BFF Bank SpA (LTS:0RON)
€ 8.83 0.025 (0.28%) Market Cap: 1.65 Bil Enterprise Value: 963.93 Mil PE Ratio: 6.66 PB Ratio: 1.97 GF Score: 79/100
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Q4 2019 Banca Farmafactoring SpA Earnings Call Transcript

Feb 10, 2020 / 04:00PM GMT
Release Date Price: €5.67
Operator

Good day, and welcome to BFF Banking Group Conference Call about 2019 full year results. (Operator Instructions)

Please note this event is being recorded. I would like to turn the conference over to Massimiliano Belingheri, Group's CEO; and Emanuele Bona, Vice President, CFO. Please go ahead.

Massimiliano Belingheri
Banca Farmafactoring S.p.A. - CEO & Director

Thank you, everybody, for joining us today for the full year results for 2019.

We are pleased to report earnings of almost EUR 99 million adjusted net income with a growing return on tangible equity, despite a lower net LPI over recovery compared to 2018. We continue to accumulate our back-book reserve in terms of LPI, which is almost now at EUR 400 million, and we continue to improve our operating leverage, with operating costs to loans at 2.09%.

The growth of the business, as we will see, has translated into a better RWA mix that has allowed us to earmark EUR 71 million for cash dividend. This represents a 72% payout ratio, a dividend of EUR 0.415 per share, which is

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