Illimity rectifies the 2024 results for 53.5 million: profits are transformed into a red of 38 million

Illimity Bank updates the preliminary results communicated to the market on 11 February, After the potential outcome of a dispute that affects the
evaluation of a specific senior of securitization connected to transformation operations of active non -performing carried out at the beginning of 2024 could negatively affect the related recovery prospectsdetermining the « transition from internship 1 to internship 2 of the entire senior note, with impact on the overall securitization operation in terms of Expected Credit Loss », explains a note.

The further adjustment

Therefore, compared to what is considered in the preliminary results 2024, An additional value adjustment was detected for a total gross amount of approximately 53.5 million. On the basis of this update, at 31 December 2024 it is recorded A negative consolidated net result for 38.4 million, with CET1 Ratio equal to about 13.9% and a total capital ratio equal to about 17.8%. Economic and patrimonial patterns are updated, also for the purpose of preparing the Budget Project 2024, foreseen in approval by the Board of Directors for March 12th.

The bank's stock yields 3.3% to 3.51 euros. « We expect this that this significantly reduces the probability of a revision up to the upper offer of Banca IFIS », write Banca Akros analysts, according to which the IFIS OPAS still offers a « limit » to the downward of the title in Piazza Affari. « From the beginning, we considered highly unlikely an increase in the offer in the absence of significant developments, and this update further strengthens our View », Equita agrees, which is also an advisor of Ifis in the offer.

Banca IFIS OPAS

In any case, they are weeks of intense work at the Summit of Illimity. After the recent reorganization of the first managerial line, The Milanese Institute founded by Corrado Passera must face the public purchase and exchange offer of almost 300 million Presented in January by the IFIS bank competitor and prepare a new industrial plan. « The transition year » of Illimity – as Passera called it – therefore closed itself with a reorientation of the business and new losses due to adjustments and devaluations. The arrival of the public purchase and exchange of the IFIS bank« He caught us at a time certainly delicate and slowed some relevant projects with inevitable effects on our short-term results-explained the top manager a few weeks ago-. As is our duty, Illimity's board with the support of his advisors will evaluate the offer in depth by putting the shareholders and Illimity Stakeholder in a position to be able to evaluate all the strategic options within the times provided for by the regulations ».

Banca IFIS, useful of 162 million

And just today, March 6, the Board of Directors of Banca Ifis, meeting under the presidency of Ernesto Fürstenberg Fassioapproved the financial statements project and the consolidated budget 2024, confirming the preliminary results at 31 December 2024 already approved by the Board and made known to the market last February 10, 2025. In particular, the 2024 year of Banca IFIS ended with a consolidated net profit growing at 162 million euros which brought the cumulative profits of the three-year period 2022-24 to 463 million euros, or a figure of 12% compared to the objectives envisaged by the industrial plan. For the entire 2024, the bank therefore provides to distribute 111.5 million euros of dividendequal to 2.12 euros per share in circulation, consistently with the dividend policy approved in 2023. This figure brings the cumulative dividend for the three-year period 2022-24 to 295 million euros, growing 47% compared to the objectives of the industrial plan.