Banca Ifis rises by 2,5% after the release of the accounts for the 2013 financial year. Profit increased by 8,5% to 84,8 million euro thanks to the increase in the intermediation margin of 7,9% to 264,2 million euros and in the result of financial management of 14,9% to 219,6 million euros. The cost/income ratio stood at 28,9% (27,8% in 2012). The ratio of net non-performing loans to loans in the Trade Receivables sector fell from 4,3% in December 2012 to 2,6%, a level that the CEO Giovanni Bossi, in presenting the data to the press, judged “almost normal. There has been – he said – an improvement in credit quality that we did not expect so strong ”. Without the effects introduced pursuant to the stability law, profit would have stood at 92,7 million, +18,5%. Assets increased by 23,1% to 380 million euro from 309 at the end of 2012. Funding rose to 10,8 billion (+41,3%).
Roe stood at 24,8% and in terms of capital ratios the Solvency Ratio reached 13,5% and Core Tier 1 13,7%. Bossi then specified that the bank does not need capital increases also in a logic of Basile 3. Dividend at 0,57 euro per share. A good contribution to the accounts also came from government bond yields with Banca Ifis which, in proportion to its size, is the bank that has the most securities in its portfolio. For the moment, however, the bank believes it will no longer proceed with the purchase of government bonds, whose contribution to the accounts, in the absence of further purchases, will be felt, in reduction, until 2016.
In detail, the intermediation margin of the Bank is made up as follows: Trade Credits sector 49,1% (46,7% as at 31 December 2012), Drl sector 9,2% (7,6% as at 31 December 2012), Tax Credits 3,5% (1,5% as at 31 December 2012 ), Governance and Services 38,2% (44,2% as at 31 December 2012, which however was affected by 6,1 million in profits realized from the sale of financial assets). In particular, the DRL (Distressed retail loans, which concern consumer credit) sector grew significantly, +31,2% to 24,4 million euro, a sector where the group aims to grow further in the coming years.
As regards the fourth quarter, the intermediation margin stands at 70,1 million euroso, from 77,3 million euros in the corresponding period of the previous year which includes the 6,1 million profits realized on the sale of financial assets.
