(Tiper Stock Exchange) – Banca Ifisa group active in specialty finance and listed on Euronext STAR Milan, closed the first quarter of 2023 with a net profit attributable to the group equal to 45.9 million euros, up by 31.4% compared to the 34.9 million euros of the first quarter of 2022. The intermediation marginup 7.7% to 175.8 million euros compared to 163.3 million euros in the first quarter of 2022, benefiting from the positive correlation of the Commercial & Corporate Banking Sector to the rise in interest rates.
THE revenues of the NPL Sector, substantially stable compared to the first quarter of 2022, they highlight the solidity of out-of-court deposits despite the rise in inflation. The cost of credit it is equal to 10 million euros and includes a further 5 million euros of prudential provisions on performing loans against potential risks associated with the macroeconomic context.
“Q1 2023 has confirmed the further acceleration of profitability of Banca Ifis, guided by the favorable trend in revenues and the low cost of credit – commented theAD Frederik Geertman – The strategy identified in the 2022-2024 Business Plan and focused on enhancing our business model has led us to further strengthen the relationship between risk and return also in relation to the current phase of uncertainty in the global macroeconomic context”.
“Our portfolio is mainly made up of short-term assets, quality loans, largely guaranteed, and diversified deposits both by maturity and by funding channel: for these reasons we look positively to the continuation of the year in which we aim decisively to achieve the profit targets, which have already been revised upwards with respect to the objectives announced in the Business Plan”, he added.
THE customer deposits, which are unchanged in the first three months of the year, are made up for over 90% of the retail component and are diversified in terms of maturity, collection and channel. Approximately 2/3 of the deposits in the Rendimax account are fixed-term and 83% guaranteed by the Interbank Fund, being less than 100,000 euros. The cost of deposits, up on the previous quarter, is in any case in line with our forecasts.
THE capital ratios both of the Bank and of the Group are well above the minimum levels required, with the consolidated CET1 Ratio equal to 15.21% (15.01% as at 31 December 2022) and the consolidated Total Capital Ratio equal to 18.45% (18.82% as at 31 December 2022).