Banca Ifis reported a net profit of 52,3 million euro for the first nine months of the year (compared to 84 in the first 9 months of 2019), closing all quarters in profit despite the impact of the pandemic.
In the period, the group strengthened its capital position with Cet1 at 11,69%, up by 73 basis points compared to 31 December 2019. Total deposits in the nine months grew by 8,1% to over 9,1 billion of Euro.
During the first nine months of the year, the group performed provisions of €47 million for Covid-19, of which 11 million on a prudential basis in the third quarter of 2020 for the estimate of potential negative effects mainly connected to the moratoriums.
Furthermore, from the beginning of January to the end of October, Banca Ifis purchased Npl portfolios for a nominal value of 1,7 billion euro in the January period. For the entire fiscal year, Banca Ifis expects a profit in the high part of the 2020 guidance (between 50 and 65 million euros) communicated on 6 August. “The results for the first nine months of 2020 confirmed the resilience capacity of the Bank even in times of great difficulty such as the Covid-19 pandemic and demonstrated the solidity of the business model, which is well positioned in profitable market niches – explains the CEO Luciano Colombini – Despite an unprecedented macroeconomic context, in a situation of general distrust and uncertainty, Banca Ifis closed the first nine months of 2020 with a profit of 52,3 million euro, reaching the guidance defined for the year in progress. All quarters were profitable despite adjustments and write-downs reasonably attributable to the situation linked to the Covid-19 pandemic for approximately 47,9 million euros in the first nine months of the year”.
