Bank Ifis closed on first quarter with profits of 26,4 million euros, down 11,8% from the 29,92 million recorded in the same period last year.
Always between January and March, the intermediation margin of the credit institution stood at 106,0 million euros (down from 130), while operating costs they dropped year-on-year from 74,3 million to 73,5 million.
As already announced on April 23rd, the group has financial guidance suspended released in January with the 2020-2022 business plan.
On the asset side, at the end of March the Cet 1 ratio was at 11,2%, up from 10,96% on 31 December 2019 and against a SREP requirement of 8,12%.
“We are facing an unforeseen global crisis to which we have responded quickly and efficiently – said the CEO of Banca Ifis, Luciano Colombini – We have guaranteed the health and safety of our people and customers without any operational interruption. The economic, equity and financial situation of the Group is solid and allows the Bank to face the current financial crisis with confidence”.
With regard to the management of activities in response to the Covid-19 pandemic, Banca Ifis informs that 93% of the staff are working in smart working and that during the closing period over 300 new customers were acquired digitally, while the approved moratoriums reached 18.300.
On the front of the digital transformation, "in just a few weeks, we have made a great technological leap - added Colombini - experimenting with new ways of working and achieving important objectives, confirming the fact that the Bank's model is agile and flexible".
Finally, in the business of npl, the group recorded collections of 65 million euros, compared to 57 million in the first quarter of 2019, "confirming that the Bank offers its customers repayment plans that are sustainable in the long term", concludes the bank's note.
