illimity Bank (MIL: ILTY) has released its financial report for the year as a whole, reporting a net profit of 31.1 million euro for the year, a significant improvement on its 2019 loss of 16.1 million euro. The bank noted that, despite the difficult situation caused by the COVID-19 pandemic, it has fully met the results contained in its earnings guidance announced at the end of the first half year, reporting that it is already achieving an ROE of approximately 5.5% in its first full year of operation. In addition, illimity confirmed solid growth prospects for 2021 volumes and profits. In the report, illimity also announced the appointment of two new nonexecutive independent directors. “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,” said illimity CEO Corrado Passera in the press release. “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.”
To view the full press release, visit https://ibn.fm/WwMZ2
About illimity Bank S.p.A.
illimity is a high-tech banking group founded and headed by Corrado Passera that was created with the aim of responding to specific market needs by way of an innovative and specialist business model. More specifically, illimity extends financing to high-potential SMEs; purchases distressed corporate loans and services these through its platform, neprix; and provides digital direct-banking services through illimitybank.com. With illimity SGR, it will over the next few months set up and manage the first Alternative Investment Fund for corporate loans. The story of illimity began in January 2018 with the launch of the special purpose acquisition company SPAXS S.p.A., which ended with a record 600 million euro being raised on the market. SPAXS subsequently acquired Banca Interprovinciale S.p.A., with the resulting merger between the two giving rise to illimity Bank S.p.A., which has been listed on the Italian Stock Exchange since March 5, 2019 (ticker “ILTY”), initially on the MTA platform and on the Star segment since September 2020. The banking group, headquartered in Milan, has more than 600 employees and closed its first year of activity with assets of more than 3 billion euro. For more information about the company, please visit www.illimity.com.
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