News & Media

Press Releases

10 Feb 2022 11:36
BFF Banking Group announces first consolidated full year financial results after the merger with DEPObank
Today the Board approved FY 2021 consolidated financial results.
  • Accounting and fiscal consolidation of DEPObank effective from 1st March 2021
  • €197.4m Reported Net Income, including €76.9m of badwill, post completion of PPA[1]
  • €125.3m of Adjusted Net Income[2], +7% YoY primarily thanks to positive contribution of Securities Services and Payments business units, and of synergies in the Corporate Center
  • Continued focus on ALM to maximize funding synergies, avoid excess liquidity, lower deposits, restore size and increase duration of HTC bond portfolio. M2M impact of the ex-DEPObank HTC bond portfolio of €(27.3)m in FY21
  • Zero Cost of Risk, and 0.2% Net NPLs/Loans ratio excluding Italian municipalities in conservatorship
  • Strong capital position (CET1 ratio at 17.6% and TC ratio at 22.2%), with €155m of capital above 15% TC ratio target. CET1 ratio of 23.4% including of accrued FY21 dividends
  • €125m of accrued FY21 dividends brings cumulative distribution to shareholders to ~€300m since Oct-21
  • Move to half-year distribution for 2022 dividends. First payment after 1H22 results, in August
  • Launched development of new corporate HQ, with >€2m synergies expected from 1H24



Milan, 10th February 2022 – Today the Board of Directors of BFF Bank S.p.A. (“BFF” or the “Bank”) approved the first full year consolidated financial 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 starting from 1st March 2021. Therefore, FY21 Reported consolidated Profit and Loss includes DEPObank since 1st March 2021, while FY21 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 (for details, see footnote n° 3).


Massimiliano Belingheri, BFF Group CEO, commented: “In a year of transition, we are pleased to report a good set of results. Through our businesses and M&A, we have delivered record earnings, which show the benefits of diversification and of discipline in execution. We continue to see a rebound in our Factoring & Lending business, which, together with our bond portfolio, will also benefit from the rising interest rate environment. We have taken on board the suggestions of our shareholders, and moved to biannual dividend payment, further reinforcing our unique combination of a growing and highly cash generating business, with low risk and excellent opportunities ahead.

[1] The Purchase Price Allocation (“PPA”) was completed, and the badwill resulting from the DEPObank acquisition is €76.9m.

[2] Including DEPObank from 1st January 2021.