(Alliance News) - The board of directors of BFF Bank Spa on Thursday approved the consolidated financial statements for the first half of the year, a period that ended with adjusted net profit ofEUR81.9 million, up 20% year-on-year. Accounting profit for the first half was EUR76.1 million, up 34 percent year-on-year.

Following the approval of the shareholders' meeting, BFF may distribute a total dividend ofEUR0.438 per share, up toEUR81.9 million, the same as the group's normalized consolidated result as of June 30.

Total adjusted revenues were EUR352.8 million, up 72 percent year-on-year, of which EUR186.1 million came from the Factoring, Lending & Credit Management department.

The cost of financing for H1 2023 was EUR150.9 million, repricing liabilities faster than assets, and total adjusted net revenues were EUR201.9 million, up 11% year-on-year.

The group maintains a strong capital position, with a Common Equity Tier 1 ratio -- or CET 1 ratio -- of 15.6 percent compared to SREP's 9.0 percent.

BFF Bank's stock is down 0.7 percent at EUR9.98 per share.

By Maurizio Carta, Alliance News reporter

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