Q3 2024 Banca IFIS SpA Earnings Call Transcript
Key Points
- Banca Ifis (STU:0I6) reported a net income of EUR 127 million for the first nine months of 2024, marking a 2% increase year-on-year.
- The company confirmed its 2024 guidance of EUR 160 million net income, indicating confidence in meeting its financial targets.
- The financial position remains robust with EUR 2.1 billion in available cash and cash equivalents.
- The bank's CET1 ratio improved to 16.43% as of September 30, 2024, reflecting a strong capital position.
- Banca Ifis (STU:0I6) has strategically extended the duration of its government bond portfolio to stabilize interest income.
- Revenues in Q3 2024 were EUR 157 million, a decrease of 4% year-on-year due to increased cost of funding.
- There were limited signs of asset quality deterioration, particularly in specific sectors such as automotive and steel.
- The NPL business showed marked seasonality, with a decrease in cash collections and revenues in Q3.
- The bank faces competition in lending to high-rated corporates, which could impact future profitability.
- The cost of funding has peaked and is expected to decrease, but managing the asset side of the balance sheet remains a challenge.
Good afternoon. This is the course call conference operator. Welcome and thank you for joining the bank. I if it's nine months of 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr Frederik Geertman, Chief Executive Officer. Please go ahead, sir.
Thank you madam. And good afternoon, everybody. Welcome to our nine month 2024 conference call. And I would as always take you through the presentation and leave some time for questions at the end. And so if that's all right with you, I'd take you straight to page 4 where we give the synthesis of our three quarters results.
The third quarter saw a net income of EUR33 million which is flat year on year nine months, 24 net income is at EUR127 million, which is a progression of 2% year on year revenue is reflecting the typical summer seasonality and the expected I should say increase in cost of funding to mitigate sensitivity to declining interest rates in the
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