Highest profit in the last five years for Banca Ifis whose board of directors, after the green light from Consob to the document relating to the takeover bid on Illimity Bank, has also resolved the capital increase at the service of the operation. On the Stock Exchange the title gains 0,35% to 22,86 euros per share.
Banca Ifis's first quarter
Banca Ifis closed the first three months of 2025 with a net profit of 47,69 million euros, slightly up compared to the 47,63 million of a year ago and "at the highest levels of the last five years", the institute underlines. Theprofit pertaining to the parent company stood at 47,28 million against 47,17 million 12 months ago. “The stability of Banca Ifis’ growth – it is explained in a note – was possible thanks to the positive commercial performance, the growth of the NPL business and the work of the proprietary finance sector, in a less favorable context for banks characterized by decreasing interest rates and high volatility”.
Moving forward with the income statement, the intermediation margin in the first quarter amounted to 178,8 million euros, down from 185,2 million euros in the same period last year. cost of credit fell to 8,2 million euros, compared to 8,6 million in the same period of 2024, "confirming the prudent management of credit risk in recent years", highlights Banca Ifis, while the operating costs, equal to 97,5 million euros, decreased by 4,5% compared to 102,1 million euros in the first quarter of 2024.
As of March 31, 2025, the liquidity position amounts to approximately 1,4 billion euros of reserves and free assets that can be financed by the ECB. From a capital perspective, the Cet1 is at 16,55% (16,10% at 31 December 2024) and the tcr is equal to 18,43% (18,11% at 31 December 2024). “The ratios, calculated excluding the profit generated in the first quarter of 2025, allow the bank to address long-term growth challenges, including through acquisitions”, specifies the Veneto institute.
CEO Geertman: “Positive results reflect path of strengthening”
“The results for the first three months of 2025 reflect the positive outcomes of the strengthening process of our positioning undertaken in recent years – he states in a press release Frederik Geertman, CEO of Banca Ifis -. A path that, also thanks to the quality of our people, has allowed us to consolidate our positioning in the specialty finance segment and, at the same time, to lay the foundations for our future growth".
The net profit for the first quarter of 2025 – continues the CEO – grows to 47,3 million euros and “confirms the strength of core components of the bank's business model, even in the presence of a volatile context on the financial markets and less generous for the banking sector due to the reduction in interest rates. This result was achieved thanks to our ability to generate positive and recurring industrial performance, while maintaining a low risk profile and offering attractive remuneration to our shareholders. Added to this is our solid capital position, also represented by the level of regulatory capital Cet1 equal to 16,6%, higher than the regulatory limits of 9%”, concludes the manager.
Banca Ifis, green light to the capital increase for Illimity takeover bid
In addition to approving the accounts, the board of Banca Ifis has resolved, in execution of the delegation granted by the extraordinary meeting of 17 April, the increase in share capital dedicated to the public purchase and exchange offer (OPAS) promoted by Banca Ifis on illimity Bank.
The takeover bid will start on May 19th and will end on June 27, 2025 (subject to extensions). Overall, the operation promoted by the bank chaired by Ernesto Fürstenberg Fassio is worth almost 300 million. The offer price is equal to 3,55 euros per share in a mixed deal that includes 0,10 newly issued Banca Ifis shares and a cash portion of 1,414 euros, which will be adjusted to 1,506 euros following the detachment, on May 19, 2025, of the coupon relating to the balance of the dividend for the 2024 financial year that will be distributed by Banca Ifis and approved by the shareholders' meeting on April 17, 2025.
