compared to the objectives set in the 2022-24 industrial plan. The 2024 results were positively influenced by the performance of the commercial business and the NPL sector, as well as the activity of the Proprietary Finance sector.
In detail, the sector Commercial & Corporate Banking grew by +2%, the NPL sector the results deriving from the sector's activity recorded an increase of +0,6% Proprietary Finance have risen by +57%. “These values offset the increase in cost of collection”, the institute underlines: as of December 31, in fact, the collection was equal to 11,6 billion euros (-1,9%), and is represented for 60,4% by debts towards customers (49,2% in December 2023), for 12,4% by debts towards banks (from 23%) and for 27,2% by securities in circulation (from 27,8%).
Finally, the cost of credit was equal to 37,7 million, compared to 52,4 million euros in 2023, and the liquidity position as of 31 December was equal to approximately 1,4 billion euros of reserves and free assets financeable by the ECB (LCR above 700%).
Finally, the company indicated that the capital base "is solid", with a Cet 1 ratio of 16,10%, including the 2024 profit, net of the accrued dividend, well above the required capital requirements. The figure is also 100 basis points higher than the Industrial Plan target of 15,10%.
Banca ifis: dividend rises
The solid capital position allows for the distribution of a total dividend of 111,5 million of euros to be valid in 2024. The coupon amounts to € 2,12 per share, a number approximately 40% higher than the Industrial Plan objectives, of which 63,1 million (1,20 euros per share) distributed on 20 November 2024 and 48,4 million euros (0,92 euros per share) to be distributed on 21 May 2025.
Fürstenberg Fassio and Geertman: “Industrial plan objectives exceeded”
“In these three years we have successfully completed the Industrial Plan exceeding all goals financial targets and increasingly orienting the bank towards digitalisation and sustainability”, explained the president of Banca Ifis Ernesto Fürstenberg Fassio, underlining that, “the remuneration of shareholders, through the new dividend policy approved in 2023 and the distribution of constant dividends, allows us to achieve a payout ratio of around 70%".
Net profit 2024 “stood at levels higher than the Plan objectives, as was the profit of the previous two financial years: this is a clear sign of the goodness and effectiveness of our transformative action”, added CEO Frederik Geertman, explaining that “despite facing a context that is certainly less generous for the banking sector, Banca Ifis can today look with optimism to a future in which it will be able to benefit from the path set in the last three years in order to promote its further growth”.
Banca Ifis: Illimity offer documents filed with Consob
Banca Ifis also announced that it has filed with Consob the offer document relating to the takeover bid promoted by the bank on Illimity Bank. If the offer is successful, "the operation, which provides for the subsequent merger by incorporation of Illimity Bank into Banca Ifis, will allow the Banca Ifis group to accelerate its growth path and consolidate its leadership in the Italian specialty finance market, expanding its base of SME customers, entering new businesses and new segments and continuing its leadership in NPLs".
