illimity Bank SpA
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illimity Bank SpA
illimity Bank SpA engages in the provision of financial services. The company is headquartered in Milan, Milano. The company went IPO on 2019-03-05. The Bank provides products and services through three segments: Small and Medium Enterprises (SME), Corporate Non Performing Loans (NPLs) and Individuals and Families. The SME segment aims at Italian small and medium-sized enterprises characterized by limited access to credit providing factoring and services for both performing and non-performing companies. The Corporate NPLs segment operates by acquiring portfolios or funding the acquisition thereof by other investors, or directly managing the loans. The Individuals and Families segment covers a range of direct banking services, such as current accounts, debit and credit cards and advanced payment systems, deposit account, loans, mortgages and insurance, among others. The Bank is active locally.
illimity Bank SpA engages in the provision of financial services. The company is headquartered in Milan, Milano. The company went IPO on 2019-03-05. The Bank provides products and services through three segments: Small and Medium Enterprises (SME), Corporate Non Performing Loans (NPLs) and Individuals and Families. The SME segment aims at Italian small and medium-sized enterprises characterized by limited access to credit providing factoring and services for both performing and non-performing companies. The Corporate NPLs segment operates by acquiring portfolios or funding the acquisition thereof by other investors, or directly managing the loans. The Individuals and Families segment covers a range of direct banking services, such as current accounts, debit and credit cards and advanced payment systems, deposit account, loans, mortgages and insurance, among others. The Bank is active locally.
Profitability Transition: Q1 net income was just EUR 0.3 million, reflecting subdued profitability due to lower net interest income and reduced contribution from the NPE business.
Core Business Resilience: Core business (SME lending and investment banking) showed resilience with EUR 31 million in pre-tax profit and a low cost/income ratio of 21%.
Capital Strength: Core Tier 1 ratio increased to 14.7%, providing a substantial buffer above regulatory requirements and ahead of strategic guidance.
Non-Core Asset Reduction: Non-core assets declined by 6% quarter-on-quarter and 15% year-on-year, with further reductions expected as disposals proceed.
Funding Costs Improving: Blended average cost of funding dropped to 3.7% from 4% in 2024 and is expected to decline further.
Strategic Refocus: Bank stopped direct investment in NPE portfolios and is focused on growing SME core segments and unlocking value from joint ventures.
Banca IFIS Offer: The board's response to Banca IFIS's public offer is expected by the end of next week after the publication of the offer document.
