Banca Ifis reported a net profit of 103,7 million euro for the first half of the year compared to 39,1 million as at 30 June 2016, with an increase of 165%. Last year's data, the company specifies, were recalculated "following changes in market interest rates and the institution's funding rates". The intermediation margin in the period was equal to 250 million euros, 65,7% more than in the first half of 2016 (150,9 million). The positive performance recorded in all the Bank's core segments was also influenced by a series of factors such as the consolidation process of the former Interbanca Group, in particular Corporate Banking and Leasing and the profit from the sale of NPL loans.
Net value adjustments for the period amount to a positive value of 18,5 million euros compared to a negative 15,8 million euros in the first half of 2016. The adjustments relating to the Trade Receivables sector alone amount to 11,7 million euros compared to 11,6 million as at 30 June 2016 (+0,7%). "With particular reference to the adjustments of non-performing loans - explains Banca Ifis in a press release - it should be noted that the 14,8 million have been reclassified among interest income and similar income in order to provide a representation more in line with the peculiarities of this business which they see the same as an integral part of the yield”.
Operating costs in the first half amounted to 122,6 million euro (76,8 million as at 30 June 2016, +59,7%). The cost/income ratio (ratio between operating costs and intermediation margin) amounts to 49,0% compared to 50,9% in the same period of the previous year. Personnel expenses amounted to 49,5 million euros (27,6 million in June 2016, +79,3%). The increase in personnel expenses refers for 16,6 million euros to the former Interbanca Group. In total, the number of Group employees at the end of June 2017 was 1404 resources. Administrative expenses, equal to 69,9 million euros compared to 46,5 million euros in the corresponding period of 2016, show an increase of 50,3%. The item includes 14,7 million euros in costs relating to the new subsidiaries. Consolidated shareholders' equity at the end of the period amounted to 1.283,3 million euro compared to 1.218,8 million as at 31 December 2016, while Cet1 rose to 16,38%.
