A “different” bank. As the to Giovanni Bossi during the press conference to present the 2015 results, he wanted to present Banca Ifis, an institute active in factoring. “We feel different from what worries the market in these hectic days – said Bossi at the opening of the press conference – The answer we have given ourselves is solidity, which is not a contingent fact for us but has always been our point of reference".
On the Stock Exchange, the stock reacts very positively and jumps by 4,44% (+0,77% the Ftse Mib), in a particularly negative day for the banks. The numbers of the financial statements just closed are in double-digit growth: the intermediation margin is up by 43,6% to 408 million, the net result of financial management by 49,7% to 373,7 million and the net profit by 68,9% to 162 million. The dividend that will probably be approved thus increases to 76 cents from 66 last year, with a payout of 25%. Compared to a year ago, the payout is down (it was 33%). A dynamic that can be explained precisely in the light of the bank's policy in relation to capital solidity. “Since 2011 – Bossi explained – we have decided to distribute a dividend, even a significant one, however without taking into account the profits that are able to guarantee government bonds. We wanted to consider the carry trade activity on government bonds as something that gives the bank capital strength, not an instrument on which to make profits”. And this year the group recorded a 124 million capital gain on government bonds. Net of this amount, the payout stood, as in the past, between one third and one half. However, the reserve of government bonds is slowly running out (because it has reached maturity or been sold) and the group estimates that it will go to zero in 2020. Bossi thus reiterated that the bank continues to work with the aim of replacing the income deriving from Government bonds with the core activity of the bank to increase profits in the medium term more than the contribution of government bonds decreases.
At the level of the solidity ratio, Banca Ifis filed a Common Equity Tier 1 (CET1) of 14,68%, up from 13,89% as at 31 December 2014 and a Total Own Funds Capital Ratio of 15,37% from 14,21%. Against an increase in loans: global loans to customers rose to 3,4 billion from 2,8 billion. "Since the end of 2014 we have resumed collecting vigorously also on the retail market - said Bossi - our retail collection is done entirely online and the average collection ticket is just under 40 thousand euros".
The non-performing loans/lending ratio in the trade credit sector stood at 1,1%, down from 1,3% at 31 December 2014 and the coverage ratio in the trade credit sector stood at 87,9% compared with 86,4 .XNUMX% of the previous year. In other words, for Banca Ifis the issue of non-performing loans which is tormenting a part of the remaining banking sector does not arise. Just as the issue of the bad bank does not arise. "Whatever the solution, I don't think it makes sense for us to deal with this topic," said Bossi.
“The system bad bank – he explained – has not been done and is not being done. I understand that we are moving in the direction of supporting bad banks of individual banks which would thus be able to get bad loans off their balance sheets. It is an expensive hybrid solution for those with many non-performing loans which would however help the system and some banks in difficulty by transforming a problem of non-performing loans into a cost in the income statement. But a few steps in this direction must be taken, let us remember that before the crisis bad debts amounted to 20 billion and today they have reached 200". For Bossi, however, the crux of the matter lies elsewhere. “Today the problem – he explained – lies in suffering but also in the lack of a business model system that works. However, I believe that the banking system has business model problems but I don't think it has failed, on the contrary. The market is exaggerating".
