Edison Investment Research - Banca IFIS (IF) Update: Bond profits more than replaced by core business

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Edison Investment Research

Update: Bond profits more than replaced by core business

Banca IFIS (IFIS) reported Q314 net profit of â‚¬24.1m, up 5% on Q313. Growth in the core business and the distressed loan business profits have more than replaced lower bond earnings as maturing bonds have not been reinvested. Credit quality continues to improve despite an indifferent macroeconomic outturn. Core Tier 1 is nearly 15% (20% including unrecognised gains) and retail deposits exceed lending by over â‚¬1.bn. The bond portfolio is now 13x the equity base, having been 22x at end 2013.

30/10/2014 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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Update: Bond profits more than replaced by core business

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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