Mestre (Venice), 6 March 2018 – The Board of Directors of Banca IFIS met today under the chairmanship of Sebastien Egon Fürstenberg and approved the draft financial statements for the year 2017 as well as confirmed the preliminary results announced on 8 February 2018.
In addition, the Board proposed to the Shareholders’ Meeting convened on 19 April 2018 to distribute a dividend of 1 Euro gross of the potential withholdings per ordinary share, with ex-dividend date (coupon no. 21) on 23 April 2018, record date on 24 April 2018, and payment date on 25 April 20181. The dividend will be paid through the authorized intermediaries with which shares are registered in the Monte Titoli system.
The comment of Banca IFIS Chairman Sebastien Egon Fürstenberg: “In 2017, the Banca IFIS Group has continued growing in the sectors it operates in: specialized corporate lending, which is increasingly key for Italy’s growth and the health of its economic fabric; the sustainable management of non-performing loans; and the collection of savings. We also launched important projects on which the Bank will continue working over the next quarters, guided by the drivers of our day-to-day operations: control of risk-corrected profitability, of liquidity and of absorbed capital. We want to provide our customers with the solutions they need quickly, clearly and transparently: this is why digital services are crucial and we are investing in them. Finally, we once again raised our dividend—a sign of strength and a token of gratitude for our Shareholders, who continue appreciating our work and the projects the Bank is working on”.
Below are the highlights for the year 2017. For more details, please see the press release on the preliminary results, available in the “Media Press” section of the website www.bancaifis.it
Financial Year 2017: 1 January – 31 December
Reclassified data[1]:
– Net banking income: 519,6 million Euro (+59,4%);
– Net profit from financial activities: 504,8 million Euro (+68,6%);
– Operating costs: 256,3 million Euro;
– Net profit for the year: 180,8 million Euro;
– Credit cost (trade receivables): 115 bps;
– Net bad-loan ratio (SMEs sector): 1,3%;
– Total Group employees: 1.470 people;
– Common Equity Tier 1 (CET1): 15,64% (15,82% at 31 December 2016)[2];
– Tier 1 Capital Ratio (T1): 15,64% (15,82% at 31 December 2016)3;
– Total Own Funds Capital Ratio: 21,07% (15,83% at 31 December 2016)3.
4th quarter 2017: 1 October – 31 December
Reclassified data[3]:
– Net banking income: 148,3 million Euro (+68,0%);
– Net profit from financial activities: 113,1 million Euro (+39,3%);
– Net profit for the period: 31,6 million Euro.
[1] Net impairment losses on receivables of the NPL Area, totalling 33,5 million Euro at 31 December 2017 compared to 32,6 million Euro at 31 December 2016, were reclassified to Interest receivable and similar income to present more fairly this particular business, for which net impairment losses represent an integral part of the return on the investment.
[2] The reported total own funds refers only to the scope of the Banca IFIS Group, thus excluding the effects of the prudential consolidation in the parent La Scogliera S.p.A. Consolidated own funds, risk-weighted assets and solvency ratios at 31 December 2017 were determined based on the regulatory principles set out in Directive 2013/36/EU (CRD IV) and Regulation (EU) 575/2013 (CRR) dated 26 June 2013, which were transposed in the Bank of Italy’s Circulars no. 285 and 286 of 17 December 2013. Article 19 of the CRR requires to include the unconsolidated holding of the banking Group in prudential consolidation. The CET1 at 31 December 2017 including La Scogliera S.p.A amounted to 11,66%, compared to 14,80% at 31 December 2016, the Tier 1 Capital (T1) amounted to 12,18% compared to 15,05%, and the Total Own Funds Ratio totalled 16,15%, compared to 15,39% at 31 December 2016. Please note that the comparative data at 31 December 2016 was restated to account for the change in the opening balances following the definition of the price paid for the acquisition of the former GE Capital Interbanca Group to the seller.
[3] Net value adjustments in the NPL Area, totalling 9,1 million Euro in the 4th quarter of 2016 and 10,4 million Euro in the 4th quarter of 2017, were reclassified to Interest receivable and similar income to present more fairly this particular business, for which net value adjustments represent an integral part of the return on the investment.
