Italy's illimity posts 50% profit rise, Q2 NPE ratio slips
04/08/2023 08:34
Aug 4 (Reuters) - Italian digital bank illimity
ILTY.MI on Friday reported first-half revenue of 204.2 million
euros ($223.5 million), up 28% year-on-year, while operating
profit rose by 50% to 98.5 million euros.
The online lender said its second-quarter gross organic
non-performing exposure (NPE) ratio grew to 4.7% from 3.7% in
the first quarter, with gross organic impaired positions arising
from the business totalling 129.4 million euro ($142 million),
It attributed the higher NPE ratio to its categorising some
secured exposures backed by state guarantees as "unlikely to
pay".
"Excluding positions assisted by public guarantees, the
ratio stood at 1.3% (in the second quarter), falling from the
figure of 1.5% for the previous quarter, consisting for the most
part of exposures undergoing a restructuring process," illimity
added.
($1 = 0.9137 euros)
(Reporting by Alberto Chiumento, editing by Alvise Armellini
and Jason Neely)
((Alberto.Chiumento@thomsonreuters.com;))