Banca Ifis, during the first half, business proves to be resilient
and the equity position improves despite the difficult context.
2020 Guidance updated
During the first half, business proves to be resilient
and the equity position improves despite the difficult
context
- Net profit stands at 37 million Euro, net of adjustments and
impairment for 36 million Euro (pre-tax) as a result of the
Covid-19
- Improving equity position with an increase of CET1 to 11,58%,
up 62 basis points on 31 December 2019
- Strong support to SMEs: more than 18.000 moratoriums requested
as at July, 98% approved
- Npls: from January to July, 1,3 billion Euro in purchases, in
line with the business plan
- Innovation: digital and operating investments hastened
2020 guidance updated: Banca Ifis
estimates profit between 50 and 65 million Euro
Results first half of 2020
Reclassified data1 - 1 January 2020/30 June
2020
- Net banking income comes to 213 million Euro
due to the slowing of production activities, which has impacted all
the Group’s business units
- Operating costs come to 155,5 million Euro and
include 7 million Euro in provisions made for solidarity and 6
million Euro in provisions made for a guarantee on a former
Interbanca credit position
Capital requirements with the
consolidation within La Scogliera
·CET1: 11,58% (10,96% at 31
December 2019) in respect of an SREP requirement of 8,12%; TCR:
15,33% (14,58% at 31 December 2019) in respect of an SREP
requirement of 12,5%. The requirements are calculated excluding the
2019 dividend, which has been suspended by ruling of the Bank of
Italy and, for the sake of prudence, excluding all profits from the
first half of 2020.
Capital requirements without the consolidation within La
Scogliera2
·CET1: 15,45% (14,28% at 31 December 2019);
TCR: 20,15% (18,64% at 31 December 2019).
Guidance 2020
·FY 2020 profit ranges between 50 and 65
million Euro, assuming a progressive stabilisation of the
macroeconomic context and the absence of economic shocks due to
further prolonged lock-down periods.
Mestre (Venice), 6 August 2020 – The
Board of Directors of Banca Ifis, met today and chaired by Deputy
Chairman Ernesto Fürstenberg Fassio, approved the results for the
first half of 2020.
“The first half of the year has confirmed the
validity of the strategy and financial solidity of Banca Ifis, in
an absolutely unprecedented macroeconomic context. During the year
of the Covid-19 pandemic, one of the worst in recent decades,
Banca Ifis closes the first half showing a profit,
strengthening its equity and speeding up investments”,
Luciano Colombini, Chief Executive Officer of Banca
Ifis, explains. “Even in this difficult outlook, the Bank
has shown considerable resilience thanks to the
specificity of its business model, based, on the
Enterprise front, on the disbursement of mainly short-term loans
and, on the Npl side, on the definition of sustainable repayment
plans, with an average term of approximately 7 years.
During the first six months, the Bank
recorded net profit of 37 million Euro, net of adjustments
and impairment for 36 million Euro (pre-tax) reasonably to be
considered as a result of the Covid-19. Moreover, the lock-down and
closure of the courts led to a slow-down of the Commercial &
Corporate Banking Segment business and of the Npl segment
collection business, thereby generating additional direct and
indirect impacts.
Consolidated CET1, calculated
excluding the 2019 dividend, which was suspended on the instruction
of the Bank of Italy and, for the sake of prudence, excluding
profits of the first half of 2020, came to 11,58%, up 62
basis points on 31 December 2019. The
same ratio, without considering the effects of the regulatory
consolidation into La Scogliera, would be 15,45% (14,28% as at 31
December 2019). Funding remained stable in both the retail
and institutional components. I would like to point out
that during the half-year, despite the macroeconomic uncertainty,
Banca Ifis in any case speeded up the innovation and
digital transformation of the business and operative model
and, with respect to the forecasts given at the start of the year,
expects to increase investments in digitisation.
Over the last few months, the Group has never
stopped operating efficiently and with real faith.
Amidst the lock-down, we successfully completed a strategic deal,
acquiring 70,77% of Farbanca, a transaction that will, thanks to
the synergies with Credifarma, allow us to create a leading pole in
loans to pharmacies; additionally, late June, we completed an
important rebranding project that will improve the
Bank’s positioning and assure a better communication of our
business and products. During the period, certain operations were
completed, such as the sale of the property in Corso Venezia,
Milan, which resulted in a capital gain of 24,2 million Euro and
the issue of a bond worth 400 million Euro at more favourable
conditions than originally expected and which, in the current
market context, are no longer feasible. We have also diversified
funding, exporting our offer of deposit accounts on the German
savings market, thanks to an agreement with the fintech Raisin.
On the Commercial side, we
guaranteed businesses our support, approving more
than 98% of the more than 18.000 moratorium applications received.
We stipulated an important agreement with the EIB whereby to
finance and support the SMEs impacted by the Covid-19. And this
latter measure, which comes in addition to the numerous activities
and services made available by the Bank both during the lock-down
and in the more difficult phase of recovery of production
activities.In terms of Npls, just as envisaged in
the business plan, from January to July, we took over 1,3
billion Euro in non-performing exposures and are currently
taking part in 15 transfer processes for an equivalent nominal
amount of approximately 1,9 billion Euro. The purchases finalised
in the last months will make a good contribution towards the Bank's
profitability over the next two years, thanks to proactive,
diversified collection activities”.
“The scenario we face remains uncertain.
However, if we assume a progressive stabilisation of the
macroeconomic context and no further lock-down periods, for
FY 2020 we hope to achieve net profits ranging between 50 and 65
million Euro. In actual fact, for the second half, also in
light of July’s collections of 25 million Euro as compared with the
average of 17 million per month in the second quarter, we expect to
see a progressive improvement in the Npl Segment, which should go
back to operating fully in the last quarter of the year. The
quality of credit in the Commercial & Corporate Banking Segment
will depend on the speed of the economic recovery and may be
impacted by the end of moratoriums. I do, however, remain very
positive about the quality of our assets: our trade receivables,
totalling 5,2 billion Euro, include approximately 800 million Euro
in loans to the public administration. The remainder of the
portfolio is well diversified, in terms of size, Segment and
enterprises”, Luciano Colombini concludes.
Highlights
RECLASSIFIED DATA 3
In order to fully implement the Group’s business
model, as envisaged by the 2020-2022 Business Plan, changes have
been made to the operating Segments as they were previously
structured: the Enterprises Segment, renamed Commercial &
Corporate Banking groups together the commercial activities
intended for enterprises and excludes the portfolios of loans
disbursed by Interbanca before the acquisition and set to run-off
(previously aggregated into the Enterprises Segment); the Npl
Segment has been kept in line with the past, while the Segment, now
called Governance & Non-Core Services, has been integrated into
the Non-Core section, which includes the portfolios excluded from
Commercial & Corporate Banking.
In addition, Segment reporting relating to
income statement components has been expanded to include a view of
results at the level of net profit.
The comparative information in this document has
been restated in line with the new Segment reporting.
The main economic items of the Banca Ifis
Group's results for the first half of 2020, are set out below.
Net banking income1
Net banking income comes to 212,8 million Euro,
down 23,8% on the 279,2 million Euro booked for the same period of
2019.
The Covid-19 health emergency led to a lock-down
of economic-production activities in March and April 2020. This in
turn resulted in a reduction in margins in all Segments and, in
particular, those in which operations are connected with the legal
system, which suffered the closure of courts, making it impossible
to proceed with legal debt collection measures. In addition to
this, there was a physiologically lesser contribution towards the
release of PPA3, the effects of which in the first half of 2020,
equal to 19,6 million Euro were substantively halved as compared
with the same period of last year (37,5 million Euro); this lesser
contribution is further highlighted by the early repayments that
took place in 2019.
The net banking income of the Commercial &
Corporate Banking Segment amounted to 106,1 million Euro, down
11,2% on 30 June 2019. The Factoring Area (-10,5%), Leasing Area
(-8,8%) and Corporate Banking & Lending Area are down,
recording a reduction of 22,1%, mainly due to the lesser
contribution of the “reversal PPA”3 as compared with the same
period of 2019.
Net impairment losses1
Net credit risk losses at 30 June 2020, come to
33,3 million Euro, -4,9% on the 35,0 million Euro booked at 30 June
2019. Against the increase in the Leasing Area, connected with the
migration of performing counterparties to a higher risk status,
which led to a growth of approximately 4,1 million Euro in the Area
adjustments, we have lesser provisions made in the Factoring Area,
which during the first half of 2019 had been negatively impacted by
adjustments made to certain counterparties that were individually
significant.
Operating costs
Operating costs rise 11,6%, totalling 155,5
million Euro (139,3 million Euro at 30 June 2019). The increase of
16,2 million Euro is mainly due to 6,9 million Euro in provisions
made for solidarity and 6 million in provisions made for a
guarantee on a former Interbanca credit position.
In detail, personnel expenses, of 60,7 million
Euro, record a reduction of 5,4% (64,2 million Euro at 30 June
2019) mainly due to the lesser provisions for variable
remuneration. The number of Group employees at 30 June 2020 is
1.745 as compared with 1.793 of 30 June the previous year.
The other administrative expenses at 30 June
2020, come to 82,1 million Euro, dropping by 28,2% on 30 June 2019.
In particular, we note that other administrative expenses at 30
June 2019 included 30,9 million Euro in expenses relating to the
settlement of certain tax disputes regarding the former subsidiary
Interbanca, the economic impact of which is fully offset in the
item "other net operating income" for 38,5 million Euro (including
the related tax effect) against the activation of outstanding
guarantees. Without considering this effect, administrative
expenses drop by 1,7%. The change is mainly due to the lesser costs
for the purchase of goods and services and lesser indirect taxes
and duties, only partially offset by higher costs for professional
services. Net allocations to provisions for risks and charges
amounted to 16,3 million Euro compared with 6,4 million Euro at 30
June 2019. Growth on the corresponding period of the previous year
is due to the provision made for 6,9 million Euro relative to the
solidarity provision and greater provisions for commitments to
disburse provisions and guarantees, mainly in connection with a
position of the former Interbanca.
In a similar fashion to other administrative
expenses, without considering the effects of indemnities for the
definition of tax litigation of the former Interbanca, other net
operating income, of 12,2 million Euro drop by 20,8% on the same
period of the previous year. These mainly refer to revenue from the
recovery of expenses charged to third parties. The relevant cost
item is included in other administrative expenses, namely under
legal expenses and indirect taxes, as well as recoveries of
expenses associated with leasing operations, in line with the same
period of last year.
Pre-tax profit from continuing
operations amounted to 48,2 million Euro (-53,9% compared to 30
June 2019). A result on which, despite the positive effect deriving
from the sale of the Milan property for 24,2 million Euro, the
effect of the adjustments and impairment reasonably considered as
linked to the Covid-19 had a negative impact for approximately 36
million Euro and a provision of 6,9 million Euro was made for
solidarity for voluntary redundancies.
Group net profit for the
period
At 30 June 2020, net profit came to 36,8 million
Euro as compared with the 68,3 million Euro at 30 June 2019.
Focus on individual
Segments
Highlights of the contributions of the various
segments to the operating and financial results for the period
ended 30 June 2020 are provided below:
Net profit of the Commercial &
Corporate Banking Segment comes to 22,1 million Euro, down
18,7% as compared with the first half of last year. This negative
change is due to the reduction of net banking income for 13,4
million Euro, partially offset by lesser value adjustments to
credit risk for 4,0 million Euro. Operating costs dropped by a
total of 3,1 million Euro on the figure recorded for the first half
of 2019.
- The contribution made by the Factoring Area towards net banking
income booked by the Commercial & Corporate Banking Segment
came to 72,5 million Euro during the half, down 10,5% on the same
period of last year. This result was due to both a lower
contribution to net interest income (down by 2,3 million Euro) and
net commissions (down by 6,2 million Euro). The half-year
performance shows that this negative effect is mainly concentrated
in the second quarter of 2020, a period in which the net interest
margin decreased by 7,2 million Euro (net interest income down by
3,1 million Euro and net commissions down by 4,1 million
Euro).
- Net banking income for the Leasing Area come to 24,8 million
Euro, down 8,8% on 30 June 2019; this negative change is due to the
combined effect of a higher cost of funding of approximately 1,4
million Euro, due to an increase in figurative interest recognised
to the Governance & Non-Core Services Segment and lesser
margins of around 1,0 million Euro.
- Net banking income of the Corporate Banking & Lending Area,
of 8,7 million Euro at 30 June 2020, shows a decline of 2,5 million
Euro on the same period of last year. The negative change mainly
refers to the “Other components of net banking income” and is due
to the reduction in the fair value of the units of UCITSs held in
the portfolio, which accounted for approximately 2 million Euro.
This effect is due to the worsening of risk factors (liquidity and
credit) during the half, negatively impacted by the instability of
markets in the current context.
Net banking income of the Npl
Segment4 comes to 73,0 million Euro as compared with 125,5
million Euro at 30 June 2019 and is characterised by the following
entries.
- "Interest income from amortised cost", referring to the
interest accruing at the original effective interest rate, was up
9,3% from 63 million Euro to 68,9 million Euro, largely thanks to
the increase in receivables measured at amortised cost, the greater
contribution by which is related for 34,3 million Euro to writs,
attachments of property, and garnishment orders (ODA), and for 13,4
million Euro to settlement plans.
- By contrast, the reduction of "Other components of net interest
income from change in cash flow" includes the economic effect
deriving from the change in cash flows expected as a result of the
greater or lesser collections made or expected in respect of the
previous forecasts. This component goes from 62,7 million Euro to
14,6 million Euro, down 76,8%. The negative change in the item
suffers the closure of courts in March, April and May, which
significantly reduced, in comparison with the same period of 2019,
the capacity to obtain writs, attachments of property and
garnishment orders (ODA), as well as reducing door-to-door amicable
debt collection activities.
- Net commission income is essentially in line with the same
period of the previous year and is almost entirely attributable to
the contribution made by commission income from servicing on third
party portfolios.
Operating costs decline by 10,5%, going from
73,2 million Euro in the first half of 2019 to 65,6 million Euro in
2020. The change is mainly due to the variable costs connected with
debt collection and, in particular, those relating to legal
collection. As for revenues, the court closure due to the Covid-19
emergency and the general lock-down resulted in the halt of a
series of costly lawsuits used by the Segment to increase its
chance of collection.
Net profit for the period is down by more than
84,8% or approximately 31,4 million Euro in absolute value, the
determinant factors of which are mainly due, as specified
previously, to external negative factors that have struck the whole
of the national economic system.
Net banking income from the Governance
& Non-Core Services Segment totalled 33,7 million
Euro, down approximately 0,6 million Euro on 30 June 2019. The
negative change is due to the combined effect of the progressive
reduction of the contribution of the "reversal of PPA" (down
approximately 17 million Euro), only partially offset by an
increase in interest income on the government securities portfolio
of approximately 1,0 million Euro and other components of net
banking income up more than 13 million Euro mainly due to income on
the proprietary portfolio.
As regards the cost of credit,
an increase is seen to net adjustments, which come to 13,4 million
Euro, as compared with 11,1 million Euro for the first half of
2019. The change in value adjustments is mainly due to the
collective value adjustments made to the portfolio of government
securities, which suffer the increase in coverage following the
expansion of the credit spreads.
Operating costs come to 32,6 million Euro, up
27,0 million Euro on the first half of 2019. The Segment
costs in fact include the previously-specified provisions connected
with solidarity and the provisions made for risks in view of a
guarantee over a former Interbanca credit position. Moreover, the
figure of 2019 benefited from the net effect of 7,6 million
connected with the definition of tax litigation of the former
Interbanca.
Finally, the result for the Segment includes the
capital gain, net of the related selling costs, of 24,2 million
Euro on the sale of the property located on Corso Venezia in
Milan.
The breakdown of the main statement of
financial position items of the Banca Ifis Group at 30 June 2020 is
shown below.
Receivables due from customers
measured at amortised cost
Total receivables due from customers measured at
amortised cost amounted to 8.034,0 million Euro, up 5% on 31
December 2019. More specifically, as compared with 31 December
2019, we note that the Commercial & Corporate Banking Segment
has dropped by 4,8% while the Npl Segment and the Governance &
Non-Core Services Segment have respectively grown by 2,1% and
65,2%.
The Commercial & Corporate Banking Segment's
net non-performing exposures totalled 230,0 million Euro at 30 June
2020, up 3,6 million Euro from 31 December 2019 (226,4 million
Euro), and may be broken down as follows:
- Net non-performing exposures come to 40,3 million Euro are
basically stable in terms of the ratio of net non-performing
exposures to total loans (0,8%).
- The balance of net unlikely to pay positions was 97,9 million
Euro, up 10,5% from the 88,6 million Euro at 31 December 2019.
- Net non-performing past due exposures come to 91,8 million Euro
as compared with the 96,0 million Euro at 31 December 2019 (-4,6%)
with coverage ratio of 9,7% as compared with 8,4% at 31 December
2019;
The Gross NPE ratio of the Commercial &
Corporate Banking Segment is 9,1% (8,5% at 31 December 2019) and
the Net NPE ratio is 4,5% (4,2% at 31 December 2019).
Funding
During the first half of 2020, the Group
continued its strategy of consolidating wholesale funding in order
to ensure a better balance with respect to retail funding. In line
with this strategy, no transactions were undertaken on the debt
market with institutional investors during the period. At 30 June
2020, total funding came to 9.171,0 million Euro, +8,4% on the end
FY 2019; the funding structure was as follows:
- 53,0% Customers
- 12,0% Debt securities
- 10,2% ABS
- 21,8% TLTRO
- 3,0% Other
Payables due to customers at 30 June 2020 come
to 4.863,9 million Euro (-8,0% on 31 December 2019), essentially
due to the decline in retail funding (Rendimax and Contomax), which
goes from 4.791,0 million Euro at 31 December 2019 to 4.383,5
million Euro at 30 June 2020.
Payables due to banks amounted to 2.270,7
million Euro, up 136,7% compared to 31 December 2019. This increase
is substantively due to the June 2020 subscription of a TLTRO III
tranche worth a nominal 1.900 million Euro maturing in June 2023
and the simultaneous early repayment of the TLTRO II tranche
subscribed in 2017 for a nominal 700 million Euro. This
subscription is in addition to the tranche with a nominal value of
100 million subscribed in December 2019 and to time deposits with
other banks for 270,9 million Euro.
Debt securities issued amounted to 2.036,3
million Euro. The item included a total of 932,8 million Euro
(-18,9% compared to 31 December 2019) in securities issued by the
special purpose vehicles as part of the securitisation of trade
receivables launched at the end of 2016. The item also comprised
630,9 million Euro (including interest) in senior bonds issued by
Banca Ifis, as well as the 410,9 million Euro (including interest)
Tier 2 bond.
Equity and
ratios
At 30 June 2020, the Group’s consolidated equity
totalled 1.496,9 million Euro, as compared with 1.539,0 million
Euro at 31 December 2019.
The coefficients with the prudent
consolidation in La Scogliera at 30 June 2020 come to a
CET1 of 11,58%4 (as compared with 10,96% at 31 December 2019), a
TIER1 of 12,17%4 (11,56% at 31 December 2019) and Total Capital of
15,33%4 (compared with 14,58% at 31 December 2019).
The coefficients of the Banca Ifis Group
alone, without considering the effects of the
consolidation in the parent company La Scogliera, at 30 June 2020
come to a CET1 of 15,45%4 (as compared with 14,28% at 31 December
2019), a TIER1 of 15,45%4 (14,28% at 31 December 2019) and Total
Capital of 20,15%4 (compared with 18,64% at 31 December 2019).
Common Equity Tier 1, Tier 1 Capital, and total
Own Funds included the profits generated by the Banking Group at 30
June 2020. The same amounts instead include the profits generated
by the Banking Group at 31 December 2019, net of the dividend
approved and suspended.
In addition, please note that the Bank of Italy
has instructed the Banca Ifis Group to adopt the following
consolidated capital requirements in 2020, in continuity with 2019,
including a 2,5% capital conservation buffer:
- Common equity tier 1 (CET 1 ratio) capital ratio of 8,12% with
a required minimum of 5,62%;
- Tier 1 capital ratio of 10,0% with a required minimum of
7,5%;
- Total Capital ratio of 12,5% with a required minimum of
10,0%.
At 30 June 2020, the Banca Ifis Group met the
above prudential requirements.
Guidance for
2020
The macroeconomic scenario is impacted by the
uncertainty as to how the Covid-19 will evolve and the speed at
which production activities will resume. The Banca Ifis Group’s
economic and financial results will be closely linked to the
evolution of the economic context.
If we hypothesise a progressive stabilisation of
the macroeconomic context, the support of the central banks and
governments of the economy, no further lock-down periods, a
proactive management of new cases of Covid-19 and, starting
September, full operation of the courts, Banca Ifis expects to
achieve period profit for 2020 ranging between 50 and 65
million Euro, including the booking of badwill of
Farbanca.
Net banking income should range between 420 and
440 million Euro and value adjustments for credit risk losses
between 85 and 100 million Euro.
Figures in Euro million |
Min. |
Max. |
Net banking income |
420 |
440 |
Net credit risk losses/reversals |
(100) |
(85) |
Profit for the year |
50 |
65 |
Significant events occurred in
the period
The Banca Ifis Group transparently and promptly
discloses information to the market, constantly publishing
information on significant events through press releases. Please
visit the “Investor Relations” and “Media sections” of the
institutional website www.bancaifis.it to view all press
releases.
Communication on the FY 2019
Dividend Distribution Policy
On 1 April last, in accordance with the Bank of
Italy’s recommendation of 27 March 2020 on dividend policy during
the Covid-19 pandemic, the Board of Directors of Banca Ifis decided
to act responsibly and follow the guidance provided, and therefore
to propose that the distribution of dividends for financial year
2019 be postponed until at least 1 October 2020, and thus to
proceed with payment after that date, provided that no regulations
or recommendations from supervisory authorities to the contrary are
issued before that date.
At today’s meeting, the Board of Directors
acknowledged the issue of the Bank of Italy provision of 28 July
2020, which recommends that all banks abstain until 1 January 2021
from paying dividends relative to FYs 2019 and 2020, clarifying
that the limit refers to cash payments that effectively reduce the
level and quality of the CET1.
Declaration of the Corporate
Accounting Reporting Officer
Pursuant to article 154-bis, paragraph 2 of the
Consolidated Law on Finance, the Corporate Accounting Reporting
Officer, Mariacristina Taormina, declares that the financial
information contained in this press release corresponds to the
related books and accounting records.
Rosalba BenedettoHead of Communications,
Marketing and External RelationsBanca Ifis S.p.A.M. +39 335 5319310
Eleonora VallinHead of the Press
OfficeBanca Ifis S.p.A.M. +39 342 8554140 |
Martino Da RioHead of IR and Corporate
DevelopmentBanca Ifis S.p.A.M. +39 02 24129953
Claudia Caracausi, Davide BruzzesePress
OfficeImage Building+ 39 02 89011300 |
Consolidated Financial
Statements
Net impairment losses on receivables of
the NPL Segment were reclassified to Interest receivable and
similar income to present more fairly this particular business, for
which net impairment losses represent an integral part of the
return on the investment.
Reclassified Consolidated Statement of Financial
Position
ASSETS (in thousands of
Euro) |
AMOUNTS
AT |
CHANGE |
30.06.2020 |
31.12.2019 |
ABSOLUTE |
% |
Cash and cash equivalents |
58 |
56 |
2 |
3,6% |
Financial assets measured at fair value through profit or loss |
126.647 |
137.098 |
(10.451) |
(7,6)% |
a) financial assets held for trading |
24.300 |
24.313 |
(13) |
(0,1)% |
c) other financial assets mandatorily measured at fair value |
102.347 |
112.785 |
(10.438) |
(9,3)% |
Financial assets measured at fair value through other comprehensive
income |
1.146.701 |
1.173.808 |
(27.107) |
(2,3)% |
Financial assets measured at amortised cost |
9.041.645 |
8.278.116 |
763.529 |
9,2% |
a) receivables due from banks |
1.007.613 |
626.890 |
380.723 |
60,7% |
b) receivables due from customers |
8.034.032 |
7.651.226 |
382.806 |
5,0% |
Equity investments |
10 |
6 |
4 |
66,7% |
Property, plant and equipment |
108.976 |
106.301 |
2.675 |
2,5% |
Intangible assets |
60.632 |
60.919 |
(287) |
(0,5)% |
of which: |
|
|
|
|
- goodwill |
39.513 |
39.542 |
(29) |
(0,1)% |
Tax assets: |
385.780 |
391.185 |
(5.405) |
(1,4)% |
a) current |
53.476 |
56.869 |
(3.393) |
(6,0)% |
b) deferred |
332.304 |
334.316 |
(2.012) |
(0,6)% |
Non-current assets and disposal groups |
- |
25.560 |
(25.560) |
(100,0)% |
Other assets |
381.872 |
352.975 |
28.897 |
8,2% |
Total assets |
11.252.321 |
10.526.024 |
726.297 |
6,9% |
LIABILITIES
AND EQUITY (in thousands of Euro) |
AMOUNTS
AT |
CHANGE |
30.06.2020 |
31.12.2019 |
ABSOLUTE |
% |
Financial liabilities measured at amortised cost |
9.171.039 |
8.463.245 |
707.794 |
8,4% |
a) payables due to banks |
2.270.742 |
959.477 |
1.311.265 |
136,7% |
b) payables due to customers |
4.863.949 |
5.286.239 |
(422.290) |
(8,0)% |
c) debt securities issued |
2.036.348 |
2.217.529 |
(181.181) |
(8,2)% |
Financial liabilities held for trading |
22.130 |
21.844 |
286 |
1,3% |
Tax liabilities: |
47.367 |
69.018 |
(21.651) |
(31,4)% |
a) current |
13.310 |
28.248 |
(14.938) |
(52,9)% |
b) deferred |
34.057 |
40.770 |
(6.713) |
(16,5)% |
Other liabilities |
457.324 |
390.022 |
67.302 |
17,3% |
Post-employment benefits |
10.088 |
9.977 |
111 |
1,1% |
Provisions for risks and charges: |
47.425 |
32.965 |
14.460 |
43,9% |
a) commitments and guarantees granted |
10.925 |
3.952 |
6.973 |
176,4% |
c) other provisions for risks and charges |
36.500 |
29.013 |
7.487 |
25,8% |
Valuation reserves |
(20.153) |
(3.037) |
(17.116) |
n.s. |
Reserves |
1.321.361 |
1.260.238 |
61.123 |
4,9% |
Share premiums |
102.491 |
102.285 |
206 |
0,2% |
Share capital |
53.811 |
53.811 |
- |
0,0% |
Treasury shares (-) |
(2.948) |
(3.012) |
64 |
(2,1)% |
Equity attributable to non-controlling interests (+/-) |
5.630 |
5.571 |
59 |
1,1% |
Profit (loss) for the period (+/-) |
36.756 |
123.097 |
(86.341) |
(70,1)% |
Total liabilities and equity |
11.252.321 |
10.526.024 |
726.297 |
6,9% |
Reclassified Consolidated Income Statement
ITEMS (in
thousands of Euro) |
1st HALF |
CHANGE |
2020 |
2019 |
ABSOLUTE |
% |
Net interest income |
169.679 |
233.557 |
(63.878) |
(27,4)% |
Net commission income |
39.807 |
46.539 |
(6.732) |
(14,5)% |
Other components of net banking income |
3.305 |
(899) |
4.204 |
n.s. |
Net banking income |
212.791 |
279.197 |
(66.406) |
(23,8)% |
Net credit risk losses/reversals |
(33.340) |
(35.046) |
1.706 |
(4,9)% |
Net profit (loss) from financial activities |
179.451 |
244.151 |
(64.700) |
(26,5)% |
Administrative expenses: |
(142.745) |
(178.518) |
35.773 |
(20,0)% |
a) Personnel expenses |
(60.680) |
(64.163) |
3.483 |
(5,4)% |
b) Other administrative expenses |
(82.065) |
(114.355) |
32.290 |
(28,2)% |
Net allocations to provisions for risks and charges |
(16.301) |
(6.372) |
(9.929) |
155,8% |
Net impairment losses/reversals on property, plant and equipment
and intangible assets |
(8.597) |
(8.276) |
(321) |
3,9% |
Other operating income/expenses |
12.185 |
53.916 |
(41.731) |
(77,4)% |
Operating costs |
(155.458) |
(139.250) |
(16.208) |
11,6% |
Gains (Losses) on disposal of investments |
24.161 |
(408) |
24.569 |
n.s. |
Pre-tax profit (loss) from continuing
operations |
48.154 |
104.493 |
(56.339) |
(53,9)% |
Income taxes for the period relating to continuing operations |
(11.332) |
(36.185) |
24.853 |
(68,7)% |
Profit for the period |
36.822 |
68.308 |
(31.486) |
(46,1)% |
Profit (Loss) for the period attributable to non-controlling
interests |
66 |
42 |
24 |
57,1% |
Profit for the period attributable to the Parent
company |
36.756 |
68.266 |
(31.510) |
(46,2)% |
Reclassified Consolidated Income Statement: 2nd
Quarter
ITEMS (in
thousands of Euro) |
2nd QUARTER |
CHANGE |
2020 |
2019 |
ABSOLUTE |
% |
Net interest income |
78.263 |
118.293 |
(40.030) |
(33,8)% |
Net commission income |
18.710 |
22.711 |
(4.001) |
(17,6)% |
Other components of net banking income |
9.866 |
8.084 |
1.782 |
22,0% |
Net banking income |
106.839 |
149.088 |
(42.249) |
(28,3)% |
Net credit risk losses/reversals |
(14.828) |
(21.958) |
7.130 |
(32,5)% |
Net profit (loss) from financial activities |
92.011 |
127.130 |
(35.119) |
(27,6)% |
Administrative expenses: |
(70.196) |
(103.750) |
33.554 |
(32,3)% |
a) Personnel expenses |
(28.651) |
(32.716) |
4.065 |
(12,4)% |
b) Other administrative expenses |
(41.545) |
(71.034) |
29.489 |
(41,5)% |
Net allocations to provisions for risks and charges |
(11.412) |
(3.860) |
(7.552) |
195,6% |
Net impairment losses/reversals on property, plant and equipment
and intangible assets |
(4.558) |
(4.214) |
(344) |
8,2% |
Other operating income/expenses |
4.207 |
46.938 |
(42.731) |
(91,0)% |
Operating costs |
(81.959) |
(64.886) |
(17.073) |
26,3% |
Gains (Losses) on disposal of investments |
- |
(408) |
408 |
(100,0)% |
Pre-tax profit (loss) from continuing
operations |
10.052 |
61.836 |
(51.784) |
(83,7)% |
Income taxes for the period relating to continuing operations |
328 |
(23.469) |
23.797 |
(101,4)% |
Profit for the period |
10.380 |
38.367 |
(27.987) |
(72,9)% |
Profit (Loss) for the period attributable to non-controlling
interests |
50 |
21 |
29 |
137,1% |
Profit for the period attributable to the Parent
company |
10.330 |
38.346 |
(28.016) |
(73,1)% |
Capital indicators
OWN FUNDS
AND CAPITAL ADEQUACY RATIOS(in thousands of
Euro) |
AMOUNTS
AT |
30.06.2020 |
31.12.2019 |
Common equity Tier 1 Capital (CET1) |
992.288 |
1.008.865 |
Tier 1 capital (T1) |
1.042.975 |
1.064.524 |
Total own funds |
1.314.316 |
1.342.069 |
Total RWAs |
8.571.680 |
9.206.155 |
Common Equity Tier 1 Ratio |
11,58% |
10,96% |
Tier 1 Capital Ratio |
12,17% |
11,56% |
Ratio - Total Own Funds |
15,33% |
14,58% |
Common Equity Tier 1, Tier 1 Capital, and total
Own Funds at 30 June 2020 do not include the profits generated by
the Banking Group in the first half of 2020.
OWN FUNDS
AND CAPITAL ADEQUACY RATIOS:BANCA IFIS BANKING
GROUP SCOPE(in thousands of Euro) |
AMOUNTS
AT |
30.06.2020 |
31.12.2019 |
Common equity Tier 1 Capital (CET1) |
1.318.319 |
1.312.821 |
Tier 1 capital (T1) |
1.318.319 |
1.312.821 |
Total own funds |
1.718.722 |
1.713.198 |
Total RWAs |
8.531.325 |
9.190.900 |
Common Equity Tier 1 Ratio |
15,45% |
14,28% |
Tier 1 Capital Ratio |
15,45% |
14,28% |
Ratio - Total Own Funds |
20,15% |
18,64% |
Common Equity Tier 1, Tier 1 Capital, and total
Own Funds at 30 June 2020 do not include the profits generated by
the Banking Group in the first half of 2020.
1 Net impairment losses on receivables of the
Npl Segment were entirely reclassified to Interest receivable and
similar income to present more fairly this particular business, as
they represent an integral part of the overall return on the
investment.2 Consolidated own funds, risk-weighted assets and
solvency coefficients at 30 June 2020 were calculated based on the
regulatory principles set out in Directive no. 2013/36/EU (CRD IV)
and Regulation (EU) no. 575/2013 (CRR) at 26 June 2013, were
transposed in the Bank of Italy's Circulars no. 285 and no. 286 of
17 December 2013. Article 19 of the CRR provides for the prudential
consolidation of Banca Ifis in the holding La Scogliera. For the
sake of disclosure, we calculated the same indicators without
including the effects of the consolidation within La Scogliera.
Therefore, the reported total own funds refer only to the scope of
the Banca Ifis Group, thus excluding the effects of the prudential
consolidation within the parent company La Scogliera S.p.A.
1 Net impairment losses on receivables of the
Npl Segment were entirely reclassified to Interest receivable and
similar income to present more fairly this particular business, as
they represent an integral part of the overall return on the
investment.3 “Reversal PPA” means the breakdown of the difference
between the fair value as measured in the business combination and
the carrying amount of the receivables recognised by the former GE
Capital Interbanca Group - acquired on 30 November 2016 - over
time.
4 Net impairment losses on receivables of the
Npl segment were entirely reclassified to Interest receivable and
similar income to present more fairly this particular business, as
they represent an integral part of the overall return on the
investment.
4 Common Equity Tier 1, Tier 1 Capital, and
total Own Funds at 30 June 2020 do not include the profits
generated by the Banking Group in the first half of 2020.
- 20200806_Banca Ifis_First Half 2020 results_2020 guidance
updated_eng.DOCX
Banca IFIS (BIT:IF)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Banca IFIS (BIT:IF)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024