Edison Investment Research - Banca IFIS (IF) Update: Banking the bond profit in April 2015

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Edison Investment Research

Update: Banking the bond profit in April 2015

Banca IFISâ€™s Q115 results continued recent trends with the core businesses delivering profit growth, which more than offset the decline in contribution from the managing down of the bond portfolio. Net banking income (revenue) was up 3% and pre-tax profits 6% on Q114. In April 2015, IFIS sold its existing bond portfolio for a pre-tax gain of c â‚¬120m. There has been reinvestment in longer-term bonds at a lower yield.

06/05/2015 6 EN

Underlying

Banca IFIS

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Italy

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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The key development in Q215 was the already announced crystallisation of the bond portfolio profits, generating a pre-tax gain of â‚¬124m. This realised gain is now in regulatory capital. The core business continued to show good growth, especially in the distressed loans and tax receivables units (revenue growth was 9%), and credit quality remained excellent. Further investment has been made to grow existing and new business lines.

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Update: Banking the bond profit in April 2015

Update: Transformation delivered

Update: Core businesses continue strong growth

Update: Positioned for strong growth

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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