Q1 2023 BFF Bank SpA Earnings Call Transcript
Good afternoon, and welcome to BFF Banking Group First Quarter 2023 Earnings Call. (Operator Instructions) Please note this event is being recorded. I would like to turn the conference over to Massimiliano Belingheri, Group CEO; and Piergiorgio Bicci, CFO. Please go ahead.
Thank you. Welcome, everybody, for joining us for the first quarter results presentation. We are happy to report a strong first quarter in terms of adjusted net profits as our highest quarter on record. And that's an important result given that the dynamics of our balance sheet means that in rising interest rate environment, our liability rise faster than our assets.
The net interest income is being driven by factory and lending, which has shown a 22% growth year-over-year, driven in particular by the increase of the LPI statutory rate, which was 8% until December and from the 1st of January has moved to 10.5%. Given the increase in the ECB reference rate that will increase already today's rates from the 1st of July at 11
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