Italy's Illimity Bank drops amid disappointing Q3 results, strategic plan delays
13/11/2024 11:06
** Shares in Italy's Illimity Bank ILTY.MI have reached an
all-time low of 3.15 euros ($3.34) per share, weighed down by
third-quarter results that fell below expectations, a
Milan-based trader says
** The stock, which is down 4.9% at 1058 GMT, has lost 38.5%
of its value year-to-date
** Q3 results were below expectations due to lower net fees
and other revenue and slightly higher operating costs, broker
Equita says
** Bank also lowers net income estimates for the 2024-2026
period to include a declining rate curve and more prudent
approach to fees
** Lender postponed presentation of its 2025 business plan,
citing, among other reasons, the need to fully incorporate the
effect of new partnership with Apax Partners
** Partnership aims to create a company combining banking
services and artificial intelligence-related solutions
** Stock is one of the worst performers in the Italian banks
index .FTITLMS3010 , which is up 1.4%
($1 = 0.9422 euros)
(Reporting by Alberto Chiumento, Giancarlo Navach)
((Alberto.Chiumento@thomsonreuters.com;))