Italy · Delayed Price · Currency is EUR BFF Bank Earnings Call Transcripts
Fiscal Year 2026
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Adjusted net income rose 24% year-on-year to EUR 43 million, driven by strong profitability in Payments, Securities Services, and improved margins in Factoring and Lending. CET1 and TCR ratios now exceed regulatory requirements, with a new strategic plan expected in H2 2026.
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Bank of Italy appointed temporary commissioners to support ongoing remediation, with potential additional past due exposures identified but CET1 requirements still met. Management is assessing capital impacts and has several options to strengthen capital, with no current plans for a capital raise.
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Leadership transition and a comprehensive factoring portfolio review led to significant one-off provisions and a more conservative financial outlook. Adjusted profit is set to grow in 2025, with strong capital ratios and revised 2026 targets reflecting a focus on risk reduction and future profitability.
Fiscal Year 2025
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Adjusted net profit for 2025 was EUR 140 million, with reported net profit at EUR 37 million due to regulatory-driven non-recurring items. Capital ratios remain robust, with no breach expected in 2026 or 2027, and a capital conservation plan is in place.
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Adjusted net profit rose 6% year-over-year, with strong capital generation and a CET1 ratio of 14.1%. De-risking actions led to a one-off provision and suspension of the 2025 dividend, while segment growth was robust, especially in France.
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Adjusted net profit rose 14% to €180 million for the first nine months, with strong growth in Lending & Factoring and Securities Services. Capital ratios remain robust, and international expansion is underway, while a €12.5 million share buyback signals capital strength.
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Net profit rose 6% year-over-year to €75 million in H1 2025, with strong growth in Factoring & Lending and Securities Services. CET1 ratio improved to 14.3%, and past due exposures declined 10% in six months. Outlook remains positive, with further growth and collections expected.
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Adjusted net profit reached €35 million, with strong loan book growth in Italy and improved capital ratios. Factoring and lending showed robust performance, while past due and NPEs declined. Guidance for 2026 and the current year is confirmed, with a positive outlook for further growth.
Fiscal Year 2024
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Reported adjusted net profit of €143 million amid a challenging year, with Q4 marking a strong recovery in Italian factoring and record new volumes. Revised 2026 targets include adjusted net profit of ~€240 million and RoTE over 40%, supported by strengthened commercial teams and improved collection strategies.
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Nine-month results show stable net profit, strong international growth, and a major contract win in Italy. Past Due exposures remain elevated but are targeted for reduction through legal actions and operational changes. CET1 and MREL ratios exceed regulatory requirements.
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Adjusted net profit rose 5% year-over-year to €71 million, with a 7% loan book increase and strong capital ratios. Regulatory-driven credit reclassification led to higher past due and RWA, but 2026 targets and dividend policy are reaffirmed.