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Bank IFIS: margin and customer growth for the next 9 month. Increasing profit and powerful NPL generating liquidity - Regulatory News, RNS
Corporate gross margin: 10.7% (9.9% as of January 1, 2018); total Group employees: 125.4 million euros (+2.7%); â Net result from financing activities: 64.7 million euros (+5.6%);â Consolidated net income: 22.8 million euros (-49.8%); Mestre (Venice), 8 November 2018 â" The Board of Directors of Banca IFIS today convened under the leadership of Sebastien Egon Fürstenberg and adopted the first nine month 2018 results.
"Â "Â "We present ourselves to the investor with a solid net income and a solid net asset value. It has one of the smallest stocks of sovereign debt in Italy among Italy's banks, accounting for around 29% of shareholders' funds. For this reason, in the third quarter we again included purchase portfolio pricing around 5% for uncollateralised loans with a total carrying amount of around EUR 1.8 billion.
A total of 208.9 million euros (180.7 million euros as of 30 September 2017, +15.6%). Staff costs totaled 83.3 million euros (73.8 million euros in September 2017, +12.9%). 133.8 million, an increase of 28.5% from EUR 104.1 million in the same quarter of the previous year. As of September 30, 2018, consolidated net income for the reporting year totaled 89.0 million euros, down 40.3% from 149.1 million euros as of September 30, 2017.
Accounts receivable of the Corporates division as of September 30, 2018 totaled EUR 5,669.5 million and were thus 3.8% higher than the adjusted amount as of January 1, 2018. Loans receivable in the accounts receivable business unit as of January 1, 2018, totaled EUR 3.4 billion. Lending to clients came to around EUR 1,346 million, up 5.9% on 1 January 2018.
As at 30 September 2018, the notional amount of loans and advances receivable amounted to 14.7 billion euros and their net value to 945 million euros. Incoming payments increased from just under EUR 84.4 million in the first nine months of 2017 to around EUR 125.7 million in the first nine months of 2018; a further EUR 8.0 million in incoming payments flowed from the portfolio disposals made in the year under review.
Banca took advantage of favorable markets in the third trimester of the year to buy back non-performing loan portfolio (NPL) assets. 1.8 billion at a cost of around 5%, resulting in a net value of 103 million euros for the first nine month of 2018.
As of September 30, 2018, the Group's financing structures were as follows: 60.5% private; 13.8% debt instruments; 12.6% asset-backed security; 8.8% teletro; 4.3% other. Market depreciation of these issues had a 20 basis point adverse effect on CET1 (8 basis points in Q3 2018 alone). On 2 February 2018, Fin S.p.A., which was filed on 24 November 2017, completed the purchase of 100% of Cap.Ital.
Except for the Bonds reserved for US and non-U.S. institutions, the Bonds were launched under the EMTN programme of Banca IFIS S.p.A. and are quoted on the Irish Stock Exchange. Completion of the deal, which was initially anticipated for September 2018 with the takeover of 90% of FBS for 58.5 million euros, is still subject to Bank of Italy clearance.
Lastly, the creditor completed a recapitalisation reserved for Banca iFIS in order to give Credifarma a sound basis for regulation and to follow up on its planned expansion in the years ahead. This transaction necessitated a total investment of around EUR 8.8 million. Fitch Rating Inc. held the Long Term Issuer Default Rating (IDR) at âBB+â, Ausblick âStableâ on 13 September 2018, initially issued in September 2017.