Banca Ifis (MIL:IF)
€ 20.74 0.1 (0.48%) Market Cap: 1.09 Bil Enterprise Value: 3.97 Bil PE Ratio: 6.80 PB Ratio: 0.65 GF Score: 63/100
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Q2 2023 Banca IFIS SpA Earnings Call Transcript

Aug 03, 2023 / 12:00PM GMT
Release Date Price: €15.59 (+0.65%)
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

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