(Alliance News) - The board of directors of Banca Ifis Spa on Thursday approved its results for the first nine months, closing with a net profit attributable to the group of EUR124.7 million, up 18 percent from EUR105.5 million in the first nine months of 2022.

Net interest and other banking income, up 4.8 percent to EUR512.4 million from EUR488.7 million in the same period of 2022, benefited from the Commercial & Corporate Banking Sector's positive correlation to rising interest rates.

Operating expenses of EUR288.5 million are up slightly from the EUR278.5 million figure for the first nine months of 2022.

The bank has already completed well in advance many of the actions to repay the EUR2 billion TLTRO, including the remarketing of the senior notes of the lease securitization for about EUR400 million, the ramp-up of the NPL securitization for an additional EUR400 million, and the issuance of a senior bond for EUR300 million. In addition to these transactions are the approximately EUR700 million of the proprietary portfolio maturing naturally by September 2024.

"In the coming quarters, repurchase agreements on the proprietary portfolio, the increase of retail funding with a multichannel strategy and, in the presence of favorable financial markets, senior bond issues are also planned," the released note reads.

Among the capital ratios, the consolidated CET1 Ratio is 15.53 percent from 15.01 percent as of Dec. 31, 2022. The consolidated Total Capital Ratio is 18.42 percent from 18.82 percent as of Dec. 31, 2022, "calculated including the profit for the first nine months of 2023, net of the interim dividend," Banca Ifis specifies.

Banca Ifis trades in the red by 0.4 percent at EUR6.74 per share.

By Maurizio Carta, Alliance News reporter

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