Comunicato stampa : Banca IFIS S.p.A.

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Alla cortese attenzione della Redazione - Servizio Borsa / Finanza


 Banca IFIS S.p.A.


Banca IFIS S.p.A. : Banca IFIS's Board of Directors has approved the consolidated results for the first 9 months of 2010
29/10/2010 17:20:00



PRESS RELEASE

- Net profit for the period reached 15.7 million Euro (14.6 million in the first nine months of last year), a growth of 8.0%. - Net banking income rose to 67.9 million Euro (53.6 million in the corresponding period of last year), an increase of 26.7%. - The solid Shareholders' equity and regulatory capital has been confirmed (Core Tier 1 = 11%) and R.O.E. equalled 13.1%.

Consolidated results for the third quarter 2010 increasing rapidly

- Net profit for the quarter equalled 5 million Euro (4.5 million Euro at 30 September 2009), a growth of 10.5%. - Net banking income grew to 24.7 million Euro (17.1 million Euro last year), an increase of 44.3%.

Rendimax - the launching of new services for customers for a more dynamic use of the funds deposited has begun: the Rendimax Card

Mestre, 29 October 2010 - The Board of Directors' Meeting of Banca IFIS S.p.A. - active in financing small and medium enterprises - met today, under the chairmanship of the President, Sebastien Egon Fürstenberg, and approved the consolidated interim report at 30 September 2010, which shows Group net profit of 15.7 million Euro, of which 5.0 million Euro achieved in the third quarter.

"In only 9 months the Group has managed to generate a similar amount of profit as that it generated in the entire year in 2009, confirming the Bank's ability to produce profit even in a difficult market context. The uniqueness of our model, the attention we pay to our client's work and the quality of the service we offer has worked to the advantage o f our personnel, who with passion, speed and professionalism are able to respond to the needs of enterprises even in non-standard contexts." stated Giovanni Bossi, Banca IFIS's Chief Executive Officer.

­­­Financial results at 30 September 2010

The results for the first nine months of 2010 highlighted a marked growth in net banking income which reached a total of 67.9 million Euro (+ 26.7% compared to 53.6 million Euro for the same period last year.) This net banking income can be broken down into 27.5% of interest income and 72.7% of commission income. Net banking income was influenced by the success of the on-line funding achieved through the Rendimax Savings Account. The cost of this form of funding is however higher than the cost of both interbank funding and funding at the market Euribor rate. The increase in market rates recorded over the third quarter mitigated the expenses involved in retail funding and increased returns on enterprise custome rs, improving the Bank's profitability levels.

In detail, net interest income equalled 18.7 million Euro (16.0 million Euro in 2009, +16.7%) and net commission income grew by 33.3% to 49.4 million Euro (compared to 37.0 million Euro in 2009), thanks to the significant and continual increase in the number of existing clients from the corporate and small medium enterprises sectors (+18%). Turnover (value of the receivables purchased in the period) grew by 46.7%, reaching a total of 3.5 billion Euro for the first 9 months of the year (2.4 billion Euro in 2009).

Net banking income for the third quarter equalled 24.7 million Euro (17.1 million Euro in the corresponding period of last year), recording an increase of 44.3%.

Net profit from financial activities grew by 18.8%, reaching 54.0 million Euro for the first nine months of 2010 (against 45.5 million Euro for the corresponding period of 2009). This result was affected by 13.9 million Euro of net impairmen t losses on loans and receivables in the first 9 months 2010 (8.1 million Euro for the same period in 2009), mainly due to the insolvency of a counterpart caused by his main debtor defaulting. Net of this impairment loss - which was the negative outcome of an exposure already in existence at the end of 2009 -, the trend in net profit from financial activities is improving.

In the third quarter, net profit from financial activities equalled 17.6 million Euro (14.4 million Euro last year), a growth of 21.9%, and net impairment losses in the third quarter stood at 7.2 million Euro (against 2.7 million Euro in the third quarter 2009).

Total operating costs amounted to 29.4 million Euro in the first nine months of 2010 (24.7 million Euro for the same period of 2009). The increase of 19.0% is due to reinforcements made to the Bank's structure. The ratio between costs and net banking income (the cost/income ratio), equal to 43.2%, shows an improvement of 290 basis poi nts from last year (+46.1% in 2009).

Pre-tax profit from continuing operations increased by 18.5% over the period, standing at 24.7 million Euro (20.8 million Euro in 2009).

Net profit for the first 9 months of this year reached 15.7 million Euro (14.6 million Euro in 2009), an increase of 8.0%. In the third quarter of 2010, net profit grew by 10.5% reaching 5.0 million Euro (4.5 million Euro in the third quarter of 2009), demonstrating the Bank's ability to continually produce extremely positive results.

The statement of financial position

Following the success of the Bank's on-line Rendimax retail funding, with its term and demand deposits, the Group has taken measures to protect the Bank against the risks connected to fluctuations in the influx of deposits. These measures basically involve employing liquidity in the setting up of a portfolio of liquid assets eligible with the Eurosystem. This portfolio is composed of banking bonds - variable ra te, short-term and highly creditworthy - and short-term Italian government bonds. The return on this activity allows the cost of retail funding to be mitigated. The securities portfolio at the end of September 2010 equalled 960 million Euro (+101.2% compared to December 2009) and included 863 million Euro classified under the available for sale assets category and 97 million Euro classified under due from banks. The available for sale financial assets category also includes non-controlling interests equalling 13 million Euro (3 million Euro at December 2009.)

At the end of the third quarter 2010, total loans to customers reached 1,458 million Euro, an increase of 16.9% from 1,247 million Euro at 31 December 2009.

Total net non-performing loans to customers equalled 32.8 million Euro, with the percentage of non-performing loans to total loans standing at 2.3% (20.2 million Euro and 1.6% at 31 December 2009). This increase is due to the prolongation of the econom ic and financial crisis which changed the risk profile of the industry as a whole.

Still, the Bank confirms the validity of its business model, which renders the Bank's exposure to any eventual customer default physiologically non-problematic as the risk is substantially transferred from the customers, small and medium enterprises, to their debtors, enterprises of higher credit standing.

Due from banks increased by 18.8%, equalling 217.2 million Euro (against 182.9 million Euro at 31 December 2009); included in this item is 96.7 million Euro of securities not quoted on an active market but still eligible with the Eurosystem (92.3 million Euro at 31 December 2009, +4.8%). This securities portfolio is held for the same reason as the bond portfolio classified under available for sale financial assets. The utilisation of available financial resources care of other institutes does not represent a core activity for the bank and is due to maintaining a high level of l iquidity to cover year-end expiries.

Total other assets at the end of September 2010 stood at 131.5 million Euro (107 million Euro at the end of 2009). This total includes 117 million Euro of available funds care of the securitisation vehicle and deriving from collections on reassigned receivables not yet transferred to the Bank's accounts due to the technical characteristics of the securitisation transaction.

The Bank's total funding reached 2.478 million Euro, an increase of 40% (compared to 1.771 million Euro at 31 December 2009). Retail funding continues to grow dramatically which allows the Bank a lot of flexibility and security in terms of the funding sources necessary to back the noteworthy growth in core business: at 30 September 2010 retail funding stood at 55.4% of total funding (compared to 51.4% at December 2009), whilst interbank funding made up 44.6% (compared to 48.6% at December 2009).

At the end of the period, the financial position of t he Bank proved extremely balanced and solid: The ratio between loans to customers and funding from customers stood at 1:1 against 1:4 at 31 December 2009.

Net Shareholders' equity at the end of September 2010 equalled 208.4 million Euro (155.8 million Euro at 31 December 2009), mainly due to concluding the capital increase transaction for an amount of 49.8 million Euro.

Other information

Banca IFIS's Board of Directors reminds the public that the Bank is waiting for clearance from the Supervisory Body to execute the takeover of Toscana Finanza, a company active in purchasing difficult credit. The contractual terms signed on 5 March 2010 foresee the conclusion of this transaction by 31 March 2011 following a new framework agreement being signed with Toscana Finanza's main shareholders and the launch of a new, voluntary, total takeover bid at a price of 1.50 Euro per share. The Bid is conditioned by Banca IFIS reaching an investment stake of at least 66.67 % of Toscana Finanza's share capital and by the necessary authorisation being granted by the Bank of Italy.

Outlook

Banca IFIS's prospects can be confirmed as positive. In the light of the increase in volumes recorded over the year and confirmed in the month of October, and taking into account the current market context and the up-to-date information that Top Management have in their possession today, the Bank expects a further increase in the rate of growth in net profit in the last quarter 2010, when compared to that recorded in the first nine months of the year.

DECLARATION ARTICLE 154-BIS, PARAGRAPH 2, OF THE LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998

The Financial Reporting Officer, Carlo Sirombo, declares that, as per paragraph 2 article 154-bis of the Consolidation Act on Finance, the financial information contained in the present press release corresponds to the company's documentable results, accounting books and accounting records.

Banca IFIS (Bloomberg IF IM, Reuters IF MI) active since 1983 in financially supporting enterprises is, today, the only independent Italian bank specialising in the activity of financing small and medium enterprises' receivables. Listed in the STAR segment of the Italian Stock Exchange, Banca IFIS operates in a market segment experiencing a high growth rate, especially significant given today's economic context, with a unique business model based on asset-based financing which allows easier access to credit. In continuous expansion both in Italy and abroad, the Banca IFIS Group today has 25 branches in Italy, a branch in Paris, a subsidiary in Poland (Warsaw), representative offices in Romania (Bucharest) and Hungary (Budapest), a joint venture with the Punjab National Bank for the development of factoring in INDIA and agreements with over 200 banks worldwide. With more than 100 dedicated and in-house trained sales staff, the Banca IFIS Group has the most complete specialized sales network in Italy which guarantees the advantage of direct and personalized relationships with over 3,000 enterprises. At 31/12/2009, turnover (value of receivables managed) equalled 3.5 billion Euro, recording an annual weighted average growth rate in the last 10 years of 25.8%; net banking income stood at 80.8 million Euro; net profit amounted to 17.2 million Euro and non-performing loans / total loans equalled 1.6%.

Press contacts:

Banca IFIS S.p.A.  
Head of Communications  
Mara Di Giorgio  
Tel +39 041 5027623  
Fax:+39 0415027555  
Cell: +39 335 7737417  
m.digiorgio@ifis.it  
www.bancaifis.it  


Weber Shandwick | Advisory  
 
Giorgio Catalano 334.6969275  
gcatalano@advisorywebershandwick.it  
 
Linda Carcione 335 6111390  
ccarcione@advisorywebershandwick.it  


Attachments Here attached are the summarised, consolidated statements of financial position and income statements.

The appendixes relating to the press release are available on:

171312_88_KPFR_20101029CS9mesi-eng.pdf

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