Bank Ifis accelerate the transformation of the group and confirms the objective of obtaining 75 million euros of synergies annually from 2027 thanks to theintegration with illimityThe first half of 2026 ends with a net profit of 8 million euros, impacted by write-downs and provisions related to the audit activities initiated following the Bank of Italy's inspection. Net banking income rose to €406,5 million, driven primarily by Commercial & Corporate Banking, while the bank continued to dispose of non-strategic assets, reorganize its technology infrastructure, and enhance its non-performing loan business.
Banca Ifis: Profits down after adjustments, revenues at €406,5 million
Banca Ifis closed the first six months of 2026 with a net profit of 8 million euros, compared to 87-88 million euros recorded in the same period last year. However, the comparison is not entirely homogeneous, as the 2025 figures did not include the contribution of illimity, which was acquired subsequently. The half-year result was impacted by approximately 30 million euros in corrections and provisions attributable to the results of the internal audit activities initiated following the on-site inspection conducted by the Bank of Italy. The pre-tax profit amounted to €13,2 million, with taxes of €5 million.
Il intermediation marginand reached 406,5 million euros, of which 293,2 million attributable to Banca Ifis and 113,4 million to illimity. Revenues were contributed by interest margin of €261,7 million, net commissions of €71,3 million and €73,5 million from trading activities and other income. Performance was supported by Banca Ifis's commercial business, financial portfolio management, and illimity's turnaround activities. The bank's NPL strategy, however, was more prudent, with the bank maintaining a selective approach to purchasing new portfolios, also considering the impact of the calendar provisioning regulations.
Il cost of credit It rose to €83,6 million. As part of the harmonization of valuation criteria between Banca Ifis and illimity, the group recognized €34 million of the €70 million in incremental adjustments announced to the market on June 25. The remaining €36 million is expected in the second half of the year.
Banca Ifis: Commercial banking is the group's cornerstone, capital above requirements
Il Commercial & Corporate Banking is confirmed on main operating engine Banca Ifis. Including illimity's contribution, the sector's loans total approximately €9,6 billion, supported by a large and diversified customer base.
Banca Ifis's Commercial & Corporate Banking segment alone, excluding illimity's contribution, generated revenues of €168,3 million, with average loans of €7,2 billion. Factoring remains the most significant segment, with revenues of €75,7 million, followed by Corporate Banking & Lending with €59,4 million, and leasing with €33,3 million. This segment demonstrated substantial volume stability and a strong positioning in the small and medium-sized enterprise market, confirming its central role in the new business model aimed at supporting the real economy.
I overall operating costs They amounted to €308,8 million, including €125,4 million for personnel and €172,5 million for other administrative expenses. The effects of the efficiency initiatives will become particularly visible starting in 2027, following the completion of the integration and rationalization of operational structures, information systems, and administrative expenses.
On the patrimonial frontThe consolidated CET1 ratio rose to 13,4% from 13% at the end of 2025, remaining well above the 9,9% requirement set by the Bank of Italy. The Total Capital Ratio reached 18,4%, up from 15,3% in December. The ratios exclude the profit generated in the first half of the year.
La available liquidity amounts to approximately €2,1 billion, while the Liquidity Coverage Ratio stands at around 550%. In January, the bank also placed a €400 million Tier 2 subordinated loan, with a ten-year maturity and a 4,55% coupon, further strengthening its regulatory capital.
Illimity, divestments and new technological alliance with Finomnia
The semester was characterized by the acceleration of the integration process with illimity, which Banca Ifis expects to fully complete during the autumn. The group has completed the valorization of assets considered non-strategic through the divestments of Hype, ARECneprix, and Abilio, respecting the announced timetable. At the same time, technological infrastructure reorganized through the review of illimity's main IT contracts and the definition of a new multi-year agreement with the Finomnia Group.
Finomnia to acquire full control of Finomnia Banking from Banca Ifis, a company specializing in IT services for the banking sector and the development of digital platforms. The long-term relationship with Banca Ifis will continue, focusing on solutions with the highest strategic value, including platforms for digital channels and customer relationship management.
Banca Ifis and Finomnia will also maintain the partnership in the altermAInd company, active in the development of products and services based on digital technologies and artificial intelligence. The new structure should significantly contribute to achieving the €50 million in cost synergies expected by 2027.
Added to these are the commercial synergies already underway in Corporate & Investment Banking, structured finance, capital markets, and business services. "In the first half of 2026, we took decisive steps towards the integration with illimity, which is proceeding according to plan and which we expect to be fully completed in the fall," stated the CEO. Frederik Geertman, “these initiatives allow us to confirm the target of 75 million euros in annual synergies starting from 2027, as announced last year as part of the purchase and exchange offer for illimity Bank,” he added.
Moving forward on the deconsolidation of NPLs
Meanwhile, Banca Ifis continues the process competitive for the valorization and deconsolidation of the NPL businessAccording to the institute, the operation is attracting strong interest from Italian and international investors, specialized operators, financial institutions, and private equity funds.
Il NPL sector In the first half of the year, the company generated revenues of €94,9 million. Collections from debt collection activities, excluding portfolio disposals, totaled €192 million, confirming the effectiveness of its in-court and out-of-court activities, even in a period of increased selective purchasing.
The gross core originated NPE ratio rose to 7,4%, compared to 6,2% at the end of March, while the net ratio increased from 3,9% to 4,9%. The increase is linked to the reclassification of certain exposures that emerged following internal reviews and the Bank of Italy's inspection, as well as the deterioration of specific positions in the illimity and B-ilty portfolios. B-ilty's exposures are 80% covered by a government guarantee.
"With the aim of strengthening our position as a bank serving the real economy, we have also initiated the competitive process for the deconsolidation of the NPL business, for which we are receiving strong interest from leading Italian and international operators," Geertman explained. For the CEO, 2026 therefore represents "a transition year preparatory to the full implementation of the new business model," entirely focused on higher value-added activities and supporting the real economy. "We are addressing this transformation phase with solid fundamentals, a capital position well above regulatory requirements, and clear visibility into the opportunities arising from the integration. The actions taken in the first half of the year lay an even stronger foundation for sustainable value creation over the long term,” Geertman concluded.
