(Finance) – Ifis Bank closed the first quarter of 2024 with a net profit of 47.2 million up by 2.7%, compared to the 45.9 million euros of the first quarter of 2023. The results of the first quarter, explains the bank, were “positively influenced” by the commercial results, the results of the proprietary finance activity and the low risk scenario.
The intermediation marginup 5.4% to 185.2 million euros compared to 175.8 million euros in the first quarter of 2023, benefits from the growth of the Commercial & Corporate Banking Sector (+1.6% equal to approximately 1 million euros compared to the first quarter of 2023), the positive contribution of the NPL sector for 4.8 million euros, as well as the increase in results deriving from the activity on financial instruments for 3.2 million euros.
THE operating costsequal to 102.1 million euros (+12.1% compared to 91.1 million euros in the first quarter of 2023), increased due to higher personnel expenses (43.4 million euros compared to 39.7 million euros in the first quarter of 2023), mainly due to the growth in the number of employees, also following the entry of the company Revalea not present in the first quarter of 2023, and the renewed CCNL, and for the higher other administrative expenses (61.9 million euros compared to 53.8 million euros in the same period of 2023).
There liquidity position as at 31 March 2024 it is equal to approximately 2.5 billion euros of reserves and free assets financeable in the ECB (LCR greater than 2,600%).
The CET1 is equal to 14.98% (14.87% at 31 December 2023) and the TCR is equal to 17.43% (17.44% at 31 December 2023), calculated excluding the profit generated in the first quarter of 2024 .
The favorable trend of revenues, up 5.4% compared to the first quarter of 2023, it is supported by the positive performance of the commercial business and proprietary finance.
The dividend of 47 million euros (0.90 euros per share), approved by the Shareholders’ Meeting on 18 April 2024, will be distributed on 22 May 2024. This amount is added to the advance payment of 63 million euros (1.2 euros per action) released in November 2023.
MSCI has assigned the Bank an ESG rating of AA (from A). This result reflects the numerous sustainability initiatives, directed by the Presidency and implemented in recent years, aimed at generating a positive impact for the communities in which the Bank operates and for the country.
“The results of the first quarter of 2024 confirm the Bank’s ability to achieve positive performances even in an uncertain macroeconomic context like what we are going through. Profit growth was mainly driven by favorable revenue trends and low credit costs, it says Frederik Geertman, CEO of Banca Ifis. In the first quarter of 2024, the commercial activity in factoring and leasing, thanks to the tenacious work of our network, achieved growth rates higher than the reference markets and offset the increase in the cost of collection. We completed well in advance, through a bond issue and an increase in customer deposits, the funding for the repayment of the TLTRO and the bond maturing in June 2024. We also continued to strengthen coverage of the cost of impaired credit in line with the prudent credit policy that has always characterized the Bank. Based on this positive start to the year, we look forward to the following months with confidence of this last year of the Industrial Plan, continuing to remain alongside the small and medium-sized Italian companies that we support with our products and the distinctive expertise of our people”,