(Alliance News) - Banca Ifis Spa announced Thursday that it has reached an all-time record for net profit 2023, which turned out to be EUR161.9 million from EUR141.9 million as of Dec. 31, 2022.

The company says the net profit is nearly 17 percent higher than the EUR137 million target set in the business plan to 2023.

In addition, a balance dividend of EUR2.10 has been proposed from that of EUR1.40 effective in 2022.

In 2023, net interest income stands at EUR566.2 million from EUR548.3 million as of December 31, 2022.

Net interest and other banking income in the period is EUR704.6 million from EUR680.5 million in 2022.

CET1 is 14.87 percent from 15.01 percent as of December 31, 2022, while TCR is 17.44 percent from 18.82 percent as of December 31, 2022. Both were calculated including profits generated by the banking group in 2023 net of dividends.

Total funding as of Dec. 31 was EUR11.8 billion and up 6.2% from the figure as of Dec. 31, 2022, and was 49.2% represented by amounts due to customers compared to 45.8% as of Dec. 31, 2022, 23% by amounts due to banks compared to 30.7% as of Dec. 31, 2022, and 27.8% by securities outstanding from 23.4% as of Dec. 31, 2022.

The average cost of funding in 2023 of 2.89% is up from 0.96% in 2022. The liquidity position as of Dec. 31 stood at about EUR1.4 billion, despite the repayment of EUR500 million TLRO in December 2023.

Banca Ifis trades in the green by 1.3 percent at EUR16.29 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.