Banca IFIS hereby issues a preview of the twelve months’ results obtained during 2013:
During 2013 in the Distressed Loans Sector, new non-performing loan portfolios were purchased for a nominal value of about 500 million Euro.
Total bill and cash collections doubled during last year thanks to new initiatives that had a positive impact on the profit margins of this sector. Net profit from financial activities is in line with the trend of the first nine months’ results.
The total amount of the securities portfolio as at 31 December 2013 amounted to 8,4 billion Euro, maintaining short-term maturities characteristics (more than 40% will expire in 2014).
The solvency of the Bank remains excellent, also with the adoption of the Basel 3 requirements. Banca IFIS is not subjected to the Asset Quality Review; capitalization levels exclude the need for an equity increase.
On December 24, the stability law was approved, implementing a 8.5% increase in income tax– only for 2013 – for Italian banks, with effect on income of the full year.
“For Italian banks 2013 was a really difficult year – says Giovanni Bossi, C.E.O. of Banca IFIS. – due to a negative economy and the need to improve the banks’ equity ratios, with consequent reduction in loans, and for the difficulty to make enough profit to be able to cover the losses comingfrom the fast deterioration of credit quality.
In such a context, Banca IFIS has increased its loan commitments and the number of its clients, not only producing increasing profitability but significantly improving credit quality. Abundant liquidity, excess capital and good returns accompany a consolidated presence in the credit chain which enables the Bank to give its clients what they need. We are well-armed to face the challenges of 2014 excellently.”