Illimity Bank drops after FY adjustment, lower chances for revised Ifis offer

illimity Bank SpA

06/03/2025 10:32

** Shares in Italy's illimity Bank ILTY.MI drop 5% after it flagged an adjustment to its preliminary FY results due to potential outcome of legal proceedings affecting a senior note for a securitisation of a non-performing asset transformation transaction

** As a result of the adjustment, the group swung to a loss of 38.4 million euros ($41.45 million) in 2024, with a CET 1 ratio of 13.9% and a total capital ratio of 17.8%, the bank said late on Wednesday

** "We expect this to reduce significantly the probability of an upward revision of Banca Ifis offer," Akros says in a note

** Banca Ifis's bid is set for a price of 3.55 euros per ordinary share of Illimity, a premium of around 3% compared to the current trading price of 3.44 euros

($1 = 0.9264 euros)

 (Reporting by Enrico Sciacovelli)

 ((enrico.sciacovelli@thomsonreuters.com))