1st half 2014 1 January – 30 June
2nd quarter 2014 1 April – 30 June
The Board of Directors of Banca IFIS met today under the chairmanship of Sebastien von Furstenberg and approved the interim report for the first half of 2014. “We are satisfied with the performance recorded in the first six months of 2014 and with the quality of profits” stated Giovanni Bossi, the CEO of Banca IFIS. He also commented: “They are in line with the actions planned and undertaken in recent years, and are fully consistent with expectations. We continued to pursue a very aggressive policy as far as the provisions for impaired loans in the commercial trade receivables sector are concerned: as a result, credit quality is excellent and has been improving steadily for the last six quarters. Group profit rose also thanks to the contribution of the Government bonds portfolio, which is decreasing naturally. The performance of the commercial trade receivables sector grew strongly, with increasing loans and sharply rising volumes. New initiatives have been launched with the aim of boosting the effectiveness of the collection of distressed retail loans (DRL), the results of which will become evident as from the second part of the year. We believe we can continue improving in the sectors we traditionally operate in, also to the benefit of the Italian economy, with profit continuing to grow over coming quarters. With the current economic scenario, thanks to the initiatives being undertaken, we expect that the results for 2014 will be the best in the Group’s history. Should this scenario remain unchanged, the Bank believes it can distribute to its shareholders a growing dividend per share, bearing a pay-out which shall not be lower than the 35% already assigned in 2013”.