Banca Ifis today announces the first indications relating to the results for the 2013 financial year:
– consolidated intermediation margin of 264 million euros, 70 million euros in the fourth quarter alone, not comparable with the result of the same period of the previous year in which 6,1 million profits had been realized on the disposal of financial assets;
– the Financial management result for the year is accelerating compared to the growth of the first 9 months, also thanks to adjustments to loans in the quarter which do not record particular dynamics, remaining in line with the trend of the first 9 months of 2013, therefore in net
reduction compared to the same period of the previous year;
– the growth in the number of financed companies continues, with a turnover in the trade credit sector that exceeds 5,7 billion euros, up by 15,4%;
– loans in the corporate sector in strong acceleration approaching 2 billion euro, with cash flows recorded in the 12 months in a sustained increase;
– further improves credit quality, with a sharp decrease in net non-performing assets in each individual category.
During the year, purchases of portfolios of non-performing loans generated by consumer credit were completed for a nominal value of approximately 500 million euro. Total bill collection and collections doubled during the year thanks to the new initiatives undertaken.
The impact was positive on the margins of the sector with a financial management result for the full year in line with the increase of the first 9 months. The total amount of the securities portfolio as at 31 December 2013 is equal to 8,4 million euros; the maturity remains very short (more than 40% will accrue in 2014). The solvency of the Bank is confirmed at levels of excellence also with the adoption of the requisites required by Basel 3; Banca IFIS is not subjected to an Asset Quality Review. The capitalization levels exclude the need for capital increases.
On 24 December 2013, the stability law was approved which provides for an increase of 2013% for Italian banks in income taxes for 8,5 alone, with an effect on income for the year. “2013 was a very difficult year in general for the banks in Italy” commented the CEO Giovanni Bossi “both due to a bad economy and the need to improve the capital ratios of the banks with consequent reduction in loans, and due to the difficulty in making margins useful to cover the losses deriving from the rapid deterioration of credit quality. In this context, Banca IFIS has increased its loans and the number of customers, generating not only growing profitability but significantly improving credit quality. Abundant liquidity, excess capital, profitability are accompanied by a presence in the consolidated credit chain capable of giving customers the answers they are looking for. The conditions for facing the challenges of 2014 are excellent.”
