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08 Nov 2019 10:49
Today the Board of Directors of Banca Farmafactoring S.p.A. approved the first 9 months consolidated financial accounts.


  • IOS Finance acquisition closed for a total all-cash consideration of €26.4m and with a goodwill of only €9m. Acquisition entirely funded with excess capital
  • Adjusted Net Income of €60.6m (+4% y/y), with 33% Adjusted RoTE vs. 31% in 9M18
  • Adjusted Net Interest Income increased by 2% y/y, despite €7.4m of lower net LPIs over-recovery vs. 9M18, and with the stock of unrecognized off-balance sheet LPIs increased by €38m y/y to €400m
  • Net Customer Loans up at €3,563m (€3,467m excluding IOS Finance, +15% y/y), of which 37% outside Italy vs. 32% at the end of Sep-18
  • Resumed growth in new volume, up by 3% y/y excluding IOS Finance. IOS Finance grew +25% y/y
  • Sound liquidity ratios, with LCR at 352.0% at the end of Sep-19
  • First time public rating by Moody’s of “Ba1” with positive outlook, and successful issuance of first rated senior unsecured preferred notes in October for €300m at 1.75% fixed yield
  • Strong reduction in Net Impaired Assets (-41% y/y and -16% vs. YE18), with the Net NPLs/loans ratio down to 0.1% (excluding Italian municipalities in conservatorship). 80% of total Net Impaired Assets are towards the public sector
  • Net Impaired Assets towards private sector down -50% vs. YE18
  • Annualised Cost of Risk at 4bps, 1bp excluding SME factoring business in run-off
  • Strong capital position: Total Capital and CET1 ratios[1] of 15.8% and 11.2% (18.5% and 14.0% including the Net Income for the period currently set aside for dividend distribution), well above SREP requirements, and already net of IOS Finance acquisition impact (-50bps and -48bps respectively, entirely funded with excess capital)


Milan, 8th November 2019 – Today the Board of Directors of Banca Farmafactoring S.p.A. (BFF) approved the first 9 months 2019 consolidated financial accounts.


[1] Calculated on the Banking Group perimeter (pursuant to TUB – Testo Unico Bancario).