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10 May 2021 12:40
BFF Banking Group announces first consolidated financial results after the merger with DEPObank
Today the Board approved the 1Q 2021 consolidated financial results.
  • Finalized DEPObank closing, with accounting and fiscal consolidation effective on 1st March 2021
  • €184.3m Reported Net Income, including €161.5m of pre “Purchase Price Allocation” badwill. €27.8m of Adjusted Net Income, including DEPObank from 1/1/21, +8% yoy
  • Factoring & Lending impacted by high liquidity in Italy and Spain, accelerating collection not only of principal but also LPIs. Positive performance of Securities Services and Payments, almost out from Covid-19 crisis
  • Balance Sheet at €13.5bn, smaller of c. €3.2bn vs. 31/12/20 “sum of the part”, despite higher deposits from depositary bank as of 31/3/21: ECB bank cash began to be used to pay down existing BFF funding
  • Strong capital position (CET1 ratio 17.3% and Total Capital ratio 21.7%), with €151m of capital above 15% TC ratio target. CET1 ratio of 25.9% including accrued dividends
  • €193m of 2019, 2020 & 1Q21 accrued dividends to be paid as soon as the regulators allow
  • Zero Cost of Risk, and Net NPLs/Loans ratio excluding Italian municipalities in conservatorship 0.2%




Milan, 10th May 2021 – Today the Board of Directors of BFF Bank S.p.A. (“BFF” or the “Bank”) approved the first quarter 2021 consolidated financial accounts, the first consolidated accounts following the acquisition and merger by incorporation of DEPObank – Banca Depositaria Italiana S.p.A. (“DEPObank”) into BFF, with accounting and fiscal consolidation effective on 1st March 2021.

Therefore, the 1Q21 reported consolidated Profit and Loss includes DEPObank for the whole month of March 2021. The Purchase Price Allocation (“PPA”) has not been completed yet, and the badwill resulting from the transaction could change upon completion of the PPA.

The 1Q21 adjusted consolidated Profit and Loss includes DEPObank from 1st January 2021, and is consequently adjusted for one-offs, discontinued operations, other not recurring items, and the badwill. The comparative numbers of 1Q20 and 1Q19 Balance Sheet and Profit and Loss include DEPObank for each entire respective quarter.