illimity Bank (MIL: ILTY) has announced its company and financial results for the period ending Dec. 31, 2021; those results have been approved by the company’s board of directors. Highlights of the report include the bank posting a net profit of 65.6 million euro for 2021, more than double the figure for 2020, fully achieving its 2021 profit guidance. In addition, ROE for 2021 amounted to ca. 10%, with Q4 net profit reaching 19.4 million euro, a more than 187% increase over Q4 2020 net profit figures. illimity also more than doubled operating profit of 110.6 million euro for 2021 and experienced impressive business growth, with loan and investment volumes of more than 1.1 billion euro originated throughout the year. Furthermore, the bank reported a 56% year-over-year increase in operating income as well as a visible improvement in operating leverage. Business updates for the year included a partnership agreement with the ION Group and progress made on the company’s sustainable growth path, including joining the United Nations Global Compact, the biggest business sustainability initiative.
“We ended 2021 with considerable satisfaction and are starting 2022 with a great deal of confidence,” said illimity founder and CEO Corrado Passera in the press release. “A new phase of further growth is beginning in 2022. The performing, restructuring and distressed credit markets on which we have been concentrating since we were first established are even bigger than we initially envisaged, and we have shown that we have strong and sustainable competitive advantages. Our growth will be further supported by three highly technological initiatives that are already operative today. . . . These initiatives all have in common the fact that they serve large markets and meet unsatisfied needs, that they have a highly scalable operating model and that they can open up to partnerships with key players. Lastly, the synergies we will gradually unleash with the ION Group in all our business areas will bring further acceleration to illimity’s growth path. Our results and the work we have carried out to date enable us to be confident that the growth and profitability objectives included in the 2021–25 strategic plan (net profit of >240 million euro) are fully within our reach.”
In addition, illimity today unveiled b-ilty, the first digital business store of financial services and credit for small- and medium-sized businesses (“SMEs”). The platform, created with entrepreneurs for entrepreneurs, aims to simplify the management of daily activities, gathering all banking operations together in a single ecosystem, integrating tools to support customer growth.
“From its very beginnings, illimity has been very focused on providing credit to SMEs. In three years, we have created a new paradigm bank that ended 2021 with assets of almost 5 billion euro, an operating income of 111 million euro, a ROE of 10% and a capital base and credit quality at the very top of the sector,” said Passera. “In these three years, we have inevitably concentrated on medium-sized businesses, but in these three years we have also invested in order to take our technological platforms, our valuation and credit structuring ability and our knowledge of the sector to all SMEs. b-ilty is precisely that: it brings illimity to a market consisting of at least a million SMEs. We see an enormous potential for growth and improved services in this large world, something fundamental for our country.”
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About illimity Bank S.p.A.
illimity is the 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 (“SMEs”); purchases distressed corporate loans and services through its platform, neprix; provides digital direct-banking services through illimitybank.com; and with illimity SGR plans on setting up and managing the first Alternative Investment Fund for corporate loans in the coming months. The story of the illimity Group 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 5 March 2019, firstly on the MTA platform and since September 2020 on the Star segment. The banking group, headquartered in Milan, can already count on over 600 employees and lists assets of more than 4 billion euro in its balance sheet at the end of 2020. For more information about the company, please visit www.illimity.com.
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