(Alliance News) - Banca Ifis Spa reported Thursday that it made a profit of EUR47.6 million in the first quarter of the year from EUR46.3 million in the same period of 2023.

The first-quarter results were positively impacted by the commercial results, the results of the proprietary finance business, and the subdued risk scenario, the bank points out.

Net interest income of EUR140.8 million was up from EUR139.4 million from the first quarter a year earlier.

Net fee and commission income is EUR23.1 million from EUR23.3 million as of March 31, 2023.

Net interest and other banking income is EUR185.2 million up from EUR175.8 million in the first quarter of 2023.

As of March 31, 2024, the CET1 Ratio is 14.98% from 14.87%, the Tier 1 Ratio increases to 14.99% from 14.87%, and the Total Capital Ratio is 17.43% from 17.44% in the first quarter of 2023.

The cost of credit is EUR8.6 million, down 14 percent from Q1 2023, "confirming the positive dynamics of asset quality in 2023."

The liquidity position as of March 31 is about EUR2.5 billion of reserves and free assets that can be financed in the ECB.

"Building on this positive start to the year, we look forward to the following months of this final year of the Business Plan, continuing to stand by the small and medium-sized Italian companies we support with our products and the distinctive expertise of our people," said Frederik Geertman, CEO of Banca Ifis.

Banca Ifis stock trades in the red by 2.0 percent at EUR21.08 per share.

By Chiara Bruschi, Alliance News reporter

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