A 2022 to be framed for Bank Ifis which ended the year with record earnings and, thanks to the results obtained, the guidance on 2023 increases. It appreciates the Stock Exchange, where the stock gains more than 2%.
Banca Ifis' 2022 results
THENet income pertaining to the group rises to 141,1 million euros, up by 40,3% compared to 100,6 million euros in 2021. The intermediation margin increased by 13,4% to 680,5 million euro compared to 599,9 million euro in 2021 thanks to higher revenues recorded in the Commercial & Corporate Banking Sector, equal to 318,4 million (+12,7%), in the NPL Sector (+10,4% to €284,3 million) and in the Governance & Services and Non Core Sector (+30,3% to €77,8 million).
I operating costs they amounted to 390,4 million euro (+7%), increasing due to the higher ones personnel expenses (150,8 million euros compared to 141,8 million euros in 2021), mainly due to the growth in variable remuneration and the contribution, in terms of resources, linked to the acquisition of the former Aigis Banca.
In terms of equity, the Cet1 ratio it stands at 15,01%, including the profit and net of the dividend for the year 2022.
“This result rewards a path in which we have continued to invest in our people – he declares Ernesto Furstenberg Fassio, president of Banca Ifis -. Teamwork, which combined with the new Governance processes and sustainability, has allowed us to create profit, also generating a positive impact for the territories and communities in which we operate".
The 2023 guidance and the dividend
By virtue of the results achieved, the bank has revised upwards guidance on net profit for 2023, now expected at 150 million euros compared to the 137 million euros envisaged in the 2022-2024 Business Plan. The profit target envisaged in the Business Plan for 2023 is therefore achieved one year in advance.
"The Bank has exceeded, one year early, the 2023 profit target envisaged in the Business Plan, equal to 137 million euros - declares the CEO Frederik Geertman -. This is a performance that represents an all-time high for our bank driven mainly by the favorable trend in revenues. These results were achieved despite a macroeconomic context characterized by numerous uncertainties with respect to the scenario envisaged by the 2022-2024 Business Plan".
"The positive results obtained in 2022 - continued the CEO of Banca Ifis - prompted us to review up 10% the 2023 profit target, to 150 million euros compared to the 137 million euros estimated in the 2022-2024 Business Plan. An objective that is based on the hypothesis of modest growth in GDP, with a progressive drop in inflation and an evolution in the cost of funding in line with market consensus. Supported by the positive results obtained in the previous year and by the solidity of our business model, we will continue to work with determination on the implementation of our Business Plan".
The results achieved also prompted the board of directors to approve the proposed distribution of a dividend balance for the 2022 financial year equal to 0,40 euro (gross of legal withholdings). In November 2022, the interim dividend for the 2022 financial year, equal to 1 euro per share, had already been distributed. The total dividends for the 2022 financial year therefore amount to a total of 1,40 euro per share. The balance of the 2022 dividend will be paid with ex-dividend date May 22, 2023 and payment date May 24, 2023.
