BFF Bank SpA (FRA:2BF)
€ 8.775 -0.165 (-1.85%) Market Cap: 1.65 Bil Enterprise Value: 966.82 Mil PE Ratio: 6.67 PB Ratio: 1.96 GF Score: 80/100
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Q1 2019 Banca Farmafactoring SpA Earnings Call Transcript

May 10, 2019 / 11:00AM GMT
Massimiliano Belingheri
Banca Farmafactoring S.p.A. - CEO & Director

Thank you, everybody, for joining us today for the first quarter 2009 (sic) [2019] results report.

We report a strong growth in net income and profitability with adjusted net income growing at 10% year-on-year and a 36% adjusted return on tangible equity. This has been done despite a lower collection level of LPI, which has generated in turn a higher balance sheet LPI and reserve of EUR 378 million. Interest income also has grown at 5% year-on-year. And operating costs continued to improve with operating costs over loans declining to 1.87%.

Growth in loans year-on-year has been strong up 20%, and the international portfolio is at 34% before we consider the impact of the acquisition of IOS Finance in Spain. Funding base remained solid, and we ran a good liquidity position.

Capital ratios are strong with total capital at 15.6% and Core Equity Tier at 11.1%. That excludes the EUR 21.4 million of reported net income for the period, which would clearly increase otherwise the ratio and include the mark-to

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