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Banca IFIS (IF) investor relations material
Banca IFIS H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Acquired 92.5% of illimity Bank, with integration and due diligence by PWC to be completed by December 2025; full integration expected to generate significant cost and revenue synergies and higher industrial value.
Net profit for H1 2025 reached €93.7 million, or €94 million excluding €9 million one-off costs from the illimity offer, in line with H1 2024.
CET1 ratio at 16.52%–16.62%, well above requirements, with a post-merger target of 14%.
Integration project underway, including organizational, IT, and business structure alignment, with cross-selling initiatives and asset review for potential disposals.
Acquisition of Euclidea SIM finalized, marking entry into asset management services.
Financial highlights
Net banking income for H1 2025 was €351.0 million, down from €374.5 million in H1 2024 due to less favorable interest rates; 2Q25 net revenues at €172 million, down 9% year-over-year and 4% quarter-on-quarter.
Operating costs decreased by 2.5% to €201.0 million, reflecting efficiency gains, but Q/Q increase in 2Q25 due to NPL workout seasonality and project expenses.
Net credit risk losses rose to €19.2 million from €15.8 million in H1 2024; loan loss provisions remain low, with coverage ratio at 46%.
Factoring turnover at €3.4 billion with average spread of 3.55%; automotive leasing up 9% year-over-year, outperforming a contracting market.
NPL cash collections stable at ~€100 million per quarter; NPL Segment profit reached €42.2 million, up €0.4 million from H1 2024.
Outlook and guidance
On track to meet €160 million net income guidance for the year on a standalone basis; synergies from illimity Bank acquisition confirmed at €75 million annually.
Dividend policy remains attractive and consistent with previous years, with interim dividend in November confirmed.
Guidance for net interest income is -10% for the year, with cost of funding targeted below 3.2%.
Updated business plan for the combined group to be presented in 2026 after due diligence.
Focus on sustainable profitability, capital strength, and low risk profile for the integration phase.
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