Bank Ifis closed 2018 with a profit down by 18,8%, but the great recovery recorded in the fourth quarter (+82,6%) makes the stock soar upwards, which at 15.55 pm gained 10,53% to 17,63 euros after reaching an intraday high of 18,28 euros. The guidance for 2019 also contributes to pushing the shares, the year in which the institute estimates a net profit of between 140 and 160 million.
Returning to the 2018 accounts, the net profit, as mentioned, fell by 18,8% from 180,76 to 146,76 million euro due to value adjustments for credit risk of over 100 million euro. Earnings per share amounted to 2,75 euros, while the intermediation margin grew by 9,7% to 576,5 million.
Last year, i operating costs they rose to 273,4 million (+9,1%) "to reflect the increase in group resources equal to 1.638 people (+11,4%) and in the charges for the recovery of Npl positions", the bank says led by Giovanni Bossi. The result of financial management finally, it fell by 4,6%, going from 499,22 million to 476,41 million euro. The Cet1 it is at 10,3% against 11,66% at the end of 2017, due to the effect of the new regulations with a negative effect of 82 basis points.
The board has proposed the distribution of a dividend unit equal to 1,05 euro per share (1 euro on 2017) for a total dividend of 56,1 million and a pay-out ratio of 38,2%.
"In 2018, Banca Ifis continued to grow in all business segments, reaching a net profit of 147 million, despite the provisions made on some significant positions that involved the entire system, without which the result would have been materially higher - declared the Chief Executive Officer Giovanni Bossi -. On the corporate front, we are consolidating our market share thanks to our ability to offer adequate and timely solutions".
Right on net value adjustments, Banca Ifis specifies that in 2018 they reached 100,1 million euro compared to 26,1 million in 2017 and essentially refer to the Corporate sector, in particular to non-performing positions and unlikely to pay positions in the construction sector for a total of 60 million euros, “two of which are attributable to historical counterparties” active in the infrastructure sector which involved the entire Italian banking system. (the reference is above all to the crisis of Astaldi and Condotte, ed.)
Speaking of just fourth quarter, the intermediation margin equal to 172,9 million (+15,3% compared to the comparison period), while the net profit soared to 57,8 million, up by 82,6% compared to the fourth quarter 2017.
Finally, for 2019, Banca Ifis expects a slight increase in the intermediation margin compared to 2018, despite the contribution of the reversal of the PPA is expected to decrease by around 50% compared to 92 million in 2018, while the estimate of the profit The financial year is equal to approximately 140-160 million (from 146,8 million in 2018).
