Italian digital lender Illimity posts robust Q3 results, confirms outlook
10/11/2023 06:05
Nov 10 (Reuters) - Italian challenger bank Illimity Bank
BMED.MI said on Friday its net profit grew by 19% year-on year
in the third quarter thanks to an acceleration in profitability
of its core business, including financing to
small-medium-enterprises.
The digital lender and bad loan specialist said its net
income in the July-September period was 22.8 million euros
($24.32 million) compared with 19.1 million euros a year before.
It added it would increase non-distributable reserves
instead of paying a one-off windfall tax, making use of an
opt-out clause in the law, for an amount not yet disclosed.
Based on the latest results, the Milan-based bank said
it is confident it can reach its growth targets for the year.
($1 = 0.9376 euros)
(Reporting by Alessandro Parodi, editing by Shri Navaratnam)
((alessandro.parodi@thomsonreuters.com))