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11 Nov 2021 11:50
BFF Banking Group announces first consolidated nine months financial results after the merger with DEPObank
Today the Board approved the 9M 2021 consolidated financial results.
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  • Accounting and fiscal consolidation of DEPObank effective on 1st March 2021
  • €79.4m of Adjusted Net Income[1], +5.7% YoY despite €(20.5)m of DEPObank HTC bond portfolio M2M impact
  • €240m Reported Net Income, including badwill and the extraordinary impacts deriving from DEPObank acquisition. Purchase price allocation still pending2
  • Factoring & Lending: positive performance of loan book in Portugal, Greece and CEE countries (but Italy and Spain still impacted by liquidity), and of LPIs collections. Stable stock of unrecognized LPIs at €424m as a source of future profitability
  • Positive performance of Securities Services and Payments business units
  • Already locked-in, on a run-rate basis from 31/12/2021, 2023 target synergies
  • Continued focus on ALM to extract funding synergies, reduce excess liquidity, lower deposits, restore size and increase yield and duration of HTC bond portfolio
  • Strong capital position (CET1 ratio 18.5% and Total Capital ratio 22.9%), with €176m of capital above 15% TC ratio target. CET1 ratio of 22.1% including 9M21 Adjusted Net Profit
  • €165m of residual 2019 & 2020 accrued dividends distributed in Oct-21
  • Zero Cost of Risk, and 0.2% Net NPLs/Loans ratio excluding Italian municipalities in conservatorship

 

 

Milan, 11th November 2021 – Today the Board of Directors of BFF Bank S.p.A. (“BFF” or the “Bank”) approved the first nine months consolidated financial accounts, following the acquisition and merger by incorporation of DEPObank – Banca Depositaria Italiana S.p.A. (“DEPObank”) into BFF, with accounting and fiscal consolidation effective on 1st March 2021.

Therefore, the 9M21 reported consolidated Profit and Loss includes DEPObank for the whole month of March 2021 and the whole 2nd and 3rd quarter 2021[2].

The 9M21 Adjusted consolidated Profit and Loss includes DEPObank from 1st January 2021, and is consequently adjusted for one-offs, discontinued operations, other not recurring items, and the badwill (for details, see footnote n° 3).

 

[1] Including DEPObank from 1st January 2021.

[2] Purchase Price Allocation (the “PPA”) has not been completed yet, and the badwill resulting from DEPObank acquisition could change at completion.