Good results for Banca Ifis in the half-year report presented on Friday 2 August. Net profit for the first six months of 2019, in particular, was up by 3,2% compared to the figure for the same period of 2018, to 68,3 million. The intermediation margin rose to 279,2 million euros (+0,4%), and operating costs decreased by 4% compared to the first half of the previous year, to 138,4 million euros.
Even more marked growth in the second quarter, the first under the new management of CEO Luciano Colombini, who took over in the spring from the historic CEO Giovanni Bossi: net profit +35% over 38 million, net result from financial management at 127,1 million euro (+15,9% vs 2Q18), intermediation margin at 149,1 million euro (+7,5% vs 2Q18). Without considering the consolidation in La Scogliera, the capital solidity of the bank also grew in the first half of 2019, with the CET1 Ratio now exceeding 14%.
“In these first six months of the year – commented Colombini – Banca Ifis performed well in all the main activities, highlighting a solid business and results in line with expectations. In detail, the figures relating to the last quarter show an increase in the intermediation margin of 149,1 million (+7,5% on the second quarter of 2018), thanks to the more than positive contribution of the Non-performing loans business (44% of the total) and the Business sector. On the PMI front we are now well positioned and competitive. As for the NPL business, in the second quarter, we recorded a double-digit increase in cash recoveries on our NPL portfolio equal to +19% compared to the first quarter (+66% the trend variation) for 67 million euro”.
“In this first half of 2019 – added the new CEO of Banca Veneta -, the Banca IFIS Group has signed acquisition contracts for 700 million new unsecured NPLs. As at 30th June, the portfolio owned by the Banca IFIS Group amounted to 16,4 billion euro of nominal value to which must be added 6,4 billion euro managed on behalf of third parties, through the subsidiary FBS, for a total amount of 22,8 billion euro (value nominal). In terms of capital requirements, CET 1 at the end of June rose to 10,81% (+0,52% on the previous quarter) thanks to the profits achieved in the first six months of the year. The level is well above the 8,12% required by the SREP. With the team we are already drawing up the guidelines of the new business plan that we will present this autumn and which will be the result of teamwork".
Banca Ifis also communicated that it has signed a non-binding letter of intent with Credito Fondiario, aimed at studying the creation of a partnership in the debt servicing and debt purchasing sectors.
