(Finance) – Banca Ifis reported in the first half of 2022 a brokerage margin “broadly in line with our estimates” thanks to NII resilience (positively impacted by a one-off benefit of € 7.5 million linked to TLTRO III) and solid fees. It is the comment of the analysts of Intermonte to the balance sheet accounts of Banca Ifis. Looking at the quarter-to-quarter comparison – the experts explain – the decline in the NBI (-1.5%) is “mainly attributable to the lower contribution from trading” (particularly strong in the first quarter of the year).
As for the operating costs“are slightly above our expectations” and include 5 million in FITD & SRF costs (fully offset by the release of risk provisions) as well as 23 million in variable costs related to NPL recovery.
L‘Net income amounted to 38 million, “positively influenced” by a recovery in value on an NPL GACS portfolio (6 million).
Intermonte analysts confirm the “neutral” opinion on the Banca Ifis share and reiterate the target price of € 17.7 per share. “While we point out that the bank has a much stronger capital position than in the past, by improving visibility on dividend distribution and making it well positioned to absorb economic downturns, we also need to consider the potential threat of the evolving economic landscape. For this reason we prefer to reiterate our “neutral” view on the stock with a target price of 17.70 euros “.