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Banca Ifis Exceeds Targets and Closes 2020 with Profit of 68,8 Million Euro

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Banca Ifis Exceeds Targets and Closes 2020 with Profit of 68,8 Million Euro PRESS RELEASE FY 2020 PRELIMINARY RESULTS Banca Ifis exceeds targets and closes 2020 with profit of 68,8 million Euro. Geertman joins the Board of Directors In a year that has been profoundly marked by the COVID-19 pandemic, the Group has exceeded expectations, confirming resilient profitability and taking decisive action to derisk the business On the strength of the strategic initiatives and investments made during the year, including the rebranding and the portal dedicated to Ifis4Business companies, the Bank can speed up the route pursued based on the digitisation of the business model, attention to the customer and the valuation of people • Net profits of 68,8 million Euro, higher than the guidance (between 50 and 65 million Euro) despite the second wave of COVID-19 and the lock-down that involved the country starting October • Equity position strengthens with CET1 at 11,29%, (+0,33% on 31 December 2019) • Improvement in credit quality: Gross NPE ratio: 6,4% at 31.12.2020 (vs 9,8% at 31.12.2019); Net NPE ratio1: 3,2% at 31.12.2020 (vs 5,4% at 31.12.2019) • Additional provisions and adjustments due to COVID-19 for 76 million Euro to cope with the expected deterioration of the quality of the assets in the commercial business and the slower recovery in the NPL business as a result of the pandemic • Further strengthening of the solid liquidity position: approximately 1 billion at 31.12.2020 in reserves and free assets that can be financed by the ECB (LCR above 900%) • Purchases of NPLs exceed forecasts, coming to 2,7 billion Euro as compared with the 2,4 billion Euro forecast at the start of the year • Recoveries of NPL cash in the amount of 259 million Euro, in line with 2019 despite COVID-19 and the lock- down • Good performance seen in the commercial business in Q4 (factoring turnover of +8,6% on the Q3 and +26% in new leases disbursed in respect of 30 September 2020), showing the Bank’s capacity to make the most of opportunities for a gradual improvement in the macroeconomic context Preliminary period results Reclassified data2 - 1 January 2020 / 31 December 2020 • Net banking income of 468 million Euro (-16,2% on 31.12.2019), negatively impacted by the effects of the pandemic crisis. • Operating costs of 308 million Euro (+4,4% on 31.12.2019), mainly due to the incurring of non-recurring costs. • Improved asset quality with the disposal of 120 million Euro (GBV) in non-performing credits (mainly ex-Interbanca) in the Q4 2020. Capital requirements with the consolidation within La Scogliera • CET1 up to 11,29% (10,96% at 31 December 2019) versus an SREP requirement of 8,12%; TCR: 14,85% (14,58% at 31 December 2019) versus an SREP requirement of 12,5%. Requirements are calculated net of the 2019 dividend (Euro 1,1 1 Calculated including Commercial & Corporate Banking, Governance & Services and Non-Core receivables due from customers. The ratio excludes the NPL Segment and the government securities booked at amortised cost. 2 Net impairment losses on receivables of the Npl Segment were entirely reclassified to Interest receivable and similar income to present more fairly this particular business, as they represent an integral part of the overall return on the investment. 1 PRESS RELEASE FY 2020 PRELIMINARY RESULTS per share), payment of which is suspended as a result of the recommendations of the Bank of Italy and the 2020 dividend (Euro 0,47 per share), which will be proposed for approval by the Shareholders' Meeting in April 2021. Capital requirements without the consolidation within La Scogliera3 • CET1: 15,47% (14,28% at 31 December 2019); TCR: 19,87% (18,64% at 31 December 2019). Requirements are calculated net of the 2019 dividend (Euro 1,1 per share), payment of which is suspended as a result of the recommendations of the Bank of Italy and the 2020 dividend (Euro 0,47 per share), which will be proposed for approval by the Shareholders' Meeting in April 2021. 3 Consolidated own funds, risk-weighted assets and solvency ratios at 31 December 2020 were calculated based on the regulatory principles set out in Directive 2013/36/EU (CRD IV) and Regulation (EU) 575/2013 (CRR) of 26 June 2013, as updated and amended over time and transposed, where applicable, in the Bank of Italy's Circulars no. 285 and no. 286 of 17 December 2013. In particular, the CRR provides for the prudential consolidation of Banca Ifis in the holding La Scogliera. For the sake of disclosure, we calculated the same indicators without including the effects of the consolidation within La Scogliera. Therefore, the reported total own funds refer only to the scope of the Banca Ifis Banking Group, as defined in accordance with Italian Legislative Decree no. 385/93, thus excluding the effects of the prudential consolidation within the parent company La Scogliera S.p.A. 2 PRESS RELEASE FY 2020 PRELIMINARY RESULTS Mestre (Venice), 11 February 2021 – The Board of Directors of Banca Ifis, chaired by the Chairman, Sebastien Egon Fürstenberg, today approved the preliminary results for the year 2020. The draft 2020 financial statements will be approved on 11 March 2021. Today, moreover, the Board of Directors coopted Frederik Geertman, in lieu of the director Divo Gronchi, who had stood down on 14 January 2021, as member of the board of directors. The BoD has ascertained that requirements of integrity, eligibility and professionalism are met by Mr Geertman. Mr Geertman’s joining of the Board makes it possible to start a collaboration and coordination with the current Chief Executive Officer to facilitate the succession process and guarantee managerial continuity. As already disclosed to the market, Frederik Geertman will take on the role of Chief Executive Officer of Banca Ifis, subject to the decision of the Board of Directors and his confirmation in the shareholders' meeting, with effect from the Shareholders' Meeting called to resolve on the draft 2020 financial statements this coming April. The terms and conditions of the appointment conferred upon Geertman will be regulated by an agreement to be signed by the Bank upon conferral of the office. “The Bank has efficiently addressed and handled the situation deriving from an unprecedented macroeconomic context and is today well positioned to face up to the coming months and make the most of the growth opportunities offered up by the economic recovery expected starting from next year” - explains Chief Executive Officer Luciano Colombini -. “In 2020, the profitability and collection of non-performing loans have proven to be very resilient indeed and, at the same time, the quality of the assets and the equity requirements have both improved. Despite the second wave of COVID-19 that also involved our country as from October, Banca Ifis closed 2020 with period profits of 68,8 million Euro, a result that exceeds the guidance given in August 2020, which had estimated between 50 and 65 million Euro. All quarters of 2020 showed profit, although adjustments and additional provisions for a total of 76 million Euro to cope with the expected worsening in the quality of assets in the commercial business and/or lengthier collection times and collections falling slightly in the NPL Segment as a result of the pandemic were made. We have speeded up on the reduction of non-performing loans, mainly originated by the ex Interbanca Group acquired in 2016, reaching our target sales of NPL set in the 2020-22 Business Plan early. In the fourth quarter alone of 2020, we in fact sold approximately 120 million Euro in gross bad loans (GBVs), characterised by a high level of provisioning and seniority, and already processed by Banca Ifis. Following these disposals, at 31 December 2020, the gross non- performing loans index came to 6,4% (as compared with 9,8% at 31 December 2019) and the net non-performing loans index1 came to 3,2% at 31 December 2020 (as compared with 5,4% at 31 December 2019). Quality of assets is also confirmed as holding out, which to date have shown few signs of deterioration on the loans portfolio and in any case mainly relative to positions that were already experiencing critical issues. Good performance seen in the commercial business in Q4 (factoring turnover of +8,6% on the Q3 and new leases disbursed were +26% in respect of 30.09.2020), showing the Bank’s capacity to make the most of opportunities for a gradual improvement in the macroeconomic context. On the NPL market, we have confirmed our leadership in unsecured small ticket segment, surpassing the forecasts given at the start of the year with the acquisition of a total of 2,7 billion Euro in non-performing loans in nominal amount, which will contribute towards the Group's profitability for the forthcoming years. The NPL business has proven to be solid, with cash collected in the amount of 259 million Euro despite the effects of COVID-19 and the lock-down, which brought about court closures. 1 Calculated including Commercial & Corporate Banking, Governance & Services and Non-Core receivables due from customers. The ratio excludes the NPL Segment and the government securities booked at amortised cost. 3 PRESS RELEASE FY 2020 PRELIMINARY RESULTS In 2020, Banca Ifis strengthened the CET1, which came to 11,29% (+0,33% from 31 December the previous year), net of 2019 dividends (of 59 million Euro), payment of which is suspended in compliance with the recommendations given by the Bank of Italy, and 2020 dividends (25 million Euro), which will be proposed for approval at the forthcoming Shareholders' Meeting scheduled for 22 April 2021.
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