(Alliance News) - BFF Bank Spa announced Thursday that it reported record adjusted consolidated profit at EUR183.2 million as of Dec. 31, up 25 percent year-on-year.

The dividend for fiscal year 2023 is EUR0.979, for a total of EUR183.2 million, including EUR81.9 million interim dividend paid in September and EUR101.2 million balance for 2023. In 2022, the dividend per share was EUR0.7898.

In addition, adjusted pre-tax profit stood at EUR249.8 million, while net book profit stood at EUR171.7 million from EUR232.0 as of December 31, 2022.

Total adjusted revenues as of Dec. 31 were EUR791.9 million, up 71 percent year-on-year, of which EUR437.3 million came from the Factoring, Lending & Credit Management department, EUR63.1 million from Payments, EUR23.6 million from Securities Services, and EUR268.0 million in other revenues, of which EUR180.5 million related to the Government Securities portfolio.

The cost of financing for 2023 was EUR354.9 million, with liabilities repricing faster than assets, and total adjusted net revenues of EUR437.0 million, up 15 percent year-on-year.

As of Dec. 31, the consolidated balance sheet was EUR12.3 billion, down EUR1.1 billion from Dec. 31, 2022, despite year-on-year growth in the loan portfolio.

The group maintained a solid liquidity level, with a Liquidity Coverage ratio of 297.7 percent as of Dec. 31. The Net Stable Funding ratio was 192.4 percent, and the leverage ratio was 4.8 percent, an improvement from 4.6 percent at the end of December 2022.

The group maintains a strong capital position, with a Common Equity Tier 1 ratio of 14.2% compared to 9.0% at SREP. The Total Capital ratio is 19.1 percent compared to 12.5 percent under SREP.

BFF Bank trades in the green by 1.2% at EUR10.40 per share.

By Claudia Cavaliere, Alliance News reporter

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