The IBL Banca Group (“IBL Banca”), active in the salary or pension-backed loans sector, closed the first nine months of 2016 with a consolidated net profit of 57,1 million euro, up by 37,2% compared to the 41,7 million euros recorded in the same period of 2015. The gross profit was instead equal to 84 million euros, up by 36,6% compared to 30 September 2015.
In the first nine months of the current year, the main margins grew: the interest margin reached 65,4 million euros, +10,6% compared to the 59,1 million euros at 30 September 2015, while the intermediation margin grew by almost 31% to 133,8 million Euros compared to 102 million Euros in the corresponding period of 2015.
In terms of equity dynamics, in the period in question, loans for loans to customers amounted to approximately 2.3 billion euro compared to 2 billion euro as at 31 December 2015 (+11,8%). The growth of this item – reads the note published by the bank – is mainly to be attributed to the increase in the core activities of the Bank; salary-backed loans increased by 248,2 million euro reaching 2,1 billion with a growth of 13,1% compared to the end of the previous year.
At the same time, in the same reference period, funding for customer deposits rose by 8,8% from 1,3 to 1,4 billion euro. Overall deposits, on the other hand, amounted to 3,5 billion, substantially in line with the 3,6 billion euro at the end of 2015 (-1,5%). Total assets exceeded 5,7 billion euro against 5,2 billion as at 31 December 2015 (+10,9%).
As at 30 September 2016, the shareholders' equity attributable to the Group rose to 242,5 million euro (+10,1% compared to 220,3 at the end of 2015). In particular, the CET 1 Ratio stood at 10,4% and the Total Capital Ratio at 13,5%, largely in line with the capital requirements required by the ECB.
“We closed the first nine months of 2016 maintaining profit growth and increasing the disbursement of salary/pension-backed loans, which represents the core business of IBL Banca. Leading economic indicators are also positive. Confirming that, with a good operating model, a bank can continue to grow steadily today by providing credit. A few weeks ago, in line with our strategic plan, with the first loan purchase transaction from Barclays Bank, we also inaugurated our new business line which envisages the acquisition of loan packages relating to salary-backed loans transactions by third-party operators” explained Mario Giordano, Chief Executive Officer of IBL Banca.
