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10 Feb 2020 13:13
Today the Board of Directors of Banca Farmafactoring S.p.A. approved the FY 2019 consolidated financial accounts.


  • Adjusted Net Income of €98.8m (+8% y/y), with 38% Adjusted RoTE vs. 37% in 2018
  • €70.9m Expected Cash Dividends: 72% pay-out ratio of Adjusted Net Income, €0.415 DPS equivalent to 7.3% dividend yield
  • Total Capital and CET1 ratios[1] at 15.0% and 10.9%, excluding the Expected Cash Dividend
  • Adjusted Net Interest Income increased by 6% y/y, despite €2.7m of lower net LPIs over-recovery vs. 2018, and with the stock of unrecognized off-balance sheet LPIs increased by €40m y/y to €396m
  • Net Customer Loans up by 15% y/y at €4,118m (+11% y/y excluding €137m of IOS Finance), of which 41% outside Italy vs. 35% at the end of 2018
  • Growth in new volume, up by 3% y/y at €4.9bn (excluding IOS Finance). IOS Finance grew by 26% y/y
  • Sound liquidity ratios, with LCR at 476.9% at the end of Dec-19
  • Net Impaired Assets decreased by 11% vs. YE18 and 83% are towards the public sector. Net NPLs/Loans ratio down to 0.1% (excluding Italian municipalities in conservatorship)
  • Net Impaired Assets towards private sector down -54% vs. YE18
  • Annualised Cost of Risk at 6bps, 3bps excluding SME factoring business in run-off


Milan, 10th February 2020 – Today the Board of Directors of Banca Farmafactoring S.p.A. (BFF) approved the 2019 full year consolidated financial accounts. IOS Finance acquisition was completed on 30th September 2019, therefore the P&L figures in this press release (both adjusted and reported) include IOS Finance only for the 4Q 2019 with marginal impact. All extraordinary costs related to the acquisition (incurred and expected to be incurred for the integration) for €1.3m (after taxes) and the extraordinary net positive impact from goodwill tax step-up (“affrancamento”) for €1.5m have been already expensed in the reported numbers of 2019 consolidated P&L.


Massimiliano Belingheri, Group CEO, commented: “2019 has been for us a record year in terms of profits, return on capital, loan growth, risk control. We continue to deliver a strong dividend flow to our shareholders. Our international growth strategy continues to pay off, with 41% of our loan book now outside our home country, allowing to service better the needs of our customers. We continued to invest in the business and in initiatives that will sustain the profitable growth of the business in many years to come, alongside the directions indicated in our “BFF 2023” plan. With the acquisition of IOS Finance we have further strengthened our Spanish business and delivered on our M&A strategy. With the new colleagues from IOS and with the many professionals that have joined us this year, we have planted more seeds to grow.


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