(Alliance News) - The board of directors of illimity Bank Spa on Thursday announced that it had approved the illimity group's results as of March 31, which closed with a pretax profit of EUR12.1 million, expressing a net profit of EUR7.8 million. The latter was EUR15.7 million in the same perid of last year.

As the bank writes in the released note, "figures not fully comparable with previous quarters as they incorporate the impacts related to the mentioned consensual termination of the previous license agreement quantifiable in EUR8.5 million gross."

Net interest income stood at EUR48.4 million from EUR36.0 million in the same period last year.

On the other hand, net interest and other banking income was EUR72.1 million compared to EUR78.5 million in the same period last year.

As of March 31, 2023, the Bank's assets totaled EUR6.1 billion, up 24 percent from the same period last year.

Within this aggregate, net loans to customers and investments exceed EUR3.9 billion, up 39 percent from March 31, 2022, "with the contribution in particular of the corporate performing credit business."

The illimity securities portfolio reached about EUR787 million at the end of March 2023, essentially stable compared to the value of EUR802 million recorded at the end of 2022 and up by about 48% compared to the end of March 2022, when it had been EUR532 million.

Within the aggregate, securities classified in HTC amount to EUR403 million - consisting of Italian government bonds - the portfolio of which was built during 2022 according to a prudent strategy of low duration - less than four years - allowing the impact on the bank's capital from market volatility to be limited to less than EUR15 million.

Primary regulatory capital - CET 1 Capital - is around EUR677 million, down slightly from the figure at the end of 2022, when it had been EUR683 million due to the removal of the benefit, recognized as a prudential filter, on the negative value of the valuation reserve on government securities.

Risk-weighted assets stood at around EUR4.34 billion, stable compared to the previous quarter. The Liquidity Coverage Ratio at the end of March 2023 stands at about 310 percent.

As a result of these dynamics, illimity's phased-in CET 1 ratio as of March 2023 stands at a robust 15.6 percent, at 15.5 percent fully loaded.

Corrado Passera, CEO and founder of illimity, commented, "The first quarter of 2023 was characterized by great dynamism and solid strategic and operational progress. Considering the expected revenues from the agreement on our IT platform and the robust origination pipeline we are working on, we expect a strong progression of profitability in the second half of the year, which we estimate to close with a profit in excess of EUR100 million."

illimity Thursday closed the session down 0.6 percent at EUR6.36 per share.

By Maurizio Carta, Alliance News reporter

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