Banca Ifis flies to the stock exchange and earns 8.45% (12.91 €) following the results of the first quarter of 2021, in which the bank made a net profit of 20.1 million €, an increase of 10 million € compared to the first quarter of 2021. The previous year (excluding head gains) The extraordinary money of 24.2 million euros and the tax impact associated with the sale of Milan’s property in Corso Venezia). The dividend per share is set at € 0.47, payable on May 26.
Mediation margin grew to € 137.7 million (+ 30% compared to March 31, 2020) and has benefited from the macroeconomic recovery and gradual normalization of faltering businesses. Operating costs amounted to € 91.3 million (+ 24.2% compared to March 31, 2020) due to higher variable costs related to the legal activity of the non-performing loan sector, entry into the Varbanca periphery and new ICT projects.
Looking at consolidation in La Scaligera, Cet1 grew to 11.77% (11.29% as of December 31, 2020) compared to Srep’s requirement of 8.12%, while Tcr was 15.47% (14.85% as of December 31, 2020) compared to 12.5% of Srep’s requirements. In the first quarter of 2021, the highest levels of cashback on badly purchased portfolios were also reached, which amounted to € 81 million (+ 24%). Revenue performance in commercial and corporate banking was also excellent at 21% compared to the same period last year.
In the face of an improving macroeconomic context, we read in the note accompanying the results, “There are positive signals from our clients: More than a third have chosen to expect to resume payments of installments that have benefited from the moratorium.” There were also “tangible commercial contributions from business digitization and better capital ratios, as well as placing liquidity and asset quality among the best in its class. As of March 31, total deposits amounted to € 9.735 billion, -1.7% compared to the end of 2020.”
“Banca Ifis is a unique, highly flexible organization capable of overseeing specific businesses requiring a high degree of distinctive competence,” said Frederick Gertmann, Group CEO. “The results of the first quarter, which closed with a net profit of 20.1 million euros, thus confirm the validity of a model based on quality and specialization that today enjoys good industrial performance. The business has shown great dynamism. Larger payments, especially in the mortgages guaranteed by Mediocredito Centrale, where the returns are 65 million euros, an increase of 21% compared to the first quarter of 2020. We are accelerating the digitization of operations with the aim of achieving efficiency, speed and comprehensive channels, ”stressed Gertman,“ We are already collecting tangible business contributions. In the first quarter of 2021, one-fifth of our new customers were acquired. The goal is to integrate technology into our operations and provide customers with a business-friendly experience.
Chief Executive Officer highlighted: “We have paid particular attention to monitoring deferral loans through an analysis by sector and key functions.” The first comments were positive: So far, a third of our clients have chosen to expect to resume their installment payments that have benefited from the moratorium thanks to a gradual improvement in the macroeconomic context. Cet1 was 11.77% calculated excluding profit for the quarter. Gertmann concluded that the capital allocation will be based on the profitability of individual business units and individual enterprises, while maintaining diversification of businesses and bad loans that have confirmed their value even in the Covid-19 crisis.