News & Media

Press Releases

06 Aug 2021 10:54
BFF Banking Group announces first consolidated half-year financial results after the merger with DEPObank
Today the Board approved the 1H 2021 consolidated financial results.
  • Accounting and fiscal consolidation of DEPObank effective on 1st March 2021
  • €210.3m Reported Net Income, including badwill and the extraordinary impacts deriving from DEPObank acquisition, €46.6m of Adjusted Net Income[1], -1% YoY primarily due to ex-DEPObank HTC portfolio yield deflated by acquisition M2M accounting
  • Factoring & Lending: lower loan book YoY, with Italy and Spain impacted by high liquidity, and a strong growth in Portugal, Greece, and CEE
  • Positive performance of Securities Services and Payments
  • Focus on ALM to extract funding synergies, reduce excess liquidity, restore size and increase yield and duration of HTC bond portfolio
  • Strong capital position (CET1 ratio 18.6% and Total Capital ratio 23.0%), with €177m of capital above 15% TC ratio target. CET1 ratio of 28.2% including accrued dividends
  • €212m of 2019, 2020 & 1H21 accrued dividends, started discussion with BoI in order to distribute dividends in early Oct-21, following 27-Jul-2021 BoI’s recommendation
  • Zero Cost of Risk, and Net NPLs/Loans ratio excluding Italian municipalities in conservatorship 0.2%



Milan, 6th August 2021 – Today the Board of Directors of BFF Bank S.p.A. (“BFF” or the “Bank”) approved the first half-year 2021 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 on 1st March 2021.

Therefore, the 1H21 reported consolidated Profit and Loss includes DEPObank for the whole month of March 2021 and the whole second quarter 2021[2].

The 1H21 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 (see footnote 3 for details).


[1] Including DEPObank from 1st January 2021

[2] Purchase Price Allocation has not been completed yet, and the badwill resulting from DEPObank acquisition could change at completion.