Cash flow FinecoBank S.p.A.

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FBK

IT0000072170

Banks

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Sep. 13	Stock exchanges up; Eurozone industrial production falls	AN
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Published financial data: FINECOBANK S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Interest Income On Loans	298M	278M	251M	357M	778M
Interest Income On Investments	1.7M	108K	199K	206K	226K
Interest Income, Total	300M	278M	251M	357M	779M
Interest On Deposits	16.63M	10.65M	7.45M	19.72M	94.61M
Interest Expense, Total	16.63M	10.65M	7.45M	19.72M	94.61M
Net Interest Income	283M	268M	243M	338M	684M
Income From Trading Activities	41.43M	87.68M	71.64M	77.97M	66.27M
Gain (Loss) on Sale of Loans	2.91M	7.24M	29.24M	49.1M	208K
Gain (Loss) on Sale of Invest. & Securities - (Rev)	-1.11M	991K	2.84M	94K	826K
Total Other Non Interest Income	325M	407M	453M	479M	482M
Non Interest Income, Total	368M	503M	557M	606M	550M
Revenues Before Provison For Loan Losses	651M	771M	800M	943M	1.23B
Provision For Loan Losses	-5.38M	9.57M	594K	5.18M	3.1M
Total Revenues	657M	761M	800M	938M	1.23B
Salaries And Other Employee Benefits	84.67M	94.5M	104M	112M	122M
Amort. of Goodwill & Intang. Assets	5.45M	5.76M	6.69M	6.61M	6M
Occupancy Expense	17.37M	19.62M	19.52M	20.25M	21.07M
Selling General & Admin Expenses, Total	153M	168M	161M	181M	182M
Total Other Non Interest Expense	9.74M	10.96M	11.61M	11.03M	24.73M
Non Interest Expense, Total	270M	298M	302M	332M	356M
EBT, Excl. Unusual Items	386M	463M	497M	607M	875M
Restructuring Charges	-	-	-	-	-
Total Merger & Related Restructuring Charges	-	-	-	-	-
Asset Writedown	-47K	-127K	-39K	-74K	-388K
Legal Settlements	-2.59M	-1.63M	-2.83M	-2.16M	-2.5M
Other Unusual Items	-169K	-	-40K	-	-
EBT, Incl. Unusual Items	383M	461M	494M	604M	872M
Income Tax Expense	95.12M	138M	114M	176M	263M
Earnings From Continuing Operations	288M	324M	381M	429M	609M
Net Income to Company	288M	324M	381M	429M	609M
Net Income - (IS)	288M	324M	381M	429M	609M
Net Income to Common Incl Extra Items	288M	324M	381M	429M	609M
Net Income to Common Excl. Extra Items	288M	324M	381M	429M	609M
Per Share Items
Net EPS - Basic	0.47	0.53	0.62	0.7	1
Basic EPS - Continuing Operations	0.47	0.53	0.62	0.7	1
Basic Weighted Average Shares Outstanding	608M	609M	610M	610M	610M
Net EPS - Diluted	0.47	0.53	0.62	0.7	1
Diluted EPS - Continuing Operations	0.47	0.53	0.62	0.7	1
Diluted Weighted Average Shares Outstanding	609M	610M	611M	611M	612M
Normalized Basic EPS	0.4	0.48	0.51	0.62	0.9
Normalized Diluted EPS	0.4	0.47	0.51	0.62	0.89
Dividend Per Share	-	0.53	0.39	0.49	0.69
Payout Ratio	70.96	8.21	90.26	60.28	52.86
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
Effective Tax Rate - (Ratio)	24.8	29.83	23	29.1	30.17
Current Domestic Taxes	-	110M	137M	164M	252M
Current Foreign Taxes	-	7.57M	10.59M	15.04M	17.15M
Total Current Taxes	116M	118M	148M	179M	269M
Total Deferred Taxes	-21.32M	19.72M	-37.05M	-2.81M	-5.81M
Normalized Net Income	241M	289M	311M	379M	547M
Non-Cash Pension Expense	71K	40K	32K	49K	158K
Supplemental Operating Expense Items
Stock-Based Comp., SG&A Exp. (Total)	5.48M	5.04M	5.7M	5M	4.78M
Total Stock-Based Compensation	5.48M	5.04M	5.7M	5M	4.78M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	754M	1.76B	1.46B	1.47B	2.27B
Investment Securities, Total	9.36B	7.75B	5.69B	3.84B	2.86B
Trading Asset Securities, Total	72.87M	91.45M	146M	1.44B	721M
Total investments	9.44B	7.84B	5.83B	5.28B	3.58B
Gross Loans	16.95B	21.19B	25B	27.39B	24.89B
Allowance For Loan Losses	-36.2M	-42.04M	-38.51M	-41.58M	-38.11M
Net Loans	16.92B	21.15B	24.96B	27.35B	24.85B
Gross Property Plant And Equipment	210M	226M	237M	249M	259M
Accumulated Depreciation	-60.14M	-76.4M	-87.94M	-103M	-112M
Net Property Plant And Equipment	150M	150M	149M	146M	146M
Goodwill	89.6M	89.6M	89.6M	89.6M	89.6M
Other Intangibles, Total	37.49M	39.6M	39.08M	36.79M	34.46M
Investment in Real Estate	1.98M	1.87M	1.76M	-	-
Accrued Interest Receivable	39.21M	65.43M	93.13M	97.39M	103M
Other Receivables	14.12M	15.61M	521M	1.11B	1.63B
Restricted Cash	252M	272M	298M	311M	269M
Other Current Assets, Total	252M	255M	347M	291M	254M
Deferred Tax Assets Long-Term (Collected)	23.44M	8.15M	42.97M	46.58M	50M
Deferred Charges Long-Term	6.07M	6.36M	5.24M	3.69M	2.81M
Other Long-Term Assets, Total	48.92M	100M	26.98M	31.59M	35.6M
Total Assets	28.02B	31.76B	33.87B	36.27B	33.32B
Liabilities
Accrued Expenses, Total	173M	92.17M	132M	108M	121M
Interest Bearing Deposits	25.64B	29.03B	29.58B	30.55B	28.4B
Total Deposits	25.64B	29.03B	29.58B	30.55B	28.4B
Short-Term Borrowings	334M	395M	212M	987M	218M
Current Portion of Leases	10.03M	5.04M	10.54M	11.24M	11.1M
Long-Term Debt	-	-	1.53B	498M	809M
Long-Term Leases	57.29M	61.17M	54.79M	52.11M	50.28M
Current Income Taxes Payable	11.44M	10.2M	35.86M	42.63M	86.71M
Other Current Liabilities - (Bank / Utility Template)	213M	275M	339M	1.89B	1.15B
Unearned Revenue Non Current	6.85M	9.73M	17.89M	19.57M	19.2M
Pension & Other Post Retirement Benefits	4.81M	4.92M	5.03M	3.94M	4.38M
Deferred Tax Liability Non-Current	-	3.75M	-	-	-
Other Non Current Liabilities	185M	184M	220M	201M	251M
Total Liabilities	26.64B	30.07B	32.14B	34.36B	31.12B
Common Stock, Total	201M	201M	201M	201M	202M
Additional Paid In Capital	1.93M	1.93M	1.93M	1.93M	1.93M
Retained Earnings	653M	957M	995M	1.17B	1.45B
Treasury Stock	-7.35M	-1.19M	-1.44M	-1.71M	-1.24M
Comprehensive Income and Other	534M	528M	531M	544M	539M
Total Common Equity	1.38B	1.69B	1.73B	1.91B	2.19B
Total Equity	1.38B	1.69B	1.73B	1.91B	2.19B
Total Liabilities And Equity	28.02B	31.76B	33.87B	36.27B	33.32B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	608M	609M	610M	610M	611M
ECS Total Common Shares Outstanding	608M	609M	610M	610M	611M
Book Value / Share	2.27	2.77	2.83	3.13	3.59
Tangible Book Value	1.26B	1.56B	1.6B	1.78B	2.07B
Tangible Book Value Per Share	2.06	2.56	2.62	2.92	3.39
Total Debt	402M	461M	1.81B	1.55B	1.09B
Net Debt	-600M	-1.59B	-64.37M	-1.57B	-2.1B
Equity Method Investments, Total	-	-	1.29M	1.72M	1.65M
Full Time Employees	1.22K	1.26K	1.3K	1.34K	1.38K
Part Time Employees	-	-	-	-	-
Number Of Offices	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	288M	324M	381M	429M	609M
Depreciation, Depletion & Amortization	17.37M	19.62M	19.52M	20.25M	21.07M
Amortization of Goodwill and Intangible Assets - (CF)	279K	195K	148K	87K	32K
Total Depreciation, Depletion & Amortization	17.65M	19.81M	19.67M	20.34M	21.1M
Amortization of Deferred Charges, Total	5.17M	5.56M	6.54M	6.52M	5.96M
(Gain) Loss on Sale of Investments - (CF)	2.17M	2.37M	-853K	8.94M	6.33M
Total Asset Writedown	-4.65M	10.62M	3.45M	7.35M	5.73M
Provision for Credit Losses	-	-	-	-	-
Change in Trading Asset Securities	640M	168M	95.4M	21.6M	1.84M
Change in Other Net Operating Assets (Collected)	-2.14B	353M	-900M	-349M	306M
Other Operating Activities	115M	216M	180M	125M	181M
Cash from Operations	-1.07B	1.1B	-215M	269M	1.14B
Capital Expenditure	-95.36M	-21.52M	-8.36M	-9.07M	-11.89M
Sale of Property, Plant, and Equipment	-	1K	-	1.68M	38K
Purchase / Sale of Intangible Assets	-34.24M	-7.86M	-6.18M	-4.31M	-3.67M
Investment in Marketable and Equity Securities, Total	-	-	-1.32M	-700K	-195K
Cash from Investing	-130M	-29.38M	-15.86M	-12.4M	-15.72M
Issuance of Common Stock	307M	6.37M	-	-	640K
Repurchase of Common Stock	-	-	-136K	-201K	-
Common Dividends Paid	-205M	-26.55M	-344M	-258M	-322M
Common & Preferred Stock Dividends Paid	-205M	-26.55M	-344M	-258M	-322M
Net Increase (Decrease) in Deposit Accounts - (CF)	-	-	-	-	-
Cash from Financing	102M	-20.18M	-344M	-259M	-321M
Foreign Exchange Rate Adjustments	14.44M	-12.52M	24.6M	7.36M	-4.12M
Net Change in Cash	-1.08B	1.04B	-550M	5.54M	796M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.09	1.08	1.16	1.22	1.75
Return On Equity %	24.46	21.08	22.3	23.56	29.68
Return on Common Equity	24.46	21.08	22.3	23.56	29.68
Shareholders Value Added	147M	140M	176M	210M	363M
Margin Analysis
SG&A Margin	38.48	36.91	35.36	33.29	26.22
Net Interest Income / Total Revenues %	43.1	35.18	30.43	36	55.58
EBT Excl. Non-Recurring Items Margin %	58.83	60.8	62.19	64.65	71.11
Income From Continuing Operations Margin %	43.92	42.51	47.61	45.67	49.49
Net Income Margin %	43.92	42.51	47.61	45.67	49.49
Net Avail. For Common Margin %	43.92	42.51	47.61	45.67	49.49
Normalized Net Income Margin	36.77	38	38.87	40.41	44.44
Asset quality
Nonperforming Loans / Total Loans %	0.15	0.12	0.1	0.09	0.1
Nonperforming Loans / Total Assets %	0.09	0.08	0.07	0.07	0.07
Nonperforming Assets / Total Assets %	0.09	0.08	0.07	0.07	0.07
NPAs / Loans and OREO	0.15	0.12	0.1	0.09	0.1
NPAs / Equity	1.83	1.51	1.42	1.32	1.1
Allowance for Credit Losses / Net Charge-offs %	1.07K	1.76K	1.06K	2.41K	720.92
Allowance for Credit Losses / Nonperforming Loans %	142.9	164.94	156.91	164.79	158.16
Allowance for Credit Losses / Total Loans %	0.21	0.2	0.15	0.15	0.15
Provision for Loan Losses / Net Charge-offs %	-158.78	400.88	16.36	300.35	58.61
Capital And Funding
Total Average Common Equity / Total Average Assets %	4.47	5.14	5.2	5.19	5.9
Total Average Equity / Total Average Assets %	4.47	5.14	5.2	5.19	5.9
Total Equity + Allowance for Loan Losses / Total Loans %	8.37	8.16	7.06	7.13	8.97
Gross Loans / Total Deposits %	66.11	73	84.5	89.68	87.64
Net Loans / Total Deposits %	65.96	72.85	84.37	89.54	87.5
Tier 1 Capital Ratio %	33.67	41.68	29.63	31.37	34.91
Total Capital Ratio %	33.67	41.68	29.63	31.37	34.91
Core Tier 1 Capital Ratio	18.12	28.56	18.8	20.82	24.34
Tier 2 Capital Ratio	0	0	0	0	0
Coverage Ratio	142.9	164.94	156.91	164.79	158.16
Interbank Ratio	5.94K	6.93K	2.97K	237.88	352.67
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	24.06	44.31	67.37	31.64	10.22
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	1.51	-5.37	-9.12	38.8	102.52
Non Interest Income, 1 Yr. Growth %	6.94	36.6	10.72	8.75	-9.23
Provision For Loan Losses, 1 Yr. Growth %	-257.9	-277.93	-93.79	772.73	-40.24
Total Revenues, 1 Yr. Growth %	5.95	15.94	5.05	17.33	31.17
Earnings From Cont. Operations, 1 Yr. Growth %	19.54	12.21	17.66	12.55	42.15
Net Income, 1 Yr. Growth %	19.54	12.21	17.66	12.55	42.15
Normalized Net Income, 1 Yr. Growth %	8.46	19.83	7.45	22.04	44.13
Diluted EPS Before Extra, 1 Yr. Growth %	19.44	12.05	17.55	12.52	42.08
Dividend Per Share, 1 Yr. Growth %	-	-	-26.42	25.64	40.82
Gross Loans, 1 Yr. Growth %	34.42	24.98	19.4	9.6	-9.14
Allowance For Loan Losses, 1 Yr. Growth %	-	12	-8.41	7.97	-8.34
Net Loans, 1 Yr. Growth %	34.14	25.01	19.46	9.6	-9.14
Non Performing Loans, 1 Yr. Growth %	5.84	0.61	-3.72	2.8	-4.5
Non Performing Assets, 1 Yr. Growth %	5.84	0.61	-3.72	2.8	-4.5
Total Assets, 1 Yr. Growth %	13.3	13.32	6.65	7.09	-8.14
Total Deposits, 1 Yr Growth %	16.03	13.19	5.36	-0.23	-7.02
Tangible Book Value, 1 Yr. Growth %