Aug 03, 2023 / 12:00PM GMT
Operator
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the Banca Ifis First Half 2023 Results Conference Call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Frederik Geertman, CEO. Please go ahead, sir.
Frederik Herman Geertman - Banca IFIS S.p.A. - CEO & Director
Good afternoon, everybody, and welcome to our first half 2023 results call and we have another special set of numbers for you today. We post a record net profit excluding PPA in the first half of this year. I would take you straight to Page 4 of the presentation for the summary. So net income for the quarter of EUR 45 million, 20% year-on-year. First half '23 net income at EUR 91 million, plus 26% year-on-year. We post these results due to loan loss provisions which in the quarter were EUR 6 million, of which EUR 9 million were provisions against macroeconomic risk so against performing loans, that's the management overlay. And the regular cost of risk is at minus EUR 3 million therefore negative due to
Q2 2023 Banca IFIS SpA Earnings Call Transcript
Feb 29, 2024
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