Half Year 2019 Banca Farmafactoring SpA Earnings Call Transcript
Thank you. Thank you, everybody, for joining us today for the conference of first half results. We're pleased to report a strong financial performance for the group with over EUR 41 million of adjusted net income, which is a 3% growth year-on-year and with 33% of adjusted return on tangible equity. It's a strong result because that's despite having had EUR 7.4 million of lower net late payment interest over-recovery compared to the first half 2018.
And as you will see in the presentation, see that underpins the strong set of results since we have achieved those without the benefit of those over-recoveries. Over recoveries, that haven't come through, not because we had higher discounts on the recovery of LPI is simply because we haven't transacted as much in the market. In fact, our back book reserve, the uncollected, unrecognized portion of the LPI of balance sheet has grown to almost EUR 400 million, EUR 391 million, increasing EUR 33 million year-over-year.
The operating performance has also been underpinned by
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