Italy · Delayed Price · Currency is EUR Banca Sistema Earnings Call Transcripts
Fiscal Year 2026
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Underlying earnings grew 57% as past-due clean-up cleared the way for growth.
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Integration milestones are on or ahead of schedule, with strong volume growth and improved capital position. Extraordinary items heavily influenced results, but adjusted profit before tax rose year-over-year. CET1 ratio is expected to reach 12–12.2% by year-end.
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The group began a new phase with the integration of CF+, achieving greater diversification and capital strength. Q1 saw strong factoring growth and improved asset quality, though net profit was impacted by non-recurring items. Focus remains on integration, risk management, and unlocking growth opportunities.
Fiscal Year 2025
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Record profits and strong revenue growth in 2025 were driven by higher net interest income, improved capital ratios, and effective NPE reduction. Factoring and pawnbroking performed well, while Superbonus business is winding down. Dividend ban remains pending.
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Strong revenue and profit growth in the first nine months of 2025, with net profit up 71% year-on-year and improved capital ratios despite regulatory-driven NPE reclassification. Factoring and CQ loans declined, while pawn loans grew; margins and cost of risk are expected to remain stable through year-end.
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Profits more than doubled year-on-year in H1 2025, with strong capital ratio gains and a sharp reduction in NPEs after regulatory-driven reclassification. Revenues rose 27%, cost of funding fell to 3.07%, and a public offer for all shares was announced.
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Revenues surged 60% year-on-year, with net income at EUR 11.6 million and strong growth in factoring and pawnbroking. CET1 and total capital ratios exceeded forecasts, while new regulatory rules increased past due loans. Cost of funding improved, and stable margins are expected.
Fiscal Year 2024
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Bank of Italy's inspection led to stricter loan classification and governance changes, while core revenues and profitability improved year-over-year. Capital ratios strengthened, and a major legal ruling could further boost capital, though timing remains uncertain.
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Revenues rose 19% year-on-year, with strong growth in factoring and pawn loans, while CQ loans continued to shrink. Adjusted net profit increased 27%, capital ratios improved, and cost of risk is expected to rise moderately but remain below historical averages.
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Operating profits improved in H1 2024, with strong growth in factoring and pawn loans, while CQ loans remained a drag. Adjusted net profit rose 10.6% year-over-year, and capital ratios strengthened. Cost of funding stabilized, and no further Deposit Guarantee Scheme charges are expected.