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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Q1 2021 BFF Bank SpA Earnings Call Transcript

May 10, 2021 / NTS GMT
Release Date Price: €7.66 (-1.13%)
Massimiliano Belingheri
BFF Bank S.p.A. - CEO & Director

Thank you, and welcome, everybody, to the presentation of the first results with the DEPObank acquisition in our books. Giorgio will walk you through how the accounts have been constructed, given the many moving parts, but we are pleased to report good results overall. We have a reported net income of EUR 184 million, that's clearly impacted by the sizable goodwill of the acquisition. But if we strip out the exceptional, the adjusted net income for the period is 8% up year-over-year, thanks to the good performance, particularly with the transaction services business, lower cost and stronger financial income.

The credit risk of the group remains good. That's 1 year into the COVID issue. And the introduction of the new definition of default has not had an impact on our past due; actually our past due have come down compared to the reported number of last year. Importantly, we have in our books, but not accounted in our capital ratio, over EUR 190 million of accrued dividends, of which EUR 165 million come from the 2019 and 2020 results and

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