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illimity Group Reports Results of €31 Million Profit in 2020
Chaired by Rosalba Casiraghi, the Board of Directors of illimity Bank S.p.A. (“illimity” or the “Bank”) yesterday approved the illimity Group’s results on 31 December 2020. Despite the difficult situation caused by the COVID-19 pandemic, illimity has fully met the results contained in its earnings guidance announced at the end of the first half-year, reporting a net profit of 31.1 million euro for the year as a whole (a loss of 16.1 million euro in 2019) and already achieving an ROE of approximately 5.5% in the Bank’s first full year of operations.
The fourth quarter provided a significant contribution to the annual results, posting a pre-tax profit of 8.3 million euro, despite investments were made in new strategic projects whose positive effects will only be felt in future years. The main driver of growth for profits during the year was the positive dynamic of net customer loans and investments, which amounted to 2.2 billion euro at 31 December 2020, a rise of 35% over the figure of 1.6 billion euro at the end of 2019, with the total representing an increase of 20% over the balance at 30 September 2020. All the Bank’s business lines contributed to this rise in volumes.
Corrado Passera, illimity’s CEO, commented: “illimity has fully met the results for the year included in its earnings guidance, guaranteeing shareholders a Return On Equity (ROE) of 5.5% despite the challenging economic situation created by the pandemic. The Bank has never once interrupted its growth path in this difficult situation and has also invested in new strategic initiatives whose positive effects will become visible in future years. Alongside the resilience of its economic and capital results, illimity also made important strategic and operational progress in the year that allows us to look to the future with optimism: from entry into the UTP portfolio market – winning one of the most important bids in the sector – to the launch of Open banking and the joint venture in HYPE. In 2021 we will continue to grow together with our customers and are expecting to see a significant increase in our results, despite the costs we will have to incur and the investments required for the development of new projects and the completion of the build of the new paradigm bank that we have promised our investors.”
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