BFF Banking Group: Net adjusted income of 79.4 million euros in the nine months

The net adjusted income of the BFF Banking Group increased by 5.7% in the nine months, while the group’s activity in Greece recorded a significant growth with the volume of operations increasing by 43%.

It is noted that the accounting and tax consolidation with DEPObank is valid from March 1, 2021.

In particular, as announced by the group, net adjusted revenues amounted to € 79.4 million, recording an increase of 5.7% compared to the corresponding period last year.

Net income amounted to € 240 million including goodwill from a non-recurring result arising from the acquisition of DEPObank.

More detail:

– Factoring & Loans: positive performance of the loan portfolio in Portugal, Greece and the countries of Central and Eastern Europe (however Italy and Spain continue to be affected due to liquidity) and positive rates of interest on late repayment interest. Fixed volume of unrecognized interest on late repayment of € 424 million which is a source of future profitability.

– Positive performance of securities and payment services.

– Strong capital position (the CET1 index amounts to 18.5% and the total Capital Index amounts to 22.9%) with an amount of € 176 million exceeding the target of 15%. CET1 index at 22.1% including the adjusted net profit for the nine months.

– Remaining accumulated dividends of 2019 and 2020, amounting to € 165 million were distributed in October 2021.

– Zero risk cost and SAR ratio / Total loans, excluding Italian local authorities, at 0.2%.

– Significant increase of new jobs in Greece of the order of 43% compared to the corresponding period last year.

– The contribution of the Greek factoring activity without the right of reduction to the volume of new operations of the Group amounts to € 66 million.

– Significant increase of the lending portfolio in Greece to € 77 million, with an increase of 39% compared to the corresponding period last year.