bank Iphis closing the first half of 2024 with a net income consolidated value attributable to the group amounting to 93.6 million euros, up 2.8%, mainly thanks to the performance of the commercial business and the NPL (non-performing loan) sector.
margin of intermediation
The margin of intermediationa note from the bank, increased to 374.5 million (+7.5% year/year), with an interest margin of 287.4 million and net commissions down to 46.9 million (-3.4 million), mainly due to service commissions paid to third parties for Revalea’s portfolio management. Other components of the banking margin, equal to 40.2 million, increased (+16.7 million) mainly due to greater net income from disposals (+9.6 million), the results of operations on financial instruments as well as higher income from the sale of NPL portfolios (+3.1 million).
Credit risk management and value
The bank announced that it has mitigated the potential impact on interest margins of future rate cuts, primarily by increasing the duration of security portfolio of ownership and new disbursements fixed rate leasing. Furthermore, the amount of credit decreased to 15.8 million from 16.3 million in the first half of 2023, confirming the positive dynamics of asset quality in the previous quarters.
Operating costs and capital indicators
Operating expenses, equal to 206.1 million (+7.5% y/y), increased due to higher personnel costs (86.6 million compared to 80.4 million in the first half of 2023), mainly due to the growth in the number Of employees and the renewed Ccnl. On the balance sheet front, as of June 30, CET1 stood at 15.32% (14.87% as of December 31, 2023) and Tcr at 17.59% (17.44% as of December 31, 2023), calculated with the profit generated in the first half of 2024 net of accrued dividends.
As for liquid assetsthe position on the same date was equal to about 1.7 billion euros of reserves and free assets funded at the ECB (Lcr equal to about 1,300%). Reimbursed in advance 1.6 billion of Tltro III, while the remaining 411.5 million they will be paid in September 2024.
CEO statements and future prospects
«The consolidated results of the first half of 2024, with constantly growing revenues and profits of 94 million euros, allow us to confidently confirm the tube guide for the 2024 financial year equal to 160 million euros”, said the CEO Frederick Geertman. “Based on the positive trend of the period, we look forward to the full realization of the targets of this Industrial Plan, which will continue to support the small and medium-sized enterprises Italian companies on the path to sustainable development and transition, with our products and services and with the unique expertise of our people.”
In the first half of 2024, the manager continued, «the commercial activity in factoring and leasing, thanks to the effective work of our network, achieved growth rates higher than the reference markets, compensating for the increase in cost of collection. Also the business of Npl remains strong and benefits from the contribution of the Revalea acquisition. Since the beginning of the year, the Bank has also launched a series of actions aimed at reducing the impact of a possible reduction in interest rates: the duration of the securities portfolio ownership increased and the percentage of new fixed rate leasing disbursements almost doubled to around 80% compared to the last half of 2023″. (All rights reserved)